Will new schools near my home help home value?

[Mom to Aly]

I've been trying to get my house ready to sell for quite a while (too ashamed to say how long), but, due to various health issues, including a newly diagnosed lung disease and serious back probs, have not. I have just found out at least 2 public schools are being built the equivalent of about 8-10 blocks from me--that should make my property value go up, right? Should I try for a time when they are up, or at least more visible, in a year or so?

I should mention I am in VA, in one of the very lucky subdivisions that doesn't have a prob selling because it is well located and very popular (avg sell time is 3-5 days), and I am at the low end, which people really want).

Thank you!

[Christy B]

We've bought and sold four houses so far, and I would say definitely a new school that close would be a plus for MOST families with CHILDREN. If your neighborhood was geared toward "active seniors" you might have a problem; if the new school is an "experimental school" for "challenging students" you might have a problem.

Otherwise, it sounds like it will make a good property even more attractive.

Hope your health improves and you are able to accomplish everything that goes into getting a home ready for the market!

[Kathleen in VA]

Well, I'd think that would help, but how is the reputation overall for your county's schools? I think that is more important that how near the schools are. Some folks don't like to be near the traffic around schools - I know I don't. It could be like having a pool in the yard - a good thing in some folks' eyes and not so much for other folks.

I'm in VA too. Where are you that the houses are selling well? I'm in Stafford and the market is flat here.

[snickelfritz]

I tend to think that I would take advantage of this, if you possibly can:

I should mention I am in VA, in one of the very lucky subdivisions that doesn't have a prob selling because it is well located and very popular (avg sell time is 3-5 days), and I am at the low end, which people really want).

To me, 8-10 blocks away from a school isn't all that much of a draw. It's a bonus, but I don't think it would drive your property values up by a huge amount. It's still too far to walk to school and it is going to require transportation. Like the pp said, it is a bigger deal WHICH school system it is in.

If your housing market is THAT good, I would take advantage of it now. Who knows how interest rates, recession, local economy, etc.... could change things over the next year. Our market hasn't gotten as bad as many areas have, but it is slowly getting harder and harder to sell. *I* haven't heard anything to suggest that things will get better, anytime soon. But, *I* am no real estate expert.

[Mom to Aly]

We have really good schools--the closest right now is about a mile and a half. These are supposed to be amazing schools, really state of the art everything. I don't think I can have my house ready before they are, or not much before, so I am hoping it will help.