If the ranch home to which you're referring is new construction, then a square foot analysis might have some validity, however if the ranch home is an existing property, then you will likely find that a square foot price is not valid. Value is highly dependent upon the condition of each particular property. You are best advised to contact an experienced agent in your area to make an analysis of recently sold homes that are comparable to the one in which you have interest.
Sorry, Jodi, not enough info to answer your question. Feel free to contact me directly if you want to chat about it. If you have a Realtor they should be able to answer these questions for you. If you, you should get a Realtor, specifically a buyer's agent (don't use the seller's agent).