The Link Between Schools and Home Values in RI

GoLocal News Team

The Link Between Schools and Home Values in RI

GoLocal has released its 5th Annual Top High Schools in Rhode Island 2014, and real estate professionals have weighed in on what it means to buy a home in Rhode Island, with an eye to the schools.

"There is an obvious link to quality schools and property desirability and values.  There are multiple communities in Rhode Island that enjoy the additional label of "top schools" and other statewide and national accolades," said Allen Gammons, Broker/Owner of Prudential Gammons Real Estate in East Greenwich, RI.

SLIDES: See Rhode Island's Top High Schools 2014 BELOW

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

Gammons continued, "Rhode Island cities and towns with notably better schools tend to be more affluent and were less susceptible to the sub-prime mortgage nightmares we have seen. This means we saw fewer foreclosures and less erosion of values. What's more, homes associated with great schools generally sell faster, in good markets and bad."

Prospective Buyers

"School districts, even if you don’t have school age children, should be on every buyer’s radar. Buyers will ask for what every information we can get them. (Mostly our relocation clients). Local buyers tend to already know which districts to avoid and which locations homes will sell at a premium," continued Allen.  "Ironically, locals can be even more picky than relocations buyers on grade school levels.  Warwick in particular buyers will draw the line over one Elementary school or another.

Gammons noted what he saw as the trends during his time as an agent.

"When I first started selling real estate 20 years ago the lines we more firmly drawn. There were larger gaps in the levels of quality education and the differences were much easier to point out than today.  For the most part, Rhode Island Schools are very well received by buyers moving in from other parts of the country, particularly the south," said Gammons.  I have seen much broader areas of consideration than I did back then. Additionally, some of the higher ranked schools back then have slid backward a little and vice versa."

Real estate agent Arthur Chapman with William-Raveis said that while schools might play a role, he points potential buyers to resources to make their own decisions

"It's a perception more than a reality sometimes," said Chapman.  

"I usually send them straight to the Rhode Island Department of Education or a number of "good neighborhoods" websites," said Chapman.  "Most of the time buyers have done their own research.  The real estate professional is just there simply to guide them to resources, and ultimately just represent them in the best possible way for the best price -- that's our fiduciary responsibility."


Top High Schools in Rhode Island 2014

Enjoy this post? Share it with others.