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Letters aside (and I can see both sides of this equation, but do agree w/ Chet that it's more likely to work in a potential tear-down situation where sellers don't want things torn down) -- the housing inventory is *low* right now. Really low. Not much is coming on the market, and what is often comes on very overpriced, and those houses priced right go right away. The house I'm under contract for (think closer to the tear down) was on the market 11 days and that's the longest I've seen something in that price range in my neighborhood since I got the contract signed.
OP - you might say that you don't have strict criteria, but isn't D181 pretty strict? Would you consider going outside that area, or are you set on those schools?
I'm sorry you haven't had luck buying a house. My real estate agent would sometimes let me know about listings before they came on the market. Ask yours if they know of sny houses that you'll like that are going to be on the market. Also, Zillow shows some listings before they're officially on the market. The more desirable an area is, the more bidding wars there will be for homes in the area. Looking at Clarendon Hills is a good idea. It's more affordable, but keep in mind, it is also very desirable like Hinsdale, but it should be easier to get a house.
I think you should expand your search to other towns besides Hinsdale/Clarendon Hills. Look at Western Springs, La Grange, and Elmhurst. Those are towns people generally look at when they're also looking at Hinsdale. Also parts of Oak Brook and Burr Ridge are in D181, have you considered looking there? They are also more affordable than Hinsdale but still desirable yet the market won't be so competitive.
Letters aside (and I can see both sides of this equation, but do agree w/ Chet that it's more likely to work in a potential tear-down situation where sellers don't want things torn down) -- the housing inventory is *low* right now. Really low. Not much is coming on the market, and what is often comes on very overpriced, and those houses priced right go right away. The house I'm under contract for (think closer to the tear down) was on the market 11 days and that's the longest I've seen something in that price range in my neighborhood since I got the contract signed.
OP - you might say that you don't have strict criteria, but isn't D181 pretty strict? Would you consider going outside that area, or are you set on those schools?
You're absolutely right about that, the well-priced houses go RIGHT AWAY. And very low inventory at that!
And I agree, I suppose D181 is pretty strict. But we are pretty firm on those schools (have 3 kids under age 5 and top-notch schools are paramount). We have expanded our search to C. Hills, Oak Brook, and Burr Ridge. Basically anything that falls under that district. But still, very very hard to find something we like in these areas right now!
No district can match D181's level of performance uniformity, but individual elementary schools that perform as well or better than D181 schools can be found in the nearby suburbs of Western Springs, La Grange, Glen Ellyn, Wheaton, Naperville and Elmhurst.
"Performance" and "Elementary Schools" is a strange relationship, and I find that even well-informed people are terrible at making these assessments based on the data available. You could have two identical schools with identical teachers and identical teaching methods and materials, and the school with fewer low-income students is still going to have higher average test scores, in spite of how well the non-low income students perform in the same class. It's hard to argue white high-income child in a uniformly white high-income D181 school is going to do better than a kid in a 92% white high-income classroom in Elmhurst or Wheaton. But this is what you are doing when you emphasize "ranking" schools based on average test scores alone. Sometimes the difference is just one or two students per classroom.
Now if the one or two low-income students in a classroom are a constant drain on the class and always causing trouble, then I could see the argument that the uniformly wealthy classroom arrangement is better. But having volunteered at my kids' school and observing the children interact, it can be students for ANY background that are a drain on teacher resources (in fact, the biggest trouble makers I have personally witnessed are from wealthy households). I think the low-income students become a bigger drain once a certain critical mass is met that affects the general culture of the school, and you're not going to see that in any of the school districts mentioned above. Most are affluent suburbs with great schools.
"Performance" and "Elementary Schools" is a strange relationship, and I find that even well-informed people are terrible at making these assessments based on the data available. You could have two identical schools with identical teachers and identical teaching methods and materials, and the school with fewer low-income students is still going to have higher average test scores, in spite of how well the non-low income students perform in the same class. It's hard to argue white high-income child in a uniformly white high-income D181 school is going to do better than a kid in a 92% white high-income classroom in Elmhurst or Wheaton. But this is what you are doing when you emphasize "ranking" schools based on average test scores alone. Sometimes the difference is just one or two students per classroom.
Now if the one or two low-income students in a classroom are a constant drain on the class and always causing trouble, then I could see the argument that the uniformly wealthy classroom arrangement is better. But having volunteered at my kids' school and observing the children interact, it can be students for ANY background that are a drain on teacher resources (in fact, the biggest trouble makers I have personally witnessed are from wealthy households). I think the low-income students become a bigger drain once a certain critical mass is met that affects the general culture of the school, and you're not going to see that in any of the school districts mentioned above. Most are affluent suburbs with great schools.
Thank you. I'm sure there may be individual schools that perform as well, etc., but at this point we are only concerned about the stellar performance of 181/86 across the board. We have a 5 year discrepancy between our oldest and youngest, so they will always be attending different schools. Plus we are looking at this as our temporary home while we wait for a custom build in the 3-5 year timeframe, so easy resale is important too.
You really should give some thought to other areas...
Quote:
Originally Posted by geminimagk
Thank you. I'm sure there may be individual schools that perform as well, etc., but at this point we are only concerned about the stellar performance of 181/86 across the board. We have a 5 year discrepancy between our oldest and youngest, so they will always be attending different schools. Plus we are looking at this as our temporary home while we wait for a custom build in the 3-5 year timeframe, so easy resale is important too.
I am probably one of the strongest advocates for folks that relocate to the broader Chicago region with school-aged kids given serious thought to the most desirable school districts and I fully agree that any home in D181 will be an excellent situation from both the educational needs of kids of school age and a smart financial move for their parents.
That said, I also think that LK's point about finding a community that makes sense for your situation is excellent, though given the horrendous fiscal issues of Illinois it is important to understand that "future values" are almost certainly going to see some horrendous headwinds -- it is not just that the corrupt practices of Illinois political insiders have made pensions into a ticking time bomb, it is that the very foundation of public financing of education in Illinois is really on the precipice of disaster. Despite solid property values in nice towns like those served by D181 the majority of Illinois schools are thisclose to financial ruin and the power-brokers preferred methods of addressing these problems will NOT be friendly to folks in affluent areas -- it will result in more money being shifted from local resources and into the coffers controlled by the long time power hungry tyrants. The way I see things playing out it is frankly foolhardy to think that you'll have any shot at all of parlaying a costly home into a "custom dream home" down the road in 3-5 years unless you have wealth of the kind only associated massive stock grants -- Google chief’s pay tops $100M in first year | New York Post
The relative drop in value that I expect to be a widespread result of the needs to boost revenues controlled by Illinois corrupt political power brokers may actually be less profound in towns with a wider range of home prices -- that would include the still very desirable towns like LaGrange and Western Springs. The fact is BNSF travel from those towns is even speedier than from Hinsdale. Of course there is not exactly of surplus of ready to move in 5Br homes in either of those towns even for folks with a $1M++ budget...
Re: resale. Won't market prices remain similar regardless of where you buy? It might be wise to consider the house you purchase as being something you might need to stay in. If you have extra funds earmarked for a custom home down the line, could you get something nicer in D181? What will you do if home values drop?
The are lots of "rules of thumb" that are quite useful...
Quote:
Originally Posted by RJA29
Re: resale. Won't market prices remain similar regardless of where you buy? It might be wise to consider the house you purchase as being something you might need to stay in. If you have extra funds earmarked for a custom home down the line, could you get something nicer in D181? What will you do if home values drop?
I have personally helped MANY folks do EXTREMELY well by "buying the most affordable home in the nicest neighborhood" -- that means different things to different people, but in terms of the what the OP in this thread is looking for (with their strong desire for a 5br that can be a home for their 3 school aged children...) they should probably focus on towns / parts of towns where there are other such homes that are significantly more costly. Given the scarcity of 5br homes in many neighborhoods that already puts them in a very small pool of potential comps...
Another "rule of thumb" that is generally pretty solid is "generic is pretty for resale than overly personalized" -- again in context for the OP that means they very well might consider buying a home that has been decorated / laid out for the specific of needs of the seller as a "potential bargain" but any changes they make should be things that broaden the appeal of the home IF they truly want to get top dollar down the road. I have seen some five bedrooms that are really set-up for either a live-in care giver or extended family, including things like a secondary kitchen. If the OP could re-integrate that space for a wider range of buyers that would be money well spent.
One of my favorite "rules of thumb" is "buy dated, sell classic" -- there are dozens of homes that are very poorly staged. Maybe it truly is an estate selling grandma's home and no one wants to bother paying for new paint or even staging. The OP should do everything they can to see past these surface details and if the home has the potential to be "freshened up" that can be a very cost effective way to get a home from "below market value" to something that not only serves the homeowner's needs for space but will see a handsome return on relatively low-hassle / inexpensive changes that are really more "redecorating" than the far more costly "remodeling"...
Finally I can't leave this discussion without mentioning the long honored "location, location, location" mantra -- in the context of the OP's shopping it simply makes LOTS of sense to focus on why the most desirable parts of LaGrange, Western Springs, and even Downers Grove or Naperville are every bit as costly as some of the similarly high demand parts of Hinsdale or Clarendon Hills -- if you can find a home that is walking distance from BNSF in any of those towns that REALLY is more flexible than having to rely on a drive to train for the folks that do work downtown. Those walkable homes are also going to be the kind of locations that kids can walk to the library with friends, the family can grab an ice cream together, moms can have a latte on their way back from the local bank or after having their play group / jogging meet-up, and similar lifestyle pluses. Of course H'worth & LK would say the same thing about Wheaton or Glen Ellyn and I agree that for folks that are OK with the UP-W line those towns (along with Elmhurst and maybe even Geneva) are largely attracting the same kind of buyers, though one must really do the math about total commute as well being careful about how the overall tax burden may be shouldered by the kind of homes the OP is interested in...
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You really should give some thought to other areas...
