How Much Does It Cost to Sell a Home

Though a great disappointment it may be, selling your home costs money, and could be an important part of your overall investment in your home. Today, the cost of selling your home can be high. Studies have concluded that the cost of selling your home has been steadily shifting up for a number of years, and taking its toll on sellers, who have watched their profits decrease over the years. This may be disheartening news, but don’t worry: most home sales will still yield a profit for the average buyer.

While you’re preparing to sell your home, knowing that there’s no way to skate by paying expenses you’ll inevitably incur, bear in mind the good things that you’ve done, or will do for your home: it’s always easier to sell a home that has been recently or consistently updated. It’s also easier to sell your home with a fresh, bright garden and a clean manicured lawn. Don’t forget about your home’s exterior, either – freshly-washed windows give your home a polished look that everyone will appreciate. Don’t forget to powerwash your roof and siding!

Appraisers and Real Estate Agents

Some feel ambivalent about bringing property appraisers into the mix of buying and selling residential properties, but there are several benefits to hiring an appraiser. First of all, you’ll have the best estimate for the true value of your home. This estimate will consider both the features of and needed repairs for your home, as well as local amenities. An appraiser, like a real estate agent, may be able to direct you to some companies that can help you bring your house to the place it needs to be maximize the profit you’ll get when it sells.

While you don’t always need the services of an appraiser, if you don’t use an appraiser, it’s always a good idea to hire a real estate agent.  Real estate agents are very good at connecting you with the properties that you want, or with the buyers that you need. Real estate agents can be there to manage bids for the property, and in seller’s markets, help you to get the bid you want. All of this help, though, comes at a small cost – usually around five percent of the home’s total sale price.  Remember, though, that real estate agents are actively networking your property, and diverting some of the flow from the market of home-seekers to your front door. Real estate agents will also help you with the various things that you may need to get your home ready to sell. Your home, though clean and updated, will still need a little bit of sprucing and shifting to be fully-ready to go to market. A staging company can come from your real estate agent, and you can also consider an interior decorator, if your home is quirky. Staging and decorating can run into the thousands of dollars, but most companies are willing and able to work within your budget.

Listing Costs and Ads

The cost of listing your home for sale can be included in the price of the house, and made the buyer’s expense. There’s no way for sellers to get around doing it, though. MLS Sites, and more accessible sites like Trulia and Redfin will be able to attract buyers for your home. Spending more money advertising your property will always get you a few more eyes, but remember to consider a few key points: first of all, you have entire networks on your social media. Use them! Second, purchasing ads to appear on social media is an easy and quick possibility. From there, you can choose ads targeted to your geographic location. A large budget for ads like this is hundreds of dollars, so you are able to purchase social ads for just a little here and there. Selling your home is a little easier when you feel like you’re taking an active role, and you know you’re fully-utilizing your entire network.  

Staging services could also be counted under the ‘ads’ section: photographs of your staged home should be displayed as often as possible, as a means of generating, and possibly maintaining, interest in your property.

Closing Costs

Taking 2-4% of total costs of home, or roughly what your real estate agent will make. This can include any mortgage fees that must be paid, transfer fees, and sales taxes. What may also be included in this cost is any money paid in legal fees, in the event that you contacted an attorney. in the nation, San Jose leads the way with the highest average total cost of sale over $80,000, with Cincinnati picking up the rear at close to $10,000.  

Touch-Ups and Cleaning

Before your house enters the market, you should make sure that every painted surface in and outside of your home has a fresh coat of paint. Make sure this includes the walls of bathrooms and closets – a home buyer will be checking anywhere they can, including closets. It goes without saying that choosing a professional cleaning service for your home is always a great idea. Particularly with high-quality cleaning services, you may have the option of rust removal and deep-cleaning of carpet, rugs, and drapes. If possible, before, during, and after cleaning your home, open as many windows as possible. During extreme heat or cold, this is an option than can be skipped. But if the weather is nice, and your heating or cooling costs are affordable, allowing your home to be cleansed with fresh air is one of the best ways to refresh your home.

Fees and Bills

Mortgage fees and commissions for real estate agents and buyer’s agents constitute most of the ‘fees’ that incur during the process of selling a home. Other professionals, like appraisers, painters, and cleaning services, might also fall under this category, but remember that the close of a home sale doesn’t mean the end of the home’s necessary services. Make sure that you’re up and on-time for your bills. This is important not only for your credit, but to anyone who will move into your home, and need running water. Don’t forget the grocery bill of coffee, doughnuts, and napkins for open houses!