Are houses sold strictly based on dollar/sqft or does home improvement play into that?

Asked by Julie Moretto, Sumter, SC Sun May 15, 2011

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ian cockburn, Agent, New Orleans, LA
Wed May 15, 2013
Many factors and many reasons...for each house is different.
You ought to have a few basis for comparing:
1) Price per sf
2) Location, location, location
3) Comparables that SOLD (not what is on the market)
4) Does the home suit your needs and lifestyle?
5) How long are you going to own it? Will it be easy to sell in 1, 2, 20 years?
Web Reference:  http://iansellsnola.com
0 votes
Carl Hanchey, Agent, Deridder, LA
Wed May 1, 2013
All factors come into play when selling your home. Location, age, size, condition, upgrades, & current market condtions, etc. Price per sq. ft gives you an identication of Comparable homes that have sold in your particular market but by no means is it the only factor taken into account.

Hope this helps.

Carl
0 votes
David Cooper, Agent, Los Angeles, CA
Sun May 15, 2011
The appraisers I work with use dollar/sqft for similar house. Close to subject house, same sq ft, same bed and bath, same year built. This eleminates a lot of houses that are not comparable, and what is left usually is pretty accurate to the subject house.

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. for FREE daily list email: davidcooper@lasvegaswinner.org or Call +1-7024997037 not a real estate agent
0 votes
Sharyn Willa…, Agent, Blanchard, OK
Sun May 15, 2011
Appearance definitely does play a part. I listed a home and it sold at full price because it appraised for that amount, despite the cma didn't coincide with those numbers. Dollars per square definitely play a part, but the appraisers will take into account the improvements. Good luck
0 votes
Julie Moretto, Home Buyer, Sumter, SC
Sun May 15, 2011
I have my house on the market (just added) in DeRidder and I'm finding it very hard to see that real estate agents and appraisers are looking at anything other than sq ft. A house down the street from mine is on the market, very much older than mine, very run down and no upgrades, no fence and small yard, larger sq ft than mine and is higher priced on market than mine and I am going to have to take a loss on my house even with the listing price, not even taking into consideration the negotiation process. I have the largest yard in the neighborhood and I just had a wood privacy fence (nicest quality workmanship) around the backyard, and nicely landscaped. Price went soley off of sq ft, I asked about the improvements I did and I was told it was based off of sq ft! What's the point of doing home improvements?
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Sun May 15, 2011
Hi Wxwoman,

The market value of a home includes looking at all the "like" sales in the area and then typically is adjusted for the condition of the home, views, update/upgrades etc.

Best Of Luck,
Judi
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Kathy Weber, Agent, Murrieta, CA
Sun May 15, 2011
Homes in our area are not sold just on the square footage amount.

The comp's in the area are reviewed. The individual property is looked at for upgrades, (i.e pools, granite, hardscape, etc.), location, etc.

The price that it's appraised for can be divided by the sq. footage which will give the $ per/sq. ft.
Sometimes because of the location & upgrades, the price per/sq ft. differ drastically.

Some smaller homes can actually sell for a higher per sq/ft price because of the upgrades.

Bottom line is that the home should sell for the appraised/market value.......
0 votes
Debbie Farr, , 70634
Sun May 15, 2011
The condition of the house definately plays a part in the price of a home. The price per sq. ft. is based on finding sold houses that are comparable in size, location, and condition.

Debbie Farr, Associate Broker
ReMax Excel
DeRidder, LA
337-348-9660
debfarr@gmail.com
Web Reference:  http://www.debbiefarr.me
0 votes
allan erps,A…, Agent, Pearl River, NY
Sun May 15, 2011
as previously mentioned below it is one contributing factor. updates definitely play a part as well as lot size and location(not on a main road, etc)
0 votes
Marie Souza…, Agent, Centerville, MA
Sun May 15, 2011
Prices for properties in our area are not strictly based on dollar/sqft, although it does play into the price. Location, condition & area comparables of active, pending & sold properties are the biggest factors in determining market value.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
info@mariesouzateam.com
http://www.MarieSouzaTeam.com
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