Reply to There is no housing bubble in the DC area so get over it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Sorry a PP here. If we are middle class buyers who are able to afford to buy into an amazing school cluster and the house we buy has appraised higher than we bought at, I don't see how this makes us stupid. We had a ton for a down and low interest rates got us into a wonderful house in a beautiful neighborhood inside the beltway. We were looking to buy anyway so why not buy now instead of waiting? Serious question.  The size is fine for us too, and we plan to stay very long term.  Should we have waited or something?  Why miss out on the lower interest rate?[/quote]

There are certainly deals to be found out there. And if you don't care whether or not your home appreciates in value, then more power to you. I have a question for you though...how are local schools funded again?[/quote]

I get this but the neighborhood we bought in has had amazing schools for ages.  There is big money there.  So unless you are suggesting that all of a sudden an amazing school cluster is going to go right down the tubes when it didn't sink an inch after the big bubble burst, then I don't get the danger. We certainly are aware that property taxes will rise, and while nobody wants to pay more taxes, that is something we will do eagerly since good schools are one of the biggest drivers of home values.[/quote]

So, let me get this straight...you don't care about the home's intrinsic value, because you're willing to pay more in taxes to maintain it's intrinsic value? Are you serious? Tell me you see the flaw in this logic...[/quote]

Okay let me be clearer, I am willing to pay a lot more money for amazing schools because of the value that I place on education for my child.  That is the biggest driver of a home's intrinsic value to me. My son will be getting great schools. Now, it follows that I am willing to pay more in property taxes to maintain the quality of those schools so that my son will get a great edication.  And, good schools help property values; so while we are not looking to flip the house for a profit, it is good to know that there is a lower risk of the area losing values in homes because of that factor.  That is pretty logical to me.[/quote]

So you're saying that spending more on schooling results in better education?

I'm finding it extremely ironic that along with a housing crisis, we're also having a student loan crisis...why oh why can this be happening at nearly the identical time?! (hint: see individuals like the person who made the comment above)

BTW, it's spelled "education", not "edication". I realize it's a simple spelling error, but come on, you're arguing how much you value education and you misspell the word?![/quote]

I am typing on a tablet so yeah I mistyped...not misspelled.  Also, no, I never said that spending more automatically resulted in better education.  The other major inputs -- parental involvement, genetics, for example -- would be constant regardless of what schools my son attended. But schools in higher income areas do have better results in terms of educational outcomes than those in lower income areas -- and that is accounting for other factors like parental involvement, genetics, etc.  Schools in higher income areas tend to have teachers who are more highly qualified and with more experience.  Teacher quality is a huge driver of student outcomes -- again, holding all other factors equal, since you like to nitpick, and I know you would go there.  They also have more enrichment programs, another driver.  And students who are surrounded by peers who are higher achievers in school tend to be higher achievers as well.

Do you wonder why people with children rent in these areas and sacrifice space, commutes, etc. to give their children the chance to attend better schools?  Do you wonder why people use wrong addresses for the same reason?  Why wouldn't I give my son every single opportunity I was able to?  That is what every parent wants to do.[/quote]

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