If you are using an online Multiple Listing System (MLS) listings system such as Realtor.Com or BairdWarner.Com to search for homes for sale and are searching for homes for sale with a specific minimum lot size here’s a tip that may save you wasted trips to homes for sale on lots that aren’t as advertised. Ignore the acres or lot size listed and compute the lot size based on the lot dimensions. The results you’ll get will be accurate far more often than relying on the acres or lot size listed.
Several hours of searching for homes for sale on a 1/4 acre or larger lot over the past 3 days has confirmed for me that many Chicago area Realtors do not know how to calculate lot size, think it’s ok to round up to the next largest lot size or just don’t check their work. At least 25% of the time in my recent searches I found listings with a lot size larger than that supported by the lot dimensions. One of the worse examples I found was a house in Evanston with an MLS listing stating 0.75 acres and lot dimensions of 50 x 75 which is only 0.09 acres!
After you multiply the width by the length of a lot use the formula in my previous post, “How to Calculate Acres for a Property” to get the lot’s size.
The fault lies with the Realtors preparing the MLS listings and entering them into the systems. Sites like Realtor.Com and BairdWarner.Com only report the information they are fed from the MLS systems.
ABOUT THE AUTHOR
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
