The real estate industry has created a problem for itself. A real problem that continues today. Fortunately, some homebuyers and new home builders are saying enough is enough and recognizing the fallacy of the problem.
The problem is what home builders often sell is a product by the square foot. “The Riverbend plan, Mrs. Jones, is $140/sq ft”
Mrs. Jones, however, is not buying a two dimensional home. She is buying a 3 dimensional space for her family. She is picturing her family growing up in this home, enjoying family meal time, holidays, having friends over for a cookout. Unfortunately, new home builders are only selling her the floor with no walls or ceiling when they quote a price per square foot.
Builder Magazine wrote about The Square Footage Problem recently concluding that “They (home buyers) buy cubic feet, they buy three- and four-dimensional space and they buy space that gives them value in comfort, health, safety, connection to the ones they care about, and time back.”
We try not confuse new home buyers by just talking about price per square foot. There is so much more to talk about beyond the price of the floor. At Evans Coghill, we believe the better approach is to talk about the features and value of the home, the way you are going to live in it, your neighborhood, your amenities, how you will host the family Thanksgiving dinner, where you can have private space and family space.
Would you ever buy a car by the pound? No, you would find the balance between the features, styling, gas mileage, comfort and your budget in a car and you would buy it.
The price per square foot of the home is important and can be used to compare two homes that are exactly alike. But, are there really two homes are exactly alike? Maybe we can create the $/unforgettable-family-moment in your new home instead? Isn’t that what really matters?