All square footage is not equal—this is a crucial detail that is sometimes lost on us as we try to decipher how another home compares to our own. Strategically pricing your home depends on making savvy decision around this idea.
When trying to come up with a reasonable price per square foot on your property, the price your neighbor sold for may not necessarily be “apples to apples.” Factors like the lot itself, any renovations made on the home, and the nature of the square footage all have to be taken into account.
“There’s so much to consider when determining the price per square foot of your home, so be patient and try to get below the surface on assessing other comparable sales.”
Let’s say you enclosed a garage to make a bonus room. The additional square footage should not be treated the same as that of a larger home with a floor plan that’s more functional. Intuitively we know this, but practically we like to forget it when it applies to ourselves.
Online home valuation tools like Zillow are useful in giving a broad view of what homes are selling for in your area. They’re less dependable when you need to be strategic with pricing your home based on the particulars and unique aspects of your situation.
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