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Resources and Media
Good schools boost property values by 10 percent or more
By Tim Simmers, San Mateo County Times
August 19, 2003
While buying a home is one of the biggest decisions in life, choosing a neighborhood with good schools isn't far behind, realtors say.
"For some people it's more critical than the house itself," said Denise Aquila, a Realtor with Remax Today in San Carlos. "One of the first questions home buyers ask is, 'How are the schools?'"
Long waiting lists often prevent children from attending the school of choice, but many homebuyers still push to locate in the school districts with the best teachers, curriculum and test scores, Aquila added.
That goes for young couples without kids, and couples with children. Sometimes even older couples whose children have grown, or those who never had kids, are mindful of good local schools because they can lift a home's resale value.
Realtors say the presence of good schools can boost a home price 10 percent to 15 percent, or more.
"It can be worth $100,000 easy, and sometimes more," said Michael Monozon, a Realtor with Prudential California Realty in San Bruno.
To be sure, some potential homebuyers plan to send their kids to private schools anyway.
But some of them choose to take the money they would spend on a private school -- say $12,000 to more than $20,000 a year -- and put that in a home. That $1,000 or $2,000 a month, or more, originally expected to pay for private school, can be spent on a mortgage in a home near a good public school. Then the child is sent to the good school in the neighborhood.
"Every $1,000 a month is worth about $150,000 in a monthly mortgage," noted Dennis Pantano, principal at Pantano Properties in Belmont. At that rate, a homebuyer could buy a home costing $150,000 more than he or she had planned, and write off the extra mortgage payments instead of putting them into a private school, Pantano said.
"People want to know about the school district and what the test scores are," said Marianne Rush, Coldwell Banker Realtor in Redwood City. "Ironically, nobody is guaranteed entry, even if they live in the neighborhood."
Some of the top schools drawing homebuyers to school neighborhoods include the Sandpiper elementary school in Redwood Shores, Farallone View elementary school in Half Moon Bay, Fox elementary school in Belmont and the Roy Cloud elementary school in the Farm Hills area of Redwood City.
Another extremely popular school is North Star, a third-grade through eighth-grade school for advanced kids in Redwood City. Clifford in Redwood City is also a popular elementary school, as is Los Lomitos in Menlo Park.
Buyers are always seeking homes near elementary schools in San Carlos and Hillsborough, where students traditionally produce top scores, Realtors say.
They also like Burlingame and Mills high schools, says Michael Monozon, a Realtor with Prudential California Realty in San Bruno.
"'Tell me about the schools,' is always one of the first questions," said Monozon. He added that Realtors often encourage homebuyers to check State Department of Education Websites to get a read on specific schools.
A few years ago, Realtors approached school boards in Redwood City, telling them that home values were lower in Redwood City because the schools had a poor reputation.
"There was a push to improve schools and a bond measure passed," said Tom Diridon, a realtor at Carlmont Associates. "Good schools are every bit as important as a big backyard, views and other things that raise the value of a house."
Some Realtors have a disclosure for potential buyers to check into school districts first to make sure there's room for their child.
"Be careful judging any school by test scores," said Chris Bohl, trustee on the Redwood City Elementary School District Board. "You need to go to the schools and talk to the principal, meet some teachers and hear about the philosophy."
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