Top-3 Takeaway: Square Footage Pricing – What does it mean?
Some areas use price per square foot to price a property. Market value may or may not take this into account. Explore pricing with the FOCUS on NoVA Real Estate team.
“Square Footage Pricing: What does it mean?”
When we go to help you look at how to make an offer on a house, we mostly consider what is called the the “market value”, or the “comparables”, that are in the neighborhood.
Then we analyze what is in the house.
- What does it include?
- Does it have a brand new kitchen?
- Does it have hardwood floors?
- Does it have two-car garage versus a one-car garage?
- Is the roof new?
- Is the HVAC system new?
- Does it have a big beautiful backyard with a big deck and patio underneath?
There are a lot of things that you need to take into account before you decide to do square footage pricing. Square footage pricing is taking the price of the home and dividing it by the number of square feet in the home. This is frequently used in construction considerations and can be greatly affected by the materials used to build and upgrade the property. Two properties with the same square footage can have widely different price points depending on the materials used in the property. I.e. Gourmet versus builder-grade kitchen appliances, custom bathroom tile versus builder-grade tile, hardwood flooring versus carpeting. Additionally, there can be inaccuracies in the data. It is not unusual when using tax records that the reported square footages are not accurate as additional structures have been added on or finished within the property.
Generally speaking in our Northern Virginia market we use the market analysis. The FOCUS on NoVA Real Estate team will help you explore the data most relevant to your subject property to determine the market value. Contact us today for more information.
