Home Buying in Lewes>Question Details

Lewes1, Home Buyer in Lewes, DE

When evaluating properties; Is comparing the property by "price per sq ft" a good idea within the same development?

Asked by Lewes1, Lewes, DE Fri Apr 13, 2012

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Scott Godzyk’s answer
NO, value is measured not only by price per square foot but by condition and then amenoties or upgrades such as a finished basement, garage, fireplace, hardwood floors, ceramic tile, whirlpool tubs and such. The best way to compare is to assess what the value of each is in todays market given all those factors.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Apr 13, 2012
That's a great question. Price per square foot can be misleading, but can certainly give a good barometer of price ranges. It will not account for many design features and unique items for a give home. When you are buying using the Cost Value Approach (i.e. price per square foot) can be a great negotiating strategy. Sellers will negotiate from a Market Value approach. These two different perspectives of value will not always reconcile but often times buyer and seller find a happy medium.

Warm Regards,

Dustin
0 votes Thank Flag Link Sun Dec 30, 2012
That depends. Don't you love that answer? But the truth is real estate is not as simple as "price per sq ft". If all other things are equal in the same community then it can help estimate value.

Make sure to work with a Buyer Agent that knows the community and can provide a thorough analysis of all factors.
0 votes Thank Flag Link Fri Apr 13, 2012
No.

Scott covers the major points.

In fact, I wrote a blog about that exact question nearly 2 years ago. Here's a link: http://www.trulia.com/blog/don_tepper/2010/07/price_per_squa…

hope that helps.
0 votes Thank Flag Link Fri Apr 13, 2012
nice blog Don... almost all complete...
Flag Fri Apr 13, 2012
nice blog Don --
Flag Fri Apr 13, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
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