Does the size of a property matter – its square footage, that is?!
Realtors estimate a property’s value based on the price per square foot of surrounding properties that have sold. If most comparable properties have sold for $110-$120 per square foot, that’s where we’re going to price our listing, depending upon other property variables.
Did one property sell for less per square foot because it backed up to an arterial street or expressway? Are we comparing a home with an updated kitchen with new cabinets and granite to one that still had Formica?
Particularly in midtown Tulsa real estate, there are many variables that will add value to a property. For example having a 2-car garage is not common and homes with an inside laundry (not in the basement) will sell for more per square foot. First-floor master bedrooms are a huge selling point in midtown Tulsa real estate. I am showing a home in Florence Park today that has a bathtub AND a separate shower in the main house bathroom – unheard of!
Does Size Matter? Square footage, that is!
I think we value properties by square footage simply because we haven’t found a better method. Appraisers will give credits (or subtractions) for some of the amenities mentioned. Does the property have an awesome view that can’t really be quantified?
It’s important that we don’t guess on square footage when we market a property for sale. If there is any question that the court house records are incorrect, please spend $75 on a square footage only appraisal. It is always the responsibility of the Buyer to verify reported square footage, but the Seller should try to provide as much accurate information as possible.
So, does the size of a property matter? You bet it does!!! Please be pro-active and report it correctly!
Please visit my web site for more home selling tips and do call if I can be of service! 918-852-5036
Content written and published by Lori Cain.
Great post Lori! Something that is unique to the Birmingham, Alabama area where I work is that real estate agents rarely include gross living area in their listings so it is difficult for buyers to make informed decisions. I always suggest getting their listings measured, however many decide to use county records which can be incorrect. Thanks for showing how important this is.
You’re absolutely right, price per square foot is a quick and easy way to compare properties, but it is only the start of understanding pricing.