You may remember me talking about $/SF not being a reliable metric to use when pricing real estate.
I have a great example from 2 homes we sold in same neighborhood in May.
The homes are of a similar size but the home on the left was 13 years newer, in much better condition and on a beautiful private lot compared to the home on the right, which backs up to a busy road.
I’m often asked “What’s the average $/SF in a neighborhood?”
If you used the average $/SF in the neighborhood to price the 2 homes you would have underpriced the home on the right (or made a ridiculously low offer) and overpriced the home on the left (or paid too much).
When estimating real estate value it’s important to consider all aspects of a property and not simply multiply the size by the average $/SF.