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The reason why some smaller homes go for more per square foot than larger homes is the cost of the land the home is sitting on. When you buy a home, you pay for the land plus the cost of the home. So if 2 homes of same quality were sitting on the same quality and size lot, then the smaller home would go for more per square foot than the larger home, simply because of the cost of the land.
There are other factors as well, but the land cost for same quality home is the biggest difference in pricing.
well on the building side.. with the fuel prices where they are right now.. it costs an average $87-$90 sqft just to build a house. I remember some of the construction I was involved in around 2003.. those numbers ranged around $67-$70/sqft.
You can still build a modular at that price. I don't mean a manufactured home either. It's a good constructed home built off-site and transported to your land.
It is silly isn’t it- thinking of buying a home by square footage alone? It’s like buying a car by weight alone and not factoring in all the other features.
Ranches (one story homes) usually sell for more $ per sq. foot since they require more land. They are also costly since they require more foundation and more roof.
Smaller homes sell for more $ per sq. foot because the costly parts of the house are the bathrooms and kitchen and most homes have that, whether they are 1200 sq. ft. or 2500 sq. ft.
Figuring out the price of a house is not that easy, as you are all beginning to see! Yes, you can look at the comps but I may think comp #1 is the best and another agent may prefer comp #2. Also, an appraiser says you can give an extra bathroom between $1500 and $3,000 extra. Whose OPINION counts?
That is why we figure the cost of a house on many things and not just the square footage of one comp that sold.
Now WHO said my job was easy??? I just said it was FUN!
VickiR, I have all the respect in the world for your profession! Although I often disagree with you about house appreciation; I still respect all the work you do and all the things you have to stay on top of to sell a house. I know its not easy dealing with a seller who is seeking unreasonable profit on the sale of their home because they’re too emotionally attached. Conversely, buyers who think that they should get a silk purse for the price of a sow’s ear are equally difficult to deal with. Know this though VickiR- I would NEVER dream of buying an existing home or selling a house without a good honest real-estate agent.
Your job reminds me of this famous saying by Red Adair, "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
Thanks, Grizz! I appreciate your kind words. I know we all can't agree all the time! I have no problem telling you what I see and I know you have no problem telling me what you see so sometimes we are bound to disagree! Even though I know I'm right...oops...how did THAT slip in?!! Ok, ok...gonna behave!
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