Residential Square Footage
The "Currency" of Real Estate
A Texas court recently upheld the principle that "size matters" during a case in which the square footage of a sold home wasn't what it advertised. The buyers sued and won. The house turned out to be 253 square feet smaller than the listing agent advertised and posted in MLS. The jury awarded the purchasers damages and held the real estate professionals liable for misrepresentation and fraud. The court of appeals in Austin upheld the decision, even though the couple had moved in the home 30 days prior to settlement. The square footage information came from public tax records. The court said the real estabe professionals had a duty to get the information right and the "buyer shouldn't have to pull out a tape measure."
Institute of Housing Technologies
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Articles & Information
HGTV "Front Door" and Price Per Square Foot Square Footage - Out of Control Where Did All The Good Appraisers Go? MLS vs the Tax Department - 20 State Square Footage Review 100 Homes - 400 SqFt Average Error Television, Real Estate, & Price-Per-Square-Foot Automated Valuation Models - Warning, Danger Ahead New Construction and Price-Per-Square-Foot Slide Show - Realtors MLS and Square Footage The "Size Matters Webinar" from Realtor University Realtor TV - Low Appraisals Video Realtor® Magazine Size Matters Article McKissock Real Estate School & Size Matters Quiz #1 - Square Footage Basics Quiz #2 - Agents & the New Appraisal Process
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All across America, homes are measured by a hodge-podge of local methods. Agents, appraisers, assessors, architects, builders, etc.; all determine the square footage of a single-family home by their own unique methodologies. The same floor plan can be one size in Phoenix and another in Pittsburgh. Square footage provides the “currency” of real estate and it’s time for the real estate industry to join the rest of the standardized world. Finally, the real estate profession has a new option to better protect the home-buying public. Before you buy or sell, find out how your home is being measured, calculated, and valued. Size influences value.
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