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Price per square foot is a failed method to establish value.
What is the right way to use comps without $/sqft as one factor? Within a neighborhood at least, $/sqft seems like a decent factor (not the only one).
I’ve been actively looking at buying a home for over 3 months and I’ve never seen a comp that was so similar I could just compare directly. And I’ve look at sold homes in neighborhoods many times without our realtor, and comps can be hard to come by. The one I just lost out on was a ranch, the two comps within the last 6 months were a similar ranch, a smaller ranch and a two story (not at all comparable to me).
The sq footage of a home, is done by measuring the exterior of the home, not the taking interior measures like you are trying to do. There is a national standard of how to do it.
Of course. But that is no defense of the fact that the local system may suck. And we Realtors love to defend awful systems that favor us.
I would personally be of the belief that using half trained realtors to determine area is absurd. I know a few realtors I would not trust to find their front door from their drive way. Maybe you clever people in NC have figured out how to get only reasonably capable people as RE Agents. IF you have managed that I wish you would share it with the rest of us.
I would however note that NC appears to be one of the places that requires a Buyer's Broker Agreement to deal with a buyer. That to me is the classical use of the state tp force your services on people. Love to have it here...but cannot advocate for such a self serving decree.
we're required to be accurate in our square footage. Accurate is defined as within 5%, and you'd have to provide measurements/sketches if challenged. I don't even personally measure anything but small ranches anymore. Everything else I pay for the measurement and a nice layout from an appraiser.
The sq footage of a home, is done by measuring the exterior of the home, not the taking interior measures like you are trying to do. There is a national standard of how to do it.
he's using the county exterior measurements. Tho yes, several times we've seen ill-informed consumers comment about "adding up room sizes, and it's nowhere close!!"
Midpack - has it occurred to you that while every assessor measurement is in full feet, that homes may be partial feet? So, the assessors "30 ft deep" side wall could actually be 30'6"?
Kind of interesting. It looks like our assessor follows the national standard. Just checked a half dozen assessor sketches and the appear to follow the "to the nearest 0.5 feet". I had been aware that they used only external dimensions.
he's using the county exterior measurements. Tho yes, several times we've seen ill-informed consumers comment about "adding up room sizes, and it's nowhere close!!"
Midpack - has it occurred to you that while every assessor measurement is in full feet, that homes may be partial feet? So, the assessors "30 ft deep" side wall could actually be 30'6"?
Or 30.5 feet?
1” = .10 ft. 7” = .60 ft.
2” = .20 ft. 8” = .70 ft.
3” = .25 ft. 9” = .75 ft.
4” = .30 ft. 10” = .80 ft.
5” = .40 ft. 11” = .90 ft.
6” = .50 ft. 12” = 1.00 ft.
1” = .10 ft. 7” = .60 ft.
2” = .20 ft. 8” = .70 ft.
3” = .25 ft. 9” = .75 ft.
4” = .30 ft. 10” = .80 ft.
5” = .40 ft. 11” = .90 ft.
6” = .50 ft. 12” = 1.00 ft.
Interesting that is not in compliance with the purported standard. The standard clearly calls for rounding length measurements to the nearest 0.5 foot. NC clearly does 0.1 foot. (with some minor finagling on converting to tenth of a foot)
Depends on if you’re a buyer or a seller? The home in post #1 is listed at $139/sqft vs $152/sqft (using my measurement) - matters to me...
The pricing of real property by the square foot makes no more sense than pricing it by the pound. People who get hung up on that number must, in doing so, ignore the value of the underlying land, condition, the view, neighboring properties and location and all its permutations like schools, services and taxes to name a few.
The pricing of real property by the square foot makes no more sense than pricing it by the pound. People who get hung up on that number must, in doing so, ignore the value of the underlying land, condition, the view, neighboring properties and location and all its permutations like schools, services and taxes to name a few.
And how do you obtain access to the comp homes? Does little good to do your own measurements as you have nothing to compare them to.
Depends. In a place like Clark County NV price per SF is a reasonable comparison of home price. That is because the area of homes is done in a quite consistent manner. What you generally get is a set of comparables that indicate the range of prices actually achieved for a given sized home.
In some places like a Sun City it is relatively simple to compare homes. I in fact maintain charts on all the models sold in a particular tract. 7700 homes of about 40 models. And the overall price per sf obtained provides a good measure of the trends in the tract.
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