Size DOES Matter!

One of the most misunderstood and erred upon matters in real estate is square footage. It's a dinosaur of a way of evaluating homes in the opinion of many. I've been a REALTOR for a little over 5 years and I would say those using (or not using) square footage in their listings in this area has consistently been less than 20%. I don't think I'd be too far out on the ledge saying the number is probably closer to 10% of MLS listings in the greater Coal City area actually use it.

WHY?

It could be a multitude of reasons, really. The biggest of these is that very few know how to do it properly. I just relisted a 1350 square foot home that was previously listed at over 1500 square feet. There may be a matter of only 200 feet difference, but that's about a 16% larger home and a difference in about $20,000 to those that base solely on square footage (a mistake).

There is a rising amount of legal action being pursued because of errors in square footage reporting. MOST of these are due to inability/ lack of proper knowledge to do it correctly rather than any attempt to dupe home buyers.

So how do you figure it?

Unfortunately there is NOT one universally agreed upon way to measure a home's square footage- a likely reason for such disparity. However, I think that most elementary school children can use a ruler and that all who can become licensed to sell real estate should surely be able to measure....the question is less on HOW to measure and more on WHAT COUNTS!

LIVABLE SPACE!!!

Living area (sometimes referred to as "heated living area" or "heated square footage") is space that is intended for human occupancy and is:

• Heated by a conventional heating system or systems (forced air, radiant, solar, etc.) that are permanently installed in the dwelling - not a portable heater.
• Finished, with walls, floors and ceilings of materials generally accepted for interior construction (e.g., painted drywall/sheet rock or panelled walls, carpeted or hardwood flooring, etc.) and with a ceiling height of at least seven feet, except under beams, ducts, etc. where the height must be at least six feet four inches
• Directly accessible from other living area (through a door or by a heated hallway or stairway).

Closets, entryways, foyers and hallways, garages and attics are subject to the above criteria for determining if they count or not. In a "typical" home a garage and unfinished attic would NOT count but a hallway, foyer, entryway and closet would because it is heated, has flooring walls and ceiling- although I could see one's argument that you don't really "live" in a closet too.