Profile picture for epiglet

Why is there such a disparity in $/sqft pricing between houses within the same areas?

My home zestimate is at $186/sqft while homes around me that are older and smaller are over $200/sqft.  Why such a disparity?  Can this be corrected?   
(link to my zillow page below)
http://www.zillow.com/homedetails/92-Clark-Rd-Smithfield-RI-02917/83088981_zpid/
  • September 22 2010 - Smithfield
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Answers (4)

Profile picture for NatureLover777
Hi Ian. How do I explain this to a potential buyer in layman's terms that if the house is a bit smaller than others in the neighborhood the price per sq ft will be a little higher. What reasoning can I give other than that is just the way it is? Thanks
  • March 20 2011
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Fantastically thorough answer Josh!

  • September 23 2010
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Hi -

There can be many variables as to "why" there is a disparity of sqft pricing between properties within your area / neighborhood...

My initial thought is the sqft price can most likely can be adjusted if / when you list your property For Sale and post the specs' to Zillow...!? ...However, I'm not certain if there is another option to expedite these adjustments...I presume there very well could be...

I always advise and provide both my buyer / seller clients with an appraisal on the subject property to confirm actual market value... ...Respectively speaking Zillow as well as other online real estate forums can sometimes quote skewed and inaccurate property values for a myriad of reasons.

An appraisal / comparative market analysis can determine a more definitive estimate in terms of the property market value which will identify the sqft price in comparison to other houses in the neighborhood.

Please feel free to contact me anytime to casually review any further details, answer questions and/or request to have me formulate a market analysis on your property, etc.

Best,

Josh - RE/MAX Professionals


  • September 22 2010
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Profile picture for Ian Rosenbaum

To preface, I am not an expert on your local area.

But generally in the same areas smaller homes tend to have higher prices per square foot for the same land value. As a simplified example, if the land value of 2 homes are equal at $100,000 and the cost to build each is the same at say $100 per sq.ft, and Home A has 1000 sq.ft. then the cost per sq.ft. will be $200 for Home A. If Home B has 2000 sq.ft. then the cost per sq.ft will be $150. Many other factors also come into play in regards to sq.ft. prices and distance from other homes is not the only factor as neighborhoods can change significantly over short distances. Also the quality of finishes between houses in the same neighborhood can have a great effect on the price per sq.ft.. I Hope this helps in your understanding.

Have a great day!

  • September 22 2010
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