Real estate experts are split over whether the rejection of a school budget affects home sales in the district.
Consumers always look at the amount of taxes they’ll pay when considering where to buy a home, but they tend not to pay attention to how much of it is from the school district, several agents said Wednesday, the day after voters rejected six school budgets in the region.
“I don’t really find buyers savvy enough to pay attention to the votes, but they do pay attention to the dollar amount for the taxes,” said Anja Wright, a broker at Nothnagle Realtors Property Centre in Buffalo.
What does matter is the quality of the schools, especially for young families with children. “I have never seen any evidence that homebuyers pay any attention to the results of school board elections,” said Dan Symoniak, vice president and general manager for RealtyUSA.
“However, the perception of the quality of the schools is of enormous importance to parents with school-age children,” he said. “In fact, I would say it is the primary criterion for this segment of the market.”
That could change, especially with the property tax cap in place.
“I have a feeling that consumers will be paying more attention and you’ll start seeing a difference in home sales,” said David Weitzel, associate real estate broker at RE/Max North in Williamsville.
In the meantime, though, “lower taxes are always desired, since buyers are concerned with how much their monthly payments will be when the taxes are factored in,” Wright said. “For homebuyers, it’s a net positive that school tax increases in six districts were rejected.”