Warren Co Il Acreage For Sale

Beth Waller's Blog » Blog Archive » Interview July 2011

Is the quality of the school district still the most important factor for homebuyers?

It is amazing how the quality of the school system isn’t the first thing buyer’s ask me any longer. In the early 2000’s, it was one of the first questions, but I rarely am asked due to the considerable internet research buyers engage in regarding the school systems and area information long before they contact me. I’ve found that by the time a buyer engages a Realtor, they have researched areas and know about the school systems and other important community factors and have already narrowed their search down based on their findings.  In a matter of minutes, buyers can log online and discover test scores, state rankings and visit websites of any school district they are considering.  In our small town of Warren, our superintendant and principals are also more than willing to meet buyer to discuss education and tour schools.  When I offer that to buyers, though they rarely take me up on it, it offers a sense of comfort.

It has been remarkable to note the difficulty in selling larger homes as the market has declined. I used to wish for a call with a $450,000+ listing and now I dread them because I can sell three $150,000 homes much faster and with less effort than one $450,000 home!  In Warren County, where I work 95% of the time, $200,000+ is now “high end”—only 38 homes have sold all year over $200,000 in Warren County yet 199 have sold under $199,000 so far in 2011. Only 14 homes have sold to date in 2011 over $300,000 in Warren County.  I have found, especially the past year, that more and more people want to downsize their mortgage as well as their utility costs, and that has prompted more and more people to stay in their current home rather than upgrading and caused first time homebuyers to think, “less is more.”

Has there been a change in preferences regarding lot size?

Buyers used to have a strong preference in lot size and the same buyer who was interested in looking at larger acreage wouldn’t even consider looking at an in-town home on a smaller lot.  The past few years, however, it has seemed that buyers don’t care about the size of the lot as much as they do the “deal” they can get. It’s as if they are so “gun shy” that they don’t think their preferences are as important as getting that bargain they think will protect them from further depreciation.  About 6 months ago, however, that trend is starting to revert back to what we need for the housing market to recover—buyers making decisions about their purchase based on more emotional and preferential factors and not just the bottom line.

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