How Does It Measure Up?
People are always looking for a "down and dirty" way to determine the value of a home and square footage seems to be one of the most common things used by people whether they are buyers, sellers or real estate agents. While it seems straight forward, there are several variances that can lead to inaccurate determinations. The market data approach to value uses similar properties in size, location, condition and amenities to compare with the subject to arrive at a price. Differences in any of these things can affect the price per square foot. Appraisers are trained and licensed to make these adjustments but the differences are not necessarily objective and that is where opinions start to influence the value. Even if a person were to make accurate adjustments, they would be based on the assumption that the square footage of the comparable properties is correct. That leads to the next area of concern: how was the subject property measured. It is commonly accepted to