Question Details

Tierra, Home Buyer in Tampa, FL

When it is time to resell, would a one or two story sell better?

Asked by Tierra, Tampa, FL Mon Jan 7, 2008

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Jim - the numbers you pulled reflect what we see here as well. But what I'm betting is that the original sales prices for new construction on these one story homes were higher as well. A one story home requires more lot preparation, a larger lot size, more foundation, and more roof than a two story home of the same size. All of this adds to a higher construction cost, which leads to a higher sales price per sq ft. It's cheaper to build upwards than outwards!

But we are seeing the same thing in this area. One story homes seem to have a shorter time on the market than two story homes - there are plenty of older buyers looking for homes and thinking ahead to retirement and the ease of single story living. I'd love to see days on market for one story vs two story homes sold over the past few months.
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0 votes Thank Flag Link Tue Jan 8, 2008
Here are some numbers: I surveyed 354 single family two story homes in Central Valley, California
( Greater Sacramento area ) that were between 2400 square feet and 2500 square feet. The average size was 2450 square feet.

The average list price is $417,000, The median list price is $399,900

Then I surveyed 142 one story single family homes. in the same size range.

The average list price is $494,00. The median list price is $484,000.

These statistics imply that single story homes of similar square footage are valued at premium of about 15% to 17% above same sized two story homes. (ON AVERAGE)

Your answer is: If two homes of the same size were equally desirable in every other way, the one story home would sell for more money. (on Average)

Ask your Tampa Realtor to run a statistical analysis for your area to see what the discount for the two story is to the one story (Or inversely the premium for a one story over the price of a two story)
0 votes Thank Flag Link Tue Jan 8, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
Like Matt said it really depends on your area and what the majority are looking for.

I am in TX and I usually see one-stories go faster than 2nd because of several reasons. Some of the basic ones include:
2. Usually lower utility costs
3. Cleaning is easier
4. Maintenance is easier

it has been my experience that anyone can really live in a one story, but a two story may be off limits to certain consumers (handicap, elderly and the physically challenged). In Tampa, if there are alot of empty nesters and snow birds, then one story may be the way to go?

You will obviously want to consult a LOCAL Realtor for more case specific advice.
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0 votes Thank Flag Link Mon Jan 7, 2008
I imagine this varies from market to market. In Atlanta, I'd rather have a ranch or one story to sell because there are not as many available (especially above $250k). If your local area has LOTS of ranches and fewer two stories, then the two stories might resell faster since the supply is limited?
I'd bet that ranches(one story) is preferred in most markets.
0 votes Thank Flag Link Mon Jan 7, 2008
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