1,502,998
Not at all! When agents whine about the price/sq. ft. of a listing I simply tell them: "Sure, a Ferrari and a Honda have different prices per square foot, but if you can afford a Ferrari you aren't complaining about the price... you're adding on to the car."
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
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Michael Jacobs
Pasadena, CA
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Inna Ivchenko
Encino, CA
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Chrissi Chapman Topoleski
Woodbridge, VA
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Lyn Sims
Schaumburg, IL
4,572,117
Like a zestimate, it is something that needs to be addressed. Defined. Explained. Refuted. Explained again.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
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Inna Ivchenko
Encino, CA
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
1,622,432
Of course, it is great if you have the same sqft identical house that recently sold ( example: community or building), but when you compare house with a view and without, or single story and multiple story house, etc. with the same sqft major adjustments should be made.
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Nina Hollander, Broker
Charlotte, NC
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Lise Howe
Washington, DC
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Tony and Suzanne Marri...
Scottsdale, AZ
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Michael Jacobs
Pasadena, CA
2,182,502
Depends on the client's DISC Profile
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Nina Hollander, Broker
Charlotte, NC
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Lise Howe
Washington, DC
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Tony and Suzanne Marri...
Scottsdale, AZ
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Michael J. Perry
Lancaster, PA
2,684,009
Only for cookie cutter or very comparable houses. Cancelled and maybe expired should be left out of the mix.
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Nina Hollander, Broker
Charlotte, NC
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Debbie Laity
Cedaredge, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Susan Emo
Kingston, ON
1,452,819
Not important at all in my market. I've found that every square inch is different from one property to another - we don't have cookie-cutter homes up here. Each home is priced on its own merits.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Susan Emo
Kingston, ON
634,482
I agree with Fred Griffin and Michael Jacobs, only useful as a reference point for otherwise essentially identical homes and condos but something to be addressed and refuted if the client fixates on it.
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Fred Griffin Florida R...
Tallahassee, FL
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Tony and Suzanne Marri...
Scottsdale, AZ
568,722
Using price per sq ft can really limit your ability to price properly. That is one reason why Zestimates don't work. Even in cookie cutter homes with the same floorplan. Location within the area or subdivision is huge and hard to put a dollar amount on. A view lot here can cost an extra $200,000. Quality and amount of upgrades make a huge difference. A pool can add $20K plus.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
679,404
Don't think it matters ... too many variables.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
5,049,033
I tend to look at all the data, but if they are truly similar or same floor plans $/Sf will be more meaningful, and even then with views, location, it can really vary in our area.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
3,986,258
None at all in my book....there are way to many variables to use the system
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
2,224,473
In my market I don't pay much attention to square footage price. We don't have subdivisions with similar styles and sizes of houses. One house might have a great shop with it, or a horse setup and that will raise the listing, sold or expired price per square foot.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
1,535
We just discussed this at our REIA. $/sq ft isn't a very accurate way of pricing. It doesn't take into account the condition of the property, upgrades and lot size. Also, cancelled, pending and expired are not comps as they didn't actually sell at that price.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
864,658
Not in my eyes. Every house is unique depending on location, feature and desirability. A bigger house is bound to have a lower $/per sqft compared to a house with smaller sqft.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
5,216,398
Another tool in the arsenal!
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Debbie Laity
Cedaredge, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
4,333,725
We don't note sq ft of room size on our MLS, so this is not an issue.
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
1,725,996
Pendings the most important to us, and only a basis for a start in establishing the 'sweet spot' in the home price.
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Melissa Jackson REALTOR
Azle, TX
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Tony and Suzanne Marri...
Scottsdale, AZ
4,936,605
On the sold part, I think very important.
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Tony and Suzanne Marri...
Scottsdale, AZ
989,652
Its fairly important in my area - it helps get a closer estimate of value
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Tony and Suzanne Marri...
Scottsdale, AZ
5,104,931
Our mls took it out of our statistics almost 20 years ago... price/per square foot tells you nothing unless you are looking at virtually identical properties. And it doesn't factor in differences in condition, location, size of lot, size of garage, etc.
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Tony and Suzanne Marri...
Scottsdale, AZ
7,836,129
The importance varies by community.
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Tony and Suzanne Marri...
Scottsdale, AZ
4,319,419
Tony and Suzanne Marriott, Associate Brokers it just gives idea about the market - some towns are more expensive than others.
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Tony and Suzanne Marri...
Scottsdale, AZ
321,564
Price per square foot is a tool we use -
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Tony and Suzanne Marri...
Scottsdale, AZ
2,362,942
useful in a subdivision where everything is the same - otherwise I think it gets over relied upon
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Tony and Suzanne Marri...
Scottsdale, AZ
900,128
It's just another good tool.
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Tony and Suzanne Marri...
Scottsdale, AZ
533,993
for me, maybe its weird, but I have never in my career of 23 years used $/sq ft because I have found it to be completely random because the range of quality of interior finishing and materials can vary by over 200%. I know some people use that metric, but it has never proven to be worthwhile to me.
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Tony and Suzanne Marri...
Scottsdale, AZ
3,988,007
In generalities it is important but just as a guideline. Appraisers use it as one criteria to evaluate the property against other sold and sometimes pending properties. It by no means tells the whole story.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,157,785
It depends on the area among other factors.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,239,901
lenders only interested in recent solds within 0.5 mile or less for most towns.
The rest allows one to list below competition. Put it too high your realtors will really freaked out.
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Tony and Suzanne Marri...
Scottsdale, AZ
2,810,149
Hi Tony & Suzanne - We've always found it interesting that it isn't more widely used in our market unless there are very direct comps. There's so much variation by type, size, location etc. that it really doesn't provide much insight.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,466,207
Tony and Suzanne Marriott, Associate Brokers In my area dollar PSF doesn't mean much with residential real estate. However, with commercial real estate it is an important aspect for pricing.
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Tony and Suzanne Marri...
Scottsdale, AZ
4,800,082
It can be a good gage for market value if computed correctly.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,525,616
It is very important, especially the sold comps.
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Tony and Suzanne Marri...
Scottsdale, AZ
2,781,163
Makes for well-roundedness....
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Tony and Suzanne Marri...
Scottsdale, AZ
4,693,214
I think it is still very important, even though it isn't what appraisers use. It still forms an opinion of value based on what other similar homes are selling for, then they just need to be compared to each other. I take everything into account and the actives give me a good idea of what the competition will be.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,844,271
According to an over-rated blog blowhard who shall remain nameless - it is what we should all be doing! Nonsense.
If you want to look & possibly see a number correlation you can do this but it's not a way to comp houses. Even appraisers agree.
Now there will be a different per sq ft for custom vs subdivision houses but that will also be reflected in the listing or sales price.
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Tony and Suzanne Marri...
Scottsdale, AZ
921,504
Sold Price/SF will prove important.
The least reason is that is what a potential buyer will use.
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Tony and Suzanne Marri...
Scottsdale, AZ
45,957
Good or bad, the $/per sq ft is a common denominator that the consumer will look at and base their decision on it. Unfortunately, I've had seasoned buyers/investors look at the same number to make their decision. I think it's important to be aware of what the $$ is for sold, active, pending to use it as a tool to talk to buyers and sellers on where they should be pricing a property but it's just one of many things that make up the value.
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Tony and Suzanne Marri...
Scottsdale, AZ
5,005,614
I look at all the available data when formulated a price. When properties are canceled or expired it may be because they were priced to high depending on the days on market. The buyers may have been sending a signal to you they didn't agree with your pricing. Looking at pending comparable gives you a snapshot of the market in real time. How long was it on market? How does the $/SF measure to recent sold properties? Lots of variables come into play and considering everything in the equation can help you anticipate what the market is doing..going up or down. Anticipating any change will keep you heads above the crowd.
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Tony and Suzanne Marri...
Scottsdale, AZ