On May 1, 2014 the Birmingham MLS made it official: real estate agents must now include accurate square footage information in their listings. For several years I have been providing resources for real estate agents in the Birmingham area to assist them in getting the most accurate data for their listings. It is my belief that agents are able to perform their job to the best of their ability when they have the most accurate information.
When agents work with accurate square footage information when pricing their listings it will be less likely that they will be priced wrong and less of a chance that the loan will fall apart during the appraisal phase of the transaction. In addition to helping agents price their listing, knowing the square footage of a home will provide many benefits down the road. In the past agents have only had statistical data on the sales price of a home including the median and average sales price, however after enough square foot information is collected they will also have data on price per square foot, including the median and average stats. This will provide another metric to base listing information on and will provide support to their homeowner clients for the price they come up with. When an owner wants to list their home at $120 per square foot but the highest sale has been at $110 per square foot then this will provide support for their conclusions. While it may seem like an inconvenience now to include accurate square footage it will surely provide very valuable benefits down the road
Real estate agents have numerous options to choose from to get accurate square footage information. I have created an infographic below to help you navigate through the different options available.
In addition to the infographic, I have included links to all of the blog posts I have written recently regarding square footage. I hope this helps you by putting all the information in one place. By knowing where to look for accurate square footage you may be able to get the information you need without requiring a floor plan. Of course if you end up needing the sketch I can provide that service to you.
How to properly measure a house to get accurate square footage- If you want to measure your own listings this is a good place to learn some basic tips. You’ll learn what the ANSI standard is and how it relates to measuring gross living area.
Birmingham, AL Realtor Tips: How to Add Accurate Square Footage To Your Listings- Use the information in this post along with the infographic above to help decide if you need to order a floor plan sketch
Can a sunroom be included in the gross living area of a home?- Find- out how to decide if you can include a sunroom in the total gross living area of a home, it’s not as easy as you think.
How getting your house properly measured could put more money in your pocket- Having inaccurate square footage for your listings can cost you and your clients money. Find out how important accurate square footage information is for your listings.
A way to help Birmingham, Alabama Realtor’s price their listings better- Here are additional resources to help you locate accurate square footage data.
When is price per square foot NOT a good indicator of market value?- Price per square foot can be a valuable tool to help you price your listings accurately, however you need to know when the best time to use it is.
What qualifies as “finished” basement area?- It’s important to know exactly what type of basement area can be included as “finished” area. This post helps explain how appraisers handle this area.
If you have any questions about getting accurate square footage for your listings let me know, I hope I can be a helpful resource to you during this transition.