Uncategorized November 3, 2023

Cost of Selling a Home

Q: What’s the true cost of selling a home?
A: Roughly 10-12% of the sale price.

Here’s a DETAILED breakdown (with 2023 data):

Agent commissions: 5-6% of the sale price, split between the two agents.
Attorney fees, transfer taxes, and other administrative costs: 1% of the sale price
Home repairs and inspection requests: $100-10,000. The most common repair on a home inspection report? Sticky doors that need adjusting. The second? Leaky faucets and shower heads.
Optional expenses:

Moving: The average cost of a local move with a two-person team is $1,400. A cross-country move will set you back $2,200-5,700. Save on moving by grabbing a few friends and DIY.
Interior staging and exterior landscaping: 18% of sellers’ agents said staging increased a home’s value between 6-10%. Staging and landscaping will run 2% of the sale price, making both worthy of your time and money.
Seller concessions: To sweeten the deal, you may help a buyer with inspection fees, processing fees, or other costs. Usually, no more than 2% of the sale price.
Home warranty: Some sellers offer buyers a warranty to cover the home leading up to closing, so the buyer knows they’re not facing repair costs as soon as they sign. A home warranty costs $300-500.
One mistake I see from sellers? Pouring money into the wrong improvements before getting an agent involved.

If you’re thinking of selling, don’t wait to get an agent’s eyes on your home — it’ll focus your efforts and help you get every dollar out of your home.