2019 Idaho Real Estate Blog

Price per Square Foot Comparison Main Idaho Real Estate Insights

Idaho Real Estate Agents and Home Buyers often review and compare price per sq. ft. as the most valid way to determine a home’s value. While this is one great mathematical tool to evaluate the price of a home, make sure you are comparing similar 'apples'. There is much more to determining value than the price per square foot especially if the homes are different! It is like comparing Steak to Hamburger. Both are beef, right?

When using Price per Square Foot keep in mind this:

Are the homes the same caliber of house?

Upgrades like granite, higher grade cabinets, higher quality lights, landscaping can all increase the price of a home. Also, trying to compare single level square footage to two stories is misleading. Most people expect homes to have the same performance and maintenance costs but older homes just do not, unless they have been remodeled to today's energy efficiency codes.

Incorrect Square Footage

It is not uncommon that the listing agent has the wrong square footage and never checks the accuracy. They may assume the home owner knows correctly or that use the assessors, and/or appraisers measurements are accurate or accurate enough?

Construction Design

A single-story home has a higher price per square foot because it has a bigger footprint on the lot, more roof area and cement foundation which are expensive. Also, keep in mind that fewer square feet can easily equate to higher price per square foot as there is just less to divide the cost into. Kitchens are expensive per square foot with cabinets, hardwood floors, sinks and appliances compared to empty bedrooms and bonus rooms.

A multi-level home will usually have a lower price per square foot because it costs less to build the second floor, especially with modern construction techniques.

Stare Idaho Homes for Sale

The bottom line on Price per Square Foot?

It is just one piece of the puzzle. You can't compare a shopping basket from Whole Foods and Grocery Outlet by price per poound. They are different quality of products. Plus we all have different tastes, filet mignon or spam? So Price and Price per Square Foot are also not a reliable indicator of value by itself.

Hope this helps,

Trey Langford
Foudner

 
Posted by tlangford at 1/24/2019 8:59:00 PM
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