Frequently Asked Questions How Do REALTORS® Measure Square Feet? It seems that the topic of Gross Living Area (GLA) is one that has been debated from the first day a home was built. Many homeowners are telling each other “my home is 6800 Square Feet (including the basement finish)”. For appraisal purposes the definition of GLA is fairly simple. GLA includes all living area that is above grade. This essentially includes the main floor and everything above it. As a rule of thumb, if it is below the main entrance (you have to walk down stairs from the main entrance of the home) it is not considered in the GLA. While it is noted that Maris allows some exceptions for GLA such as atrium ranches and split foyers, appraisal guidelines do not allow appraisers to make exceptions to this rule. This leads to the question, “how do you count lower level finish for atrium ranches, split foyers, etc...” In an appraisal report the lower level is explained thoroughly and given full consideration, even though it is not counted in the GLA. In the example of an atrium ranch (as well as other types of homes) the intended use of the lower level finish is basically as an extension of the first floor. Typically the atrium is open to the lower level which flows fairly well with the first floor. Usually there are one or more bedrooms and bathrooms in the lower level as well. The basement finish is described in the appraisal report and given full consideration in the sales comparison grid, as there is a separate section for lower level finish. The atrium ranch is then compared to other similar atrium ranch homes. It is noted that only the above grade living area is utilized for the comparable sales as well. Therefore the appraisal is comparing “apples to apples.” While there have been many discussions regarding GLA, it has always been the opinion that consistency is a very important factor within appraisal reports. By limiting GLA to only the above grade living area, this has helped maintain the integrity of the appraisal standards and eliminated much of the “guess work” regarding which properties would or would not qualify for lower level finish to be included in the GLA. What is the purpose of the MLS? A Multiple Listing Service (MLS) is a means by which authorized Participants make offers of compensation to other Participants; (acting either as sub agents, buyers agents, or in other agency or non-agency capacities defined by law) by which information is accumulated and disseminated and is a facility for the orderly correlation and dissemination of listing information among the Participants so they may better serve their clients and the public. (reprinted from MARIS NewsFlash - MARIS Information dated 08/31/2009) What is MARIS? “Mid America Regional Information Systems, Inc.,” is a wholly owned Corporation of the “St. Louis Association of REALTORS®”, the “Jefferson County Board of REALTORS®”, the “St. Charles County Association of REALTORS®” the “Franklin County Board of REALTORS®” and the “East Central Board of REALTORS®”. Our Board of Directors is made up of localREALTORS, and our only purpose is to provide information to and for the benefit of REALTORS®. We do not have a public site nor do we market our product to the public, and we only provide data to public sites for and at the direction of our member companies. We simply provide a place for REALTORS® to exchange information and offers of compensation in an orderly fashion. MARIS administers the MLS for the Associations listed above. The programs that MARIS provides for our members to access MLS data include Rapattoni and MarisXpress. Periodically we will provide an option for additional services, like Realist for public record information, eNeighborhoods for CMAs or ListingBook for client contact. These are optional products that are offered to members of the MLS. You are not required to use them and they are not meant to be exclusive. Any fees that come back to MARIS are used to offset costs in providing services. (reprinted from MARIS NewsFlash - MARIS Information dated 08/31/2009) |
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| All products and company names herein may be trademarks of their respective owners. All information herein has not been verified and is not guaranteed. Copyright ©2010 Gregory Haug, REALTOR®. Missouri Broker License Number 1999020449 expires June 30, 2012 |
Gregory Haug
REALTOR® and Broker
REALTOR® and Broker
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