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Dream Home or School District: Which Would You Choose?

September 11, 2013

Weighing the pros and cons of choosing a home based on school district.

You married the one you love, have the job you’ve always wanted, and have three adorable babes to tuck in at night. Your American Dream is almost complete – all that’s left? The house.
Where a lot of people struggle in this situation is deciding whether to go with the dream home, or the dream school district. The no-brainer here is to buy the better home that is in the best school district, but that isn’t always an option.
There has been a lot of discussion on this topic. Some justify settling for a decent school district to allow them their dream home; stating that children learn most of their values at home. This argument states a home with educated and supportive parents will ensure their child’s academic success, even if they don’t go to the best schools.
On the other side of the picket fence, people find justification on settling for an older home, with less updated features in an exceptional school district; expressing that a nice home is a luxury, not a need. “One can live in a less spacious, older place – at the same price – in order to give the kids the advantages of being in a higher rated school district that has higher expectations of its students,” said one homeowner.
What side of the fence are you on? Dream Home/Decent Schools, or Decent Home/Dream Schools? I mean, can you really have the American Dream with one and not the other? ~Minneapolis Association of Realtors Article

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Quick real estate market update:

Last year was probably one of the most affordable years ever to buy a house as prices bottomed and mortgage interest rates hit record lows. The National Assn. of Realtors reported that 2012 will probably go down as a record year for housing affordability, according to its affordability index. That measure, which is calculated based on the median home price, family income and the average mortgage interest rate, stood at 198.2 in November.The higher the index number, the more purchasing power available to consumers. A reading of 100 is the point at which a family with a median income can afford a median-priced home presuming a 20% down payment. For the entire year of 2012, the group projects the index will hit an average of 194, the highest it has been since record keeping began in 1970. While homes may be affordable and mortgage interest rates low, 2012 was also marked by low inventory, steep competition for homes and tight mortgage lending standards. These conditions shut out many families still struggling from the recession, but many were able to take advantage of the situation.~LA Times

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Buying a Home Won't Get Much Cheaper!

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said.

Prospective home buyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.~Les Christie AOL Article

Joe Koltes
Stellar Realty
612-308-4708
jkoltes@gmail.com
www.go2joe.com