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The “Per Square Foot” Secret To Becoming The Expert In Your Market

       

What are the most expensive per square foot homes in America?

According to a recent study recently done by REALTOR.com San Jose Santa Clara had the most expensive per square foot averages across the country.

Drum roll — $1,500 a square foot, not far behind are San Francisco and Oakland with $1,200 a square foot.

Now what's the least expensive in the country? Least expensive is Decatur, Illinois at $102 and Youngstown, Ohio at $120 a square foot.

There's a big discrepancy between the two.

The reason I bring this up is because we need to know what our average per square foots are in our local market. And it's going to change by subdivision. It's going to change by micro markets. But overall, you need to know what your county averages are and then your subcategories in different market segments. That way you can speak to this as an expert.

The other thing you need to be able to do is bring these into a conversation with buyers and sellers. And show them what our homes are selling for on a per square foot basis on average.

You also need to be able to show trend lines. Trend lines are so important for people's decision-making process.

If homes have flattened out on a per square footage basis, you can say to a seller, "Hey, homes that are in your market are selling for $350 a square foot. You're trying to list it at $375 or $400 a square foot. You're way, way over."

Or on the reverse, you can tell that to a buyer, "Hey, listen. The average in this subdivision over the last 12 months has been $375 a foot you're trying to come in at $300 a foot. I don't think that's going to be an easy sell to the seller."

You can also look at appreciation rates and trajectories based on per square footage. So showing somebody, "Hey, listen. A year ago, homes in the subdivision were selling for $225 a square foot. Today it's $257. So it's a pretty big upswing. It's looks like the trend line will continue to go higher."

Those are great numbers to be able to speak to position yourself as an expert.

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