"Location, Location, Location!"

I am an attorney and have worked in Marketing & Sales in the Real Estate Title Industry for almost twenty years. Throughout my career, the overarching desire from buyers has always been: “Location, Location, Location!” Buyers pay more for houses in prime locations, and one of the major factors in determining prime locations is the quality of public schools.

Higher-rated public schools equate to higher real estate values. How do we measure school quality? Student test scores are a factor, but we also consider other factors such as:

-Low student-to-teacher classroom ratios

-Retention of experienced teachers

-Adequate numbers of guidance counselors

-Availability of Honors and AP classes

-School accreditations

-Academic support staff & services

-Foreign language programs

-Sports programs

-Music & drama programs

-Access to necessary supplies & materials, including technology

The availability and quality of ALL these factors largely determine school quality. In the Melrose Public Schools, ALL of these factors are in jeopardy should the override not pass. Even if you do not have kids in the Melrose Public Schools, you will be affected as a homeowner by the override not passing.

Buyers are willing to pay more for property in top-rated school districts. A recent national study by Redfin (a real estate brokerage company) found that buyers paid $50 more per square foot in top-rated school districts. The study compiled data from 407,000 home sales and 11,000 elementary school districts in 57 metropolitan markets. Parents are making an investment in their children when buying their house.

The National Association of Realtors conducted a study in 2017 and found the largest group of new buyers in the market are 36 years old and under. For these buyers, 49 percent of them already have at least one child under the age of 18. This is the demographic of prospective buyers moving to Melrose. And what do you think a major factor influencing these prospective buyers is? Yep, you got it …” Quality of the schools!”

Cities that spend more on their schools see an increase in housing prices. According to the National Bureau of Economic Research, “there is a definite correlation between school expenditures and home values in a given neighborhood.” The study used market valuation and suggests that every additional dollar spent in per-pupil state aid increases home values by about $20. This study indicates that school spending raises property values.

It’s evident that buyers are influenced by the quality of schools and are willing to pay more for homes in school districts with top-rated schools. Cities that spend more on schools see an increase in housing prices. We need to ensure that Melrose Schools have enough funding to invest in their quality and rating. If we fail to do this, we will jeopardize our schools, the desirability of our town, and ultimately our home values.

It’s this simple: when school ratings go down, property values go down, and the market-value of houses go down. Whether you have children in the Melrose Public Schools or not, investing in Melrose is investing in your future as a homeowner: “Location, Location, Location.”

Join me in voting Yes on April 2nd.

Debra Martino,

Homeowner, Mom, Attorney and Community & School Volunteer