How We Manage Appraisal Quality

[Andee]

I would find the school district a weak sister to many other factors determining 'value.' In the US, it is estimated 1 in 20 kids are now home schooled. And 9% are in private schools. That's about 1 in 7 children and that number has doubled in this century.

This is Texas...the school district makes all the difference in the world here. Have you seen our High School Football Stadiums??? School districts here make all the difference in the world. The school district I live in and my kids went to is known for kids getting scholarships for both sports and academics, where the school district next to us...huge amount of football scholarships, so yes, here it makes all the difference in the world.

Street Level View of the High Schools Stadium


Aerial View of the High School Stadium

 

[Terrel L. Shields]

here it makes all the difference in the world.

Even to empty nesters?

 

[Dublin ohio]

Even to empty nesters?

Small percentage of the market around here. Most of the empty nesters are attracted to the artsy fartsy urban neighborhoods. Which generally have inferior schools. The suburbs in my area generally have the higher rated school systems. I just turned in a report with a 95k adjustment for location (school system) on a 750K purchase and I dare anybody to prove me wrong. I can justify it with land sales only if necessary.

 

[Terrel L. Shields]

Small percentage of the market around here.

Nationwide only 40% of households have children under 18....That's less than half last time I checked. But I am a Von Thünen sort of guy. Transport to market/work is a compelling metric for valuation variation, but I've never caught on to the idea that the primary factor was school.

 

[Andee]

Even to empty nesters?

Empty nesters...no, they don't always care, we are technically empty nesters...if I could only keep a kid out of the house long enough to where they don't want to move back in. And when we moved to this area our kids were younger and we were actually renting, just to get closer to work. Then we did some digging and found out about the schools and where they ranked in the state and nationally, which is what made us stay, so we bought the house we were renting. Anyway, my area has a lot of families that move in with young children because of the school district.

I live in an area that is quite a bit above the average for housing, which they seem to be able to afford, young kids and all. This area has a lot of professionals that live in it, many that own their own business or are high up in the companies they work for, and lots with young kids...lots of stay at home moms and trophy wives. In fact, the empty lot next door to me, which is basically a flood plain, sold to a family with young children because of the school district, however they can't build a house there because of the flood plain...which I guess they were not told about at the time of the purchase, and they can't really build it up out of the flood plain either because my lot will flood. My other next door neighbor, when they bought their house, they tore it down and rebuilt because they wanted to be in the school district, he's an EVP for a multi-family company and she is a pediatrician, they have 3 young kids, when they bought the house they only had 2 and they were both under 4 yrs old at the time. So yes, out here school districts do make a difference. Plus, if any of my kids ever wanted to use our address to get their kids in the schools here, we are still here for them to do that. I don't plan on moving either.