Friday, 05 April 2013 00:00
Home buyers with children have always known the critical role that quality of schools play in the decision on where to live. Correspondingly, current Manhasset homeowners–with or without school age children–should appreciate the correlation between the performance of our local schools and our property values. It comes down to basic arithmetic: good schools equal higher home values.
Common sense dictates that communities served by superior schools will be less likely to experience erosion of property values over the long term. Just take a moment to think of thriving communities in Nassau County vs. those that are languishing. What do they all have in common? The quality of their schools.
Yet, voters that do not have children in the public school system will often consider opposing an increase in school taxes because they see no direct benefit from the schools. But this thinking is short sighted.
Every current homeowner is a future seller. Local property values reflect the aggregate demand of buyers, including buyers with children looking for quality education and buyers who intend to have children in the future. So, an inherent demand for quality schools is reflected in the market value of every residential property in Manhasset.
People who care about schools represent a great majority of all prospective buyers–and this is nowhere more true than in Manhasset. As such, buyers will pay more for properties in communities with good schools than for equivalent housing in communities with sub-par schools.