Where’s the Square Footage?

I frequently have customers ask me why the square footage information is not easily found on Cincinnati area broker web sites, or on the Greater Cincinnati Multiple Listing service.  As a newly licensed agent in 1996, I remember asking some of the experienced agents that same question. Strangely enough, the answers all sounded the same: “People Lie”.

As a result of too much inaccurate information being provided, and the frequent “rounding up”, apparently “way up”, the Greater Cincinnati MLS eliminated square footage as a search function.  I can easily search for your home by school system, number of bedrooms, or number of bathrooms, but not by square footage. Unfortunately, auditor’s sites can supply erroneous information, including incorrect square footage. At this point, it may be our best source of information for square footage.

We need to know that not everyone calculates square footage the same. It’s different in one geographic area to the next. In some areas it’s customary to simply measure the exterior of a home, multiple, and add the second story if appropriate. This calculation will include closets, garages, bathrooms, and hallways.  Another square footage evaluation requires backing out garage space.  Things get tricky when we try to assign a value per square foot when vaulted ceilings and lofts come into the picture. While often valued in the market, the vaulted ceiling in the 2 story family room may be considered in the square footage equation, but isn’t “usable” living space….unless you enjoy hanging from the ceiling.

Finished basements add additional room for the family to spread out, but unless a portion of the basement is at grade or above, you can not count the additional finished area in the total “usable square footage” equation.

When using square footage to determine the value of your home for market, or if the home you are considering purchasing is priced well “per square foot”, be sure to give only balanced consideration to that factor. There are large 4000 – 5000 square foot production homes in the Cincinnati market that do not have the fine, custom finishes of slightly smaller, custom homes within the same area. Their market value will not reach the same status as the finely appointed 3500 sq. foot homes. Bigger isn’t necessarily better in this case and square footage is best used as a measure of size, not value.  An experienced, market savvy agent can help you make a good pricing decision, or draft a reasonable offer,  using square footage information as only one of many tools.