Rules for square footage on MLS (Charlotte: homes, buyer, calculating)
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When I was out showing houses yesterday, this change was infuriating! My client kept asking me "what's the s/f"? The ranges to me seemed awfully broad. (I'm resistent to change too) ! Time will tell I guess.
I think this is going to put the buyer's agent in a position where if the exact square footage is important to the client then they will have to measure it as well. Either that or ask the listing agent for the numbers.
I would not have a problem giving out the figures and/or floorplan on any of my listings. Don't know about others.
I think they were trying to limit the focus on square footage and try to highlight that there are other things that may be just as important to a potential buyer (i.e., lot, upgrades, age of home).
Perhaps a little cynical on my part, but it sounds like a marketing-job to me.
By introducing a range, a realtor will inherently have more listings that satisfy a potential buyer's sq footage requirements.
If this change had been driven by the consumer and not the CMLS, then maybe I'd think differently.
One of the most prevelant real estate lawsuits is over the square footage of a house. If the buyer is making an offer on a house based on a certain price per square foot, they feel cheated if the actual measurements ( not known until they see the appraisal at/or after closing) are 100 square feet less than stated. And the lawsuits begin!
A listing agent is required to measure a house prior to listing. Unfortunately, this is not an easy process if the home is more than 1 story and can result in errors. I feel that the rules are saying "buyer beware". If the price per square foot is how you are basing your offer - "measure, measure, measure".
As a side note, each of our listings are professionally measured and a square footage and dimensioned floorplan are readily available to the buyer or their agent.
In new construction, a deviation from the stated square footage can begin from the time a foundation is poured.
I wonder if the individuals who are concerned with the price per square foot will begin entering the purchase price on an offer to purchase as $80 per square foot, instead of $160,000 for a 2000 square foot home!
One of the most prevelant real estate lawsuits is over the square footage of a house. If the buyer is making an offer on a house based on a certain price per square foot, they feel cheated if the actual measurements ( not known until they see the appraisal at/or after closing) are 100 square feet less than stated. And the lawsuits begin!
A listing agent is required to measure a house prior to listing. Unfortunately, this is not an easy process if the home is more than 1 story and can result in errors. I feel that the rules are saying "buyer beware". If the price per square foot is how you are basing your offer - "measure, measure, measure".
As a side note, each of our listings are professionally measured and a square footage and dimensioned floorplan are readily available to the buyer or their agent.
In new construction, a deviation from the stated square footage can begin from the time a foundation is poured.
I wonder if the individuals who are concerned with the price per square foot will begin entering the purchase price on an offer to purchase as $80 per square foot, instead of $160,000 for a 2000 square foot home!
I got an architect to remodel my home: they sent out their draftmen with some electronic gizmo and a laptop. As each dimension was measured, it was entered into the laptop and they gradually produced a floor plan that was exact. However, it took several hours (3-4? don't remember exactly) and I am sure it would be too expensive for most buyers.
I like the idea of a range as I want a certain size house but I also realize floor plan has a lot to do with how "big" a house seems. I once owned a 1900 sq ft house that seems bigger than my current 2300+ sq. ft. house.
One of the most prevelant real estate lawsuits is over the square footage of a house. If the buyer is making an offer on a house based on a certain price per square foot, they feel cheated if the actual measurements ( not known until they see the appraisal at/or after closing) are 100 square feet less than stated. And the lawsuits begin!
A listing agent is required to measure a house prior to listing. Unfortunately, this is not an easy process if the home is more than 1 story and can result in errors. I feel that the rules are saying "buyer beware". If the price per square foot is how you are basing your offer - "measure, measure, measure".
As a side note, each of our listings are professionally measured and a square footage and dimensioned floorplan are readily available to the buyer or their agent.
In new construction, a deviation from the stated square footage can begin from the time a foundation is poured.
I wonder if the individuals who are concerned with the price per square foot will begin entering the purchase price on an offer to purchase as $80 per square foot, instead of $160,000 for a 2000 square foot home!
My question would be how do the appraisers get comps on houses if the actual square footage is not shown. Are they going to show the actual square footage once the house is closed? If so, where are they going to get
the SF? From the realtor listing the house? Just curious
My question would be how do the appraisers get comps on houses if the actual square footage is not shown. Are they going to show the actual square footage once the house is closed? If so, where are they going to get
the SF? From the realtor listing the house? Just curious
The square footage will be listed after the house closes.
My question would be how do the appraisers get comps on houses if the actual square footage is not shown. Are they going to show the actual square footage once the house is closed? If so, where are they going to get
the SF? From the realtor listing the house? Just curious
Most appraisers have access to previous appraisal reports that include square footage measurement. Remember, appraisals are based on previous homes that have already sold. Therefore they are comparing like to like.
The square footage will be listed after the house closes.
This is true unless the listing realtor has hired someone to provide an accurate square footage and floorplan prior to listing the home. If the listing agent has obtained this information, it should be available to the buyer or their agent.
Our investment in such a service runs us less that $200. In our opinion, it is money well spent for the seller and the buyer, or their agents.
This is true unless the listing realtor has hired someone to provide an accurate square footage and floorplan prior to listing the home. If the listing agent has obtained this information, it should be available to the buyer or their agent.
Our investment in such a service runs us less that $200. In our opinion, it is money well spent for the seller and the buyer, or their agents.
On the CMLS it will be listed as a range. If there is a floorplan available, yes, the listing realtor can provide it. Floorplans are visible online to others with access to CMLS. I agree, I have all of my listings measured, but on the CMLS it will still show as a range if it has not yet closed.
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Sq. Ft. range vs. Exact Measurement
