Well the new, 2011 public school ratings are available for the greater Austin area, and there are some surprising results on both the positive and negative side of things. The results will surely have some parents, administrators, and principals alike raising an eyebrow or two.
The public school ratings consist of results from “Academically Unacceptable” to “Exemplary”, with a few other ratings in between. Although I’m not going to get into how the results are achieved, they are important in the real estate business, especially in negotiating short sales in Georgetown, short sales in Round Rock, or other areas that are desirable for buyers with children.
Everyone pretty much knows by now, given that short sales in Austin are becoming increasingly “popular”, that waiting for short sale approval can take weeks, and in some cases, months. And you would think that with all the inventory of houses available, if a short sale approval in Georgetown is going to take 3 months, then a buyer might as well bail out and buy a different house in another part of Gerogetown, instead of waiting. But the truth is, the schools, and their rating play a big part in a buye’rs decision in a short sale.
For example, in Georgetown Village, properties for sale, or for lease, don’t last. Why? Simple. The school….Village Elementary. In 2010 and in 2009, Village Elementary’s rating was “Exemplary”. Even though their rating has slipped in 2011 to “Recognized”, the teachers are great, the parents are made to feel a part of their child’s education, and the location is awesome (right inside the neighborhood). So even if the newest listing was a short sale in Georgetown, a buyer would be on board quickly, and willing to wait for approval, even it took several months. Additionally, properties for lease in Georgetown Village are usually snatched up in less than a week….again, mostly because of the school.
There are 109 schools on the list with either a “Recognized” or “Exemplary” ratings. You can view the 2011 Public School Ratings Report here. I’m not sure how many slipped down a spot or two, or how many may have gained a spot or two. But the fact of the matter is, when considering buying a short sale in Georgetown, a short sale in Round Rock, or a short sale in Austin, you can bet that the buyer is looking at the school and the quality of education it will be providing for their children….the “perceived quality” anyway.
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