We hear such doom and gloom about how bad the housing market is all the time. Are there any good markets out there and what is determining a good market. Here in the Sunnyvale/Cupertino area there are varied markets as well. There is interesting data that supports a good housing market with having a good school district tied to it.
When an home is in a school district such as Cupertino Union School District (CUSD) it sells well above a home with the same square footage in San Jose Unified School District. This causes the trend that we have seen in the Silicon Valley area for the past few years. As markets slide elsewhere education keeps the home value up and sometimes pushes it beyond the true value of the home. Is it actually worth more to be in the desired school district or to have a lower mortgage, possibly a larger home and send your children to private school. This is where things begin to washout for the buyer and seller the housing market. The seller is wanting to draw on the prestige of the public school district, but if the buyer is looking at private school the value of the school district is mute in the purchase of the home.
Along this same line of thought is Miri Bialik with Intero Real Estate in Cupertino.
[...] Tracey McNeely is a colleague of mine at Intero and has noticed a similar trend about real estate pr… [...]
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