Home Selling in Hinesville>Question Details

Army-man, Home Seller in Hinesville, GA

How do you come up with the price per square foot for your home? some homes are higher than others, Why?

Asked by Army-man, Hinesville, GA Sat Dec 5, 2009

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Price per square foot is simply the price of the home divided by the square foot of your home.

$100,000 home that is 1,000 sq ft is basically $100 per sq ft.
$120,000 home that is 1,000 sq ft would be $120 per sq ft.

There are many different ways sellers price their homes, but ultimately is what the buyer thinks of the home that will determine whether it would sell or not.

I have seen homes that sell for more per sq ft than others and they sell faster.

Why?

Buyers buy on emotion. I've had buyers run away from homes that have the same floorplan as previous ones we see. Tile VS carpet will give value to a home. It's not so much the material that gives value but the look and emotion buyers feel. That's intangible but it's the power of real estate.

That's why you should at least paint the house. It's not the fresh paint that gives it value, but the feeling the buyer gets from walking into a home that feels new or well taken care of.

Hope that helps,

Jorge
1 vote Thank Flag Link Sun Dec 6, 2009
We divide the price by the square footage of the house? Some houses have better finishes, siting, floor plan, appliances and equipment, chi, gestalt, lots, gardens, detailing, privacy ... that's why. Hope that helps.

No two properties are alike. The differences may be indistinguishable, but they're there.
0 votes Thank Flag Link Sun Dec 6, 2009
It all depends on the quality, features and location of the house. The best way to establish a price per square foot to go with is to either get an appraisal done/get a CMA from a competent real estate agent, or if you're going to go at it alone take a look at how much similarly sized houses in the same neighborhood have sold for. You'll want to be around the same price per sqft.

Keep in mind that smaller houses sell for a much higher price per sqft than larger houses, it's the same principle at play as when you buy the family size jar of mayonnaise instead of the smaller one, the smaller one is more expensive per unit. It's easy to miss the mark by comparing your house to smaller ones because of this. Fortunately in Hinesville housing is fairly consistent within most neighborhoods, almost all of the homes that have sold in your neighborhood should be within about 200 sqft of yours.
0 votes Thank Flag Link Sat Dec 5, 2009
Most Georgia Realtors do not quote square footage for potential liability reasons, Army. The easy answer to your question, however, is to take the total purchase price of the subject property and divide by the measured or estimated square footage figure. So a $100K home with 1500 square feet would be about $66.67 per. For general purposes, I will share the county's estimate with potential buyers for comparison only. If they want a more accurate figure, we get out the measuring tape. As far as higher or lower values, the different numbers can represent Spartan trim and fixture work as opposed to top of the line amenities. Good Luck!
0 votes Thank Flag Link Sat Dec 5, 2009
Many things come into play here. One house may have a larger lot than another(land is not free), but the house is the same size. One house may be basic 1956 interior with no insulation, sparse electrical outlets and a kitchen most would consider way out of date. Another house may have spent $40k on the kitchen alone. It could have walnut molding and many other pretty (but useless) upgrades like granite counter tops that increased both the cost of building and the selling price.

if a house is 28x48 you would multiply the 2 numbers together. It equals 1344. If the asking price was $134,400 it would be asking for $100 a square foot.

Finally, do not forget that some people think this community is great while that neighborhood is horrible. There can be a price difference based on location. THEN you have some people who want (or need) to sell now and price lower, and some who refuse to admit house prices have dropped and price astoundingly higher.

In the end the asking price is just that. An ASKING price. There is no reason to pay more than you think is fair. Do not worry about insulting the seller with a low offer. After all, they did not worry about insulting you when they posted such a high price.
0 votes Thank Flag Link Sat Dec 5, 2009
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