Not All Square Footage is Created Equal
Here's my conversation with a prospective seller last night. It was the second appointment of a two-step listing approach. We had a comfortable rapport and I had already reviewed pictures and MLS details of comparable homes.
We were talking about fair market value and a possible listing price. My estimate of value was nearly 10% lower than their estimate and the estimate of at least one of two other agents they're interviewing.
The home has been added onto and is located near two different subdivisions of larger homes.
Me: "Yes Mr. and Mrs. Seller I do understand that your home has roughly the same square footage as these comparable homes, but there's a difference. The comparable homes you're focusing on were originally designed and built as 2,200 - 2,400 sq. ft. homes. Your home was originally built with 1,450 sq. ft. and was added onto to total 2,280. Yes, the total square footage of your home is about the same, but most of your rooms are smaller and your floor plan is a little unconventional which affects the market value."
They didn't seem to understand that explanation. From their expressions you'd think I was speaking Uzbek.
In most cases--not all but most--added living space doesn't add to the market value as much as the original space does. Very often there are design and floor plan peculiarities that are viewed negatively in the market place. Not all Square Footage is Created Equal.
Lloyd Binen
Realtor/Broker/DRE 572654
Certified Residential Specialist (CRS); Graduate, Realtors Institute (GRI)
Certified Residential Services
19200 Shubert Drive
Saratoga, CA 95070-4046
408-373-4411; e-mail
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