Tax Records vs Appraiser
The Central Appraisal District (the primary source for Realtor square footage information) does not measure houses. Their square footage is based on plans and permits submitted prior to construction or from historical records. In analyzing all Towers Appraisals from June 2014 thru November 2015 we found that regardless of the level of discrepancy, the appraiser's measurements were consistently greater than what was indicated by the Tax Records. Upon looking further, we found that 14.2% of homes sold were larger than the Tax Records by 5% or more. The median sales price Dallas, Collin, and Rockwall Counties is $230,000. That could mean a potential loss or gain of $4,000 either in or out of your pocket!
How does this affect me?
So you're ready to sell your house. You find an agent, you work out a strategy, and you put your house on the market. Your agent will price your home by SIZE and CONDITION. Well, CONDITION is obvious. The SIZE of your home is not. For examplo, you're preparing to sell your home and the Tax Records list your home as having 2,000 sq.ft. Your agent should then find comps in your neighborhood with similar size, age, condition, etc. and determines that your house should sell for $100-$105/sq.ft. resulting in an asking price between $200,000- $210,000. Sounds simple, right? Well, after your home is appraised you find out that your home actually has 2,150 sq. ft.(a 7.5% difference from the Tax Records). In an appraisal, for instance, using $40/sq.ft. as an adjustment for size differences (with 40% of the aveage $/SF of $100/SF allocated to Gross Living Area - a typical percentage) you end up with $6,000 of value that never even realized you had. To a lesser extent, even if you're home's measurement is off by as little as 25 sq.ft. that could be a loss of $1000!
Square Footage & Package Price($/Sq.Ft.)
Having accurate Square Footage measurements is a cornerstone in developing your homes value. If your square footage information is inaccurate you could be leaving money on the table. According to the American National Standard Institute(ANSI) "Onsite measurements are most always more accurate than public records, which are created through exterior-only calculations". Our whole purpose here is to ensure that you and your Agent have all the information you need to get the most for your home. If you're a Seller or an Agent and you are only relying on the Tax Records to determine your listing's Square Footage then you are could missing the out on maximizing the selling potential of that home! On the other hand, if you're a Buyer you can feel confident that the size of the home you're purchasing has been accurately represented
Don't let this happen to your listing!
"Why should I get my home measured
by an Appraiser?"
The extensive research we've performed and presented below has produced very compelling evidence validating our belief in the importance of having ACCURATE square footage measurements before marketing your home as well as how much you could stand to lose without it!
Courts in both Texas and Oklahoma have ruled against Real Estate Agents when it was found that the square footage measurements used to market their homes was inaccurate. This is just another example of why it is so crucial to be certain about your home's true size.