Getting to the Head of the Class: Why You Need to Buy Now to Ensure You’re Settled for Back to School

There’s never a convenient time to pack up all your belongings and move to a new house or sell your old one, but with the deadline of a new school year approaching, it’s necessary for potential buyers wanting to settle in before the fall to put the pedal to the medal on their purchasing plans.  When it comes to buying a home, location, price and condition are top criteria to consider, but the desire to be in a great school system is another factor many families focus on.  A dearth of inventory has generated a lot of competition for these homes that “have it all,” but that stronghold on new listings has begun to loosen, and buyers will likely have more options this summer than in recent months.  Still, with mortgages at an all time low, houses in reputable school districts are likely to fly off the market before school starts in September. 

 Many communities in the Boston area are blessed with some of the finest schools in the country.  We have an abundance of both excellent private schools and first rate public school systems.  Choosing between public and private is a personal decision, but the key to making a sound real estate decision is investing in a town or area that is in close proximity to those desirable schools.  Even if you plan on sending your kids to private school, purchasing a house in a community recognized for its excellent public schools will only make for a better investment, and the investment will hold over time and likely through any real estate highs and lows. 

If you’re still in the research phase, how do you find those communities with standout school systems?

·Ask your realtor – he or she will have rankings, facts and figures

·Ask your business/office contacts – school rankings are always big news

·Check out the “top schools” lists in Boston magazine and U.S News and  World Report, which rank schools annually

·Research online for top SAT scores and rankings

If you’re considering moving, it’s important to strike while the iron is hot, or risk not having a new home in time for your children to start classes.  Selling a home involves its own learning process, and the best teacher is a professional real estate broker.  He or she can educate you on what you need to do to prepare for the transaction, and how to stand out from the pack of other motivated buyers in a potential bidding war.

If you need to sell your home before buying, there are steps you can take to speed that process, as well.  De-cluttering, doing a heavy duty yard cleanup, freshening up the entryway, painting and staging all help to ready a home for sale this time of year.  The sooner you get your property listed, the sooner you’ll sell and be able to move to the home of your dreams.

If you’re looking for a new home, get out there and start looking right away so you know your options.  If you’re a first time buyer and the task seems daunting or too expensive, consider a smaller, more affordable home in a better school district; it will build higher equity over time than the identical home in a less desirable district.  How highly rated a city or town’s schools are will greatly affect the overall prices of homes on the market there.  According to Fox.com, a top school is worth 25% of your home’s value.  One-fourth.  That’s not a small number in today’s housing market.  Some experts have said that the cost of a home in one of the state’s top districts breaks down to an additional $75,000 per child.  The question then becomes, is it better to buy into a community with great public schools?  The answer is always yes!  Consider that any budget you’ve appropriated for private school may be able to be applied to your down payment or mortgage for a home in a top-ranked school system.  Again, your broker will know every district in your target town, and can provide background on each community.  Communicating your priorities to your realtor is critical to the property search phase. 

Regardless of whether you’re in the market or putting your house on the market, you have to act now so your kids will be ready to hit the books this fall.  Summer vacations often slow the process down; that translates to less house hunters on the prowl, and fewer listings coming on board.  The sooner you act, the more prepared you’ll be for that first day of school.   

Amy Mizner is a principal at the real estate firm of Benoit Mizner Simon & Co. (BMS).  Mizner and her partner Sheryl Simon have been the top-selling team in Weston for more than a decade.  At BMS, which has offices in Weston and Wellesley, Mizner and her team work to provide a fresh approach, and a highly professional experience for all clients.