The costs incurred when selling a home can be substantial. But selling costs are just one of the costs you’ll incur during the relocation process, so knowing about them is essential in managing your finances.
There are some fees you may have already taken into consideration, such as agent fees if you plan to use a pro, but if you haven’t, I didn’t think you should factor them into the total you pay. There are other costs that may have been incurred. sell your house now If you know what these are, you won’t be nasty surprised when you get a final report that averages about $30,000.
Here, we offer an expert guide to the cost of selling a home to help you budget.
how much does it cost to sell a house
“The average price a home sells for depends on several different factors, including the home itself, the current state of the local market, the cost of living, and the list price of other homes in your area,” explains Sherry Salas. (opens in new tab)a HomeLight elite agent in Killeen, Texas.
“The average cost of selling a home is estimated at about $31,308, but we may have some leeway to recoup some of the costs. If you have a good offer, you may be able to get the buyer to pay more than usual.
“If the market favors the buyer, we may have to put in extra work and money to get the buyer’s attention and do a lot more difficult work.”
What percentage of the selling price does it cost to sell a home? “Each market is different and the cost to sell a home varies by broker, but typically the seller will pay 10 to 12 percent of the selling price. You can expect a range of costs,” says Shelly.
Brokerage fee when selling a house
Brokerage fees can be one of the highest costs in selling a home, but they are not fixed. “The first thing every seller should know is that commissions are negotiable,” Shelley says.
“According to HomeLight transaction data, the national real estate agent fee is 5.8% of the property sale price. Over the past three years, agent fees have averaged about 5.47%, which covers both list agent and buyer’s agent fees. I’m here.
marketing costs of selling a house
You may incur other costs when selling your home. “Some agencies may charge additional fees, such as marketing or staging fees, but that varies by real estate agent,” Shelly explains. “For example, my team does not add surcharges when pitching a client’s home. Important to remember.
“When an agent puts your home up for sale, there are some fees you may have to pay. Staging and preparation costs typically range from 1-4% of the selling price. When you’re ready to sell, tidy up ($400 for trash can rental) and deep clean ($300 per clean), repaint if needed ($1,900), and lighten floors. ($1,800), it’s important to use spruce to increase curb appeal ($3,500) and stage your home ($1,600).
“A seller who completes all of the above tasks will spend about $9,500 to prepare their home for the market, which is about 3% of today’s median home sale price of $357,300. %.”
Cost of selling your own home
Decided to sell your home yourself to cut costs? “If you’re interested in marketing your own home, just follow a few simple steps,” Shelley says. “First, set a competitive price, which many agencies consider to be the most important step in their marketing plan. Attracts many potential buyers. In fact, according to VHT Studios research, homes with high-quality photos sell 32% faster than homes without visuals. (opens in new tab).
“Another great strategy is to make your listing description engaging and creative. , Consider how you want your home to be presented.Highlighting your home’s outdoor and energy-efficient features is also a top preference of today’s buyers, attracting potential buyers. According to a HomeLight survey, 47% of realtors found that homebuyers prioritized energy-efficient features in their home search.
Last but not least, if you know your home is in a prime location, sell it! HomeLight’s 2022 Buyer & Seller Insights (opens in new tab) The report found that top location-related features in buyers’ home searches included nearby essentials such as gas stations and grocery stores (49%). Walkable area (35%). Quality school district (31%); proximity to work (30%); proximity to restaurants and shopping (24%).
Taxes and fees when selling a house
Additional charges may apply. “Sellers are typically responsible for paying prorated taxes from January 1 through the actual date of sale of the home,” says Shelly. “Most payment companies charge additional fees, as well as recording and paperwork fees, but these are all included in the initial percentage cost breakdown that the agent presents to the seller during the initial consultation. is needed.”
Who will pay the closing costs?
Buyers of homes bear most of the closing costs, while some are borne by sellers. These typically include transfer taxes, title insurance, prorated property taxes, and homeowners association fees.
Also note that in a buyer’s market where there is surplus homes for sale and low buyer demand, you may be asked to pay a portion of the buyer’s cost.
What brings the most value to your home?
To get the most value out of your home for sale, consider undertaking one or more of the top renovation projects identified in the National Association of Realtors’ 2022 Renovation Impact Report. (opens in new tab) National Renovation Industry Association (opens in new tab).
Research shows that refinishing hardwood floors is the project with the highest return on resale, capturing 147% of that cost. This is followed by new hardwood flooring (118%) and insulation upgrades (100%).
