Assessing the Real Estate Property Value by Considering Square Footage

Posted Tuesday, February 22nd, 2011 at 1:49pm.

No matter whether you’re selling a house or thinking about buying a new one, it’s likely that the question at the forefront of your mind is the price. You can find several dozen houses that you love and that have all the special features you’re looking for, but if the price isn’t right, you’ll have to pass them by. Assessing the value of a real estate property isn’t an easy task, so it’s important that you take the time to learn all you can about the process. Once you’ve got a good idea about how it works, it will be time to find a real estate professional to help you find the house that fits your needs.

Real Estate Property Assessment

One of the first things a real estate property assessment professional will do when trying to determine the value for a particular property is find out the total square footage. In most markets, there will be an average going rate for each square foot of a property. For instance, if a market value in a particular area is one hundred dollars per square foot. A home with two thousand square feet of space would be valued at two hundred thousand dollars.

Unfortunately, the process for determining real estate property value is much more complicated than this. In addition to internal characteristics like the number of rooms, square footage, construction quality, number and quality of appliances, type of heating included, and energy efficiency, home appraisers must also consider external characteristics, location, and supply and demand in that particular market. As you can see, square footage is one of the very simplest ways to start to have a ballpark idea of how much a home is worth.

Real Estate Property Values

Once you’ve worked with an real estate agent to develop a good idea of the real estate property values in a particular neighbourhood or county, you will start to be able to use square footage characteristics as a rough way of sorting through the dozens of listings that your agent will be showing you at any particular time. If you have any questions about how home values are determined, don’t be afraid to ask questions of your real estate agent.

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