There is a common belief that a larger home with more square footage is worth more than a smaller one. This seems like it is true however, this is not always the case. Lets discuss a few reasons why this can be false.
- Single story vs. two stories – Large single story homes can often sell for more than a larger two story. This is not always true but we have seen many cases where the difference in stories affected the value more than the overall square footage. Also, just because a two story has the same square footage as your one story property does not mean it is a good comparison in value.
- Community – A 55+ Community are often designed with a few different floor plans all which vary in square footage and it seems that the floor plans makes the home more desirable than the square footage in these communities. Different communities may vary on what is the most desirable part of a property, which can affect the values.
- Layout- As with the above example of a 55+ community the layout of a home is often the most important thing to a buyer and therefore they may pay more for a property with a layout they desire vs. having more square footage. The layout of a home and the feedback from the potential buyer is important to consider because it may be what drove the price up on a property, which is why it is so important for the agent and appraiser to communicate and share pertinent information.
- Adjustments – It is so easy to quickly make an adjustment for the differences in square footage between properties, but an adjustment may not always be warranted. Consider the market before determining an adjustment and consider adjusting the amount given for an adjustment before proceeding.
Please contact our office with any questions you may have or to schedule your appraisal appointment at 760-741-7699, brandlinappraisal@yahoo.com or use our contact page on our website.
Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com
Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
* Bankruptcy Appraisals
* Bail Bonds Appraisals
* Estate / Date of Death / Retrospective Appraisals
* Financial Planning & Trusts
* PMI Removal Appraisals
* Pre-Foreclosure & Short Sales
* Tax Assessment Appeals
* Pre-Listing, Pre-Purchase, FSBO’s
* Probate Appraisals
