15 Jan Average SqFt of $400,000 Homes… Is your home up to scale?
Is your home up to scale?
How much square footage is needed to sell a home for over $400,000 in Apple Valley, Burnsville, Eagan, Lakeville, Rosemount or Farmington MN? What does it take to get the highest profit possible on your home? This is part of my Plan, Prepare, and Profit series.
Many factors influence a home’s price including the style of the house, the age of appliances, and overall condition of the home. Three leading factors in determining a home’s price are the date it was built, the location, and the square footage. Focusing on these traits I’ve calculated the average number of square feet needed to sell a single-family home for over 400,000. After analyzing the data, I’ve placed the homes sold into two categories. The first is homes built in the last 10 years and the second is homes built over 10 years ago. So what’s that magic number needed? To increase accuracy, I’ve removed outliers. I’ve also excluded homes sold for over $800,000 because the sqft average is radically different from the $400,000 -799,000$ average. For example, Lakeville homes 10 years or newer selling over $800,000 have a square feet average of 6,982! If you have questions about your large square footage home. Please contact me directly for a large home square footage price analysis.
Apple Valley Sales over $400K in 2018
Homes older than 10 years, Ave SqFt =3,931, Total #of Sales- 75
Homes newer than 10 years, Ave SqFt =3,387, Total #of Sales- 54
Burnsville Sales over $400K in 2018
Homes older than 10 years, Ave SqFt =3,909, Total #of Sales- 44
Homes newer than 10 years, Ave SqFt =2,455, Total #of Sales- 3
Eagan Sales over $400K in 2018
Homes older than 10 years, Ave SqFt = 3,758, Total #of Sales- 144
Homes newer than 10 years, Ave SqFt = 3,446, Total #of Sales- 38
Lakeville Sales over $400K in 2018
Homes older than 10 years, Ave SqFt = 4,035, Total #of Sales- 165
Homes newer than 10 years, Ave SqFt = 3,726, Total #of Sales- 248
Rosemount Sales over $400K in 2015
Homes older than 10 years, Ave SqFt = 3,947, Total #of Sales- 31
Homes newer than 10 years, Ave SqFt = 3,362, Total #of Sales- 39
Farmington Sales over $400K in 2018
Homes older than 10 years, Ave SqFt = 3,574, Total #of Sales- 12
Homes newer than 10 years, Ave SqFt = 3,356, Total #of Sales- 11
When it comes to square footage it’s not just the quantity but quality that matters.
Please note square footage taken from the MLS does not include any Garage, Deck, or Patio square feet. In general, when buyers are looking at square feet they are thinking about interior usable space. In some ways this makes the numbers from the MLS more applicable to real life expectations of square footage. This is the square footage as measured and published by Realtors and is as accurate as possible though some detailed appraisers will come up with different numbers.
When doing market analysis for someone’s house I often find a wonderfully prepared main and upper level. People pay close attention to the main two levels updating floors and paint as well as including stylish furniture. Often the lower level is forgotten when preparing a home. It may have out of date paint colors, beaten down furniture, worn carpet, that one eclectic painting your grandma gave you that you don’t want to get rid of, or it has suffered years of being the kids ‘hang out’ room. The way I like to explain it is we are presenting the buyer with 4,000 square feet of home and if we want to get an average of $120/square foot, we need to make sure that each square foot shows/feels as valuable as the next. You wouldn’t pay the same price for two chairs if one looks 10 years old and the other is in pristine condition.
Check out the 2015 version of this analysis to see how the market has changed.
Getting a home ready to sell isn’t easy and the bigger the home the bigger the challenge. Be sure to read some of my other blog posts for help preparing your home.
If you have any questions contact me at 763-913-8954 or [email protected]. I’m always happy to help.