Lessons for school-conscious buyers

MANY HOUSE HUNTERS WANT MORE THAN A COMFORTABLE HOME — THEY WANT A GOOD SCHOOL ALONG WITH IT

Some 53 percent of buyers with children at home choose a neighborhood based on the quality of the school district, according to a new study from the National Association of Realtors (NAR).

Here is a short primer on the intersection of schools and real estate:

Schools in districts with high test scores boost home values — but not always.

Although several studies find links between prices and school rankings, research underway at Collateral Analytics is refining that relationship.

For instance, a 2018 report from the firm notes that places with many high-ranking schools and with land available for further housing development have muted hikes in value linked to schools.

The takeaway: Families that are looking for a quality school and also want an affordable home might find both if they are flexible enough to consider locations with many highly rated schools and housing for purchase.

Test scores define rankings, but there’s more to consider.

Don’t expect a real estate agent to offer opinions on school quality since that would be a violation of fair housing laws, says Brandi Snowden of NAR. They can, however, direct buyers to websites with school rankings. But families who want to live “in a good school district” should refine their search, NAR suggests.

The takeaway: Tour schools to investigate factors that aren’t quantifiable. “Is it the school with the best football team, the most AP students or the newest facility,” read NAR guidelines.

School starting dates can induce panic.

The NAR study found that 23 percent of sellers with children said they sold their home “very urgently.” Sellers wanting to have moved before the school year begins might “find themselves rushed and forced to accept a less-than-ideal offer,” observes Lawrence Yun of NAR.

The takeaway: Start the shopping process early.