While one really cannot assign value to a property through its square-foot value alone, the price per square foot in the Sacramento Housing Market is valuable information. It shows trends and market movement in a very clear manner. Our square foot price for January 2017, btw, is higher than the last 3 months and not reflected on this chart.
Here is an interesting story: we are in the midst of contesting an appraisal at the moment for a home in Elk Grove, in which the appraiser used a comp from August, most likely because it was about the same square footage, when she could have selected a comp that sold in November, which was closer to the subject property but about a 100 square feet less. If she had used that later comparable sale, all of which is subjective, the appraisal would not have come in $19,000 low.
Instead, it seems the appraiser chose comps with lower square foot costs, older sales and further away, than our subject property. She noted zero adjustments for our property's numerous upgrades such as new flooring, plantation shutters, crown molding, better cabinets.
I once gave this appraiser a 5-star review on Yelp. I had personally referred this appraiser to a client who needed a higher appraisal, and she delivered. In all fairness, I cannot go back and change my review. Not that sort of person. All I have to do in these ethical situations is ponder what would The Donald do and then not do that. You can read more in my personal blog today at this link: What You Need to Know About the Sacramento Housing Market.
Certified HAFA Specialist
Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.
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Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.