Welcome. This is Nolan formulary with Discover NC Homes and Nolan’s News. Today I’d like to discuss price per heated square foot.
And when I’m talking about this, I’m talking both from a seller’s perspective, a buyer’s perspective and real estate broker’s perspective. This is one common denominator that both sellers, buyers, brokers, and even appraisers look at when we value a home, not so much a piece of land, but looking at a home
It is one common denominator that we can look at and at least our local marketplaces here in Brunswick County, and very accurately come up with what market value is for this particular home. But there are some certain factors that go into this.
The first thing to look at is where does the home sit? Does it sit on a body of water? Does it sit on a pretty golf course view? Does it back to nature or does it possibly back up to other homes? So that’s the first kind of aspect to this.
Another big thing we look at is what is the year built? When we’re looking at price per heated square foot, a home built in the late nineties is not going to yield as much value as a home that’s built maybe in 2015 or after.
So when we’re running our comps, these are attributes that we’re going to look at when we come up with our value. So once we’ve determined those things, then we can come up with price per heated square foot. For example, in the St James marketplace right now, to give you a big range, homes that are built before 2015 are generally selling in the 162 – $175 range.
Things built after that, newer homes are selling in the, let’s say $175 to all the way up to – new construction – the $200 per square foot range. So it really varies on your bill. And then again, a subcategory of that is, does it back up to the golf course? Does it have the intercoastal behind it? Does it have a nice pond view behind it? And we all look at this because it is a one underlying common denominator that we have to really factor in.
And the last thing about this is if you are one of those sellers who has done a bunch of remodeling to your home, we will definitely take that into consideration. And I’ve recently done that for some homes built in the late nineties, but they’ve been completely remodeled. So I make sure I look at my pictures online when I’m doing these comps, but I’ll now comp that late nineties home to a home that’s built 2015 – 2016, because it has those types of recent upgrades.
So again, just to recap: price per heated square foot, it is one way that all of us byers, sellers, appraisers and brokers can come up with an accurate value. But under that, you need to make sure that you are looking at like homes that you’re looking at, homes that are built in a certain year, and if it has extensive remodeling done to it, then it’s important to compare that home to, I think, home of a later build date.
As always thank you for having us. If you want more information on price per heated square foot, please let us know.
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