Should square footage be required?
We Realtors are now required to enter a value for approximate square footage (ASF) for our listings in Chicago’s MLS (multiple listing system). However, that value can be zero. In addition, Chicago’s MLS now requires the source of the square footage information (e.g. builder, assessor, appraiser). Listings with a square footage of zero automatically have the source set to “not reported”.
What do you think? Should Chicago’s MLS require square footage other than zero?
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 7 comments… read them below or add one }
If I were buying, I would want to see square footage. If I were selling, it depends. Do most of the listings provide it?
Hi Edmundo, Slightly less than half of the listings in Chicago’s MLS provide a square footage other than zero.
Yes, absolutely. Coming from the West Coast we found it very unhelpful that listings did not have sq. footage, as we expected it
How ridiculous to “require” square footage, but accept 0! Why bother? Sellers who don’t provide square footage aren’t doing themselves any favors by making it harder for the buyers to figure out how big (or small) their places are. The idea of a listing is to provide information. How large a home is is not insignificant.
Hi Diane, I suspect that this change by Chicago’s MLS is just a first step towards requiring a valid square footage in the future. Measuring square footage isn’t as straightforward as most people think. I can see why they’re going slow on this.
Fran you didn’t share your viewpoint on it. What do you think? Personally, I think it’s a nice to have, but not a deal breaker. After all, two homes can have almost equal amounts of square footage, yet one could have a better layout and more storage than the other.
Thank you for asking, Icarus! I think that the real estate industry first needs to establish a methodology for measuring square footage and then ensure that such a methodology is followed. Until we can agree on how we’re going to measure square footage, requiring a value that may or may not be correct will be of limited value.