Three different information sources, three different square footage totals. Whether you’re refinancing or buying a home, if one of these inconsistent totals is used in your appraisal as a comparable sale, it can significantly change your property value. These differences in square footage create very real differences in value and happen much more frequently than most people imagine. From large metropolitan areas to small rural communities, this misinformation is changing people's financial futures. This problem is rarely discussed and the real estate industry works hard to keep it that way. Without an easy solution, square footage is often considered a topic best
left alone. hree different information sources, three different square footage totals. Whether you’re refinancing or buying a home, if one of these inconsistent totals is used in your appraisal as a comparable sale, it can significantly change your property value. These differences in square footage create very real differences in value and happen much more frequently than most people imagine. From large metropolitan areas to small rural communities, this misinformation is changing people's financial futures. This problem is rarely discussed and the real estate industry works hard to keep it that way. Without an easy solution, square footage is often considered a topic best left alone.
Real estate agents are creating new ways to avoid the square footage discussion altogether. More and more often, all across the country, agents are choosing to use the square footage information listed in public records for their MLS listings; instead of measuring the property themselves or having someone else take the measurements for them. Even some appraisers are now including their own sketch of the property in their reports, but including a disclaimer that they are using public records as the main source of square footage details for the subject property, and all comparable sales. Their logic is simple. By providing information this way, they provide comparisons based on what they perceive to be consistent measurements; all taken by the same methodology or standard, and provided exclusively by local tax departments. Since this public records database is often providing their main information source (with less dependence on MLS for sqft info), these appraisers believe using this single source for property information will offer them more home accurate comparisons and valuations.eal estate agents are creating new ways to avoid the square footage discussion altogether. More and more often, all across the country, agents are choosing to use the square footage information listed in public records for their MLS listings; instead of measuring the property themselves or having someone else take the measurements for them. Even some appraisers are now including their own sketch of the property in their reports, but including a disclaimer that they are using public records as the main source of square footage details for the subject property, and all comparable sales. Their logic is simple. By providing information this way, they provide comparisons based on what they perceive to be consistent measurements; all taken by the same methodology or standard, and provided exclusively by local tax departments. Since this public records database is often providing their main information source (with less dependence on MLS for sqft info), these appraisers believe using this single source for property information will offer them more home accurate comparisons and valuations.
You would definitely want to read more if you are looking to buy a new or existing home. Square footage is being played with a lot to make a new or existing home more attractive to buyers.
Sample: A new home is advertised at 2,724 sq. ft. but the home has really 2,266 sq. ft.So what looks better?
Fake Square footage 2,724 sq. ft. X $100.00/per sq. ft. = $275,000 Wow that is a good price…….
Now Actual Square Footage 2,266 sq. ft. / $275,000 = $121 Sq. Ft.
So $100.00/per square foot looks better then the actual $121.00/per square foot.
Read More:
