Let me start by saying we represent buyers and sell homes in Fairview and Lucas in every school district. We call this our wheelhouse because we've been the leaders out here for so long. Selling a non-Lovejoy home isn't a problem, we just have to be smart about our pricing and it might take a bit longer to sell.
So, do Lovejoy School District homes typically command higher prices than homes in the other school districts? The answer is "yes" and we see evidence of it all the time, but that doesn't make it easier having to explain to a Fairview or Lucas homeowner in McKinney ISD why a similar home, right across the street in Lovejoy ISD, would carry a higher value.
I've always wondered if the Collin County Appraisal District adds a premium to Lovejoy homes so several years ago, I had the chance to find out. I was contesting the value of our home and met personally with one of their appraisers assigned to this area. I asked her point blank if they add a premium for homes in Lovejoy schools over non-Lovejoy, and she replied they do. She didn't give me a percentage or formula they use, but its definitely there.
I'm going to explain why Lovejoy carries a premium, but to do that you have to understand how the school districts are aligned in both of the small towns of Fairview and McKinney. Believe it or not, there are six school districts in Lucas (Allen, McKinney, Lovejoy, Wylie, Princeton, and Plano) and two in Fairview (McKinney and Lovejoy). The school district lines sometimes follow natural boundaries like streets or creeks, but other times meander aimlessly through the towns without any apparent reason or logic. They were set up long before these two small towns started populating so they can run through the middle of the same development or even through the middle of a home.
Ironically, two families living side by side or across the street from each other might send their kids to different school districts. It's a shame, but it is what it is and those lines aren't going to change. There's a lot of money in involved when it comes to school taxes.
So why do Lovejoy School District homes carry a premium over non-Lovejoy homes?
- Proximity of schools to the homes - Lovejoy schools are all located in Fairview or Lucas. Allen schools are close by, but that's the exception. It's a long drive for kids or parents to the schools in McKinney, Plano, Wylie, and Princeton school districts.
- School District Size - Many buyers specifically choose Lovejoy ISD because it's a small school district with only about 4,400 students. Compare that to Allen ISD with 22,000 students, or McKinney ISD with 24,000. Lovejoy can be appealing if you want a smaller, more intimate school experience.
- School Ratings - And finally, the Texas Education Agency consistently rates Lovejoy among the top three public school districts year after year. Lovejoy ISD gets a lot of media attention for this.
We can't give you an exact percentage of how much more a Lovejoy home will sell for over a non-Lovejoy home because every home and comparison of homes is different. But the general consensus among agents who really know and understand this area is somewhere between 5 and 10 percent.
