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How do you determine price per square foot?

Hello,

Just curious on how you calculate the value of a home? I noticed the square foot value for a small spec home next to ours is $144 a foot and ours is $117. Our home is a cutome with top of the line mill work, granties, and appliances and the spec home is made of basic entry level materials with no upgrades. Thanks
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July 16 2012 - Bonney Lake
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Answers (10)

Profile picture for Jennifer md
Shane, please answer my question? How do you calculate the price of 2 houses that are similar to each other the only difference is the lot? Do not fool every body !
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November 08 2013
Recommendation is not trying to figure value per sq foot, it is not accurate you can have the same exact foot print and have completely different homes. 
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November 08 2013
Profile picture for Jennifer md
I have a question about your answers ? How you calculate the lots of this 2 homes? If 2 houses build in the same time and have equal sqf, in the same area , but one in the bigger lot for example on 70,000 sqf and one on 15000 sqf lot, how we calculate the price here?All of you mentioned the house price based on house! so what happen to the lot ?!!!!! Are 70,000 sqf lot has the value of 15000 especially when every thing else are similar?!!!!
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November 08 2013
One Realtor not paying attention to dates.  This post is over a year old why did you resurrect the thread? 
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October 20 2013
5 realtors answering the same question which has already been answered... smart... grown from the same grain of crop.
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October 20 2013
Selling Price of House / Square Feet Inside  = Price Per Square Foot
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July 22 2012
You divide the SOLD price by the square feet of the home. 

Price per square foot is not the best way to compare homes (it is one of many ways) and it should be taken like a grain of salt, much like Zillow Zestimates. On Zillow the price per square foot is based off the Zestimate, and the Zestimate does not take into consideration MANY important details of the home.

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July 18 2012
$$/sq ft is NOT a good indicator of value for anything. And typically the LARGER the home, the LOWER the $$/ sq ft youll see, quality/condition being the same.

Its like comparing quality of a person by their height. You CAN do it but its not very accurate.
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July 16 2012
Profile picture for wetdawgs
Zillow price per square foot value is the Zestimate divided by the home's square feet.    As per the Zestimate value range, there will be a range on the $$/square feet that you can calculate from the value range.

It is normal for smaller houses to have a higher $$/square foot price than larger homes.  This is true from the moment of construction and continues over the decades.  

The condition of the home (upgrades etc) are reflected in past sales prices and tax assessments.  Both those numbers are used in Zillow's Zestimate calculations
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July 16 2012
Take the purchase price of the house and divide it by the square footage.

example    $200,000. purchase price
   divide by    2000   square foot house   =  100 dollars per square ft

Sound like you have a good value in your home, good for you!

Let me know if  I may be of any more help to you.  Nancy Sell
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July 16 2012
 
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How do you determine price per square foot?
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November 08 2013 | 10 answers
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