Home Buying in Oklahoma City>Question Details

mrsyphus, Home Buyer in Oklahoma City, OK

Is the sales price per square foot for the house only, or for the total sale price including the land?

Asked by mrsyphus, Oklahoma City, OK Tue Jun 10, 2014

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7
Keep in mind that square footage costs do vary, and don't account for location and other considerations; therefore, it's really in your best interest to also review closed recently sold similar properties in the immediate area, and their final sales price...
2 votes Thank Flag Link Fri Jun 13, 2014
Typically includes the land, unless the land is reserved, discuss with your Realtor member.
0 votes Thank Flag Link Fri Aug 22, 2014
It is generally the house and land together. A comparative market analysis done by a professional would look at homes that are similar to yours for both the house and the land. Price comparisons can be drawn from this type of analysis if there is sufficient data that is current (within the last 6 months or so). As mentioned before, it is a little trickier if there are no comparative sales with as much land as you have. In this case, you would do a comparative market analysis for a house and smaller parcel of land vs other similar properties, and then add some value for the extra acres of land that you have over the comps. It is usually pretty easy to get the value of an acre of land in any specific area of the state. For the most accurate information, contact an experienced realtor who knows the market in your area.
0 votes Thank Flag Link Mon Aug 11, 2014
It us usually calculated by the sale price/ sq feet. If there is acreage with the home it does make it a little more tricky as different parts of the state seem to be more value. A local Realtor can help you out in determining if the home is at market value.
0 votes Thank Flag Link Fri Jun 13, 2014
Yet another example of how bad that metric is...you can buy a tiny house on a thousand acres (where you're obviously paying for the acreage more than the dwelling), and the price per square foot would be huge! Never buy anything based on price per square foot! Look at the whole picture, based on properties that have sold of comparable value where the property is comparable, or has been equalized based on all the important aspects. Best of luck...
0 votes Thank Flag Link Fri Jun 13, 2014
House only, sales price per acre would account for the land.
0 votes Thank Flag Link Fri Jun 13, 2014
The sales price per square foot includes the overall value of the property, which is similar to how appraisers give value. The price is based on how valuable the entire property is in relation to how big the house is, but it includes factors such as the amount of land and how valuable that is in relation to other properties in the surrounding area.
0 votes Thank Flag Link Tue Jun 10, 2014
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