Institute of Housing Technologies
Improving the Real Estate Information Network
The Square Footage Game
130 Oak Orchard Lane. Carthage, NC 28327
2,134 Moore County Tax Records
1,940 MLS Active Listing
The home was listed at $235,000
Just for Illustration Purposes, Let’s Assume the Average Price-Per-Square-Foot is $121.13 - ($235,000 divided by 1,940 = $121.13 per-square-foot)
Square Footage Total Price-per-square-foot Possible Value
2,134 X $121.00 = $235,000
1,940 X $121.00 = $243,500
2,013 X $121.00 = $258,200
A difference of $23,200 with nothing but a change of the
square footage. What’s the fair listing price of this home?
What’s the fair appraised value?
It’s only money…
The Price-Per-Square-Foot Crisis
Price-per-square-foot can be manipulated by builders, agents, appraisers, or anyone with a little mathematical prowess. The very first step in any valuation is to know the accurate "size" of a dwelling. And also to compare apples to apples. Don't let your value be determined solely by this simple formula, especially when it's based on the numbers listed in tax records. It absolutely does make a difference. Real money!