I wrote a post recently about the decision by the Hoover school system to discontinue their bus service for students. I was interested in this because of the potential impact on property values within the Hoover market area. I wanted to follow up on that post to see what has been happening with this controversial matter.
Since the announcement of the decision by the Hoover school system to discontinue service there has been numerous public meetings by residents of Hoover attempting to reverse the decision. Homeowners have numerous concerns with some being concerned about how they will get their children to school and others worried about what will happen to their real estate values. The fact that a large number of homeowners have this concern could be a direct reflection of the feelings of the general public, which would have a direct relationship to their desire to purchase a home in this area. If this is the case, and they value school bus transportation, a direct impact on property values will be the result.
The only proof at the time of my last post was some cancelled real estate deals reported by real estate agent Chip Watts. This week Hoover city councilman Gene Smith reported that he recently had a study conducted that did show a negative impact on property values as a result of cancelling the bus service. The study cited results from numerous other school systems in other parts of the country and the impact of transportation on property values.
In my last post I made the statement that only time will tell regarding the long term affect of the, which is still the case, however the study ordered by Mr. Smith does provide some insight into what Hoover can expect. In addition, even the perception that this will have a negative impact on real estate values may result in lower home values. The task for appraisers is to measure the results of this change in home values which should be very interesting in the months and years to come. What are your thoughts on this issue with the results of this new study? Leave me a message below I would like to hear your thoughts.