Institute of Housing Technologies
Improving the Real Estate Information Network
Happening in an MLS system near you...
In MLS systems across the country, they list a specific price-per-square-foot price. But then, many agents say they don't think measuring the house is important. It can't work both ways. If only two numbers control how home values are created, and one of those numbers is wrong, so is the number created using the price-per-square-foot formula. This is not that complicated. If you are going to use a price-per-square-foot formula, then the getting the "size" or square footage of the house accurate is vital to figuring out a fair price. It's simple math - and yes - size matters... Buying or selling, know the accurate size of the home before you develop an opinion of value.
Yes Virginia! We do live in a price-per-square-foot world. But, does this home really sell for $75.00 per-square-foot?The answer may depend on who you ask. On the appraisal report for this home, the price-per-square-foot shows closer to $109.00 than $75.00. In my opinion, the $75.00 per-sqft ad is far from accurate and misleads consumers as to what they are getting for their money. An "apples to apples" comparison is NOT possible using a figure of $75.00 per-sqft. Knowledge is the best way to make sure you get a fair price for the home you buy, or sell. Indeed, Size Matters!
Does the MLS advertise price-per-square-foot? Whether it's the MLS, Zillow, or one of a hundred other automated real estate sites, price-per-square-foot is the most used method for calculating real estate prices. However, it is NOT understood by too many that use it every day. It's a broken system.
Everybody Knows - Price-Per-Square-Foot
It's as American as Apple Pie & Baseball!