When listing your home, it’s crucial to take into consideration what home-selling costs you’ll be responsible for at the closing table. By budgeting for expected selling expenses, you’ll be able to choose the best list price and also know what your bottom line is.
If you’re thinking about selling your home, keep reading to learn more about home-selling costs, and you should expect.
What are the Average Home-Selling Closing Costs?
As a seller, your closing costs are typically around 7-10% of the total sales price, including your real estate agent’s commission. Other closing costs include a title transfer fee, your title company fees, real estate attorney fees, and sales tax. On the average sales price of $259,906 in the U.S., this equates to between $18,193 and $25,990 — which is no chump change!
How Much Is Agent Commission?
Many sellers aren’t aware that they pay their listing agent and the buyer’s agent’s commission too. You’ll typically pay around 6% of your total sales price in agent commissions. This is usually split equally between the agents who facilitate the transaction. For instance, if your home sells for $300,000, you should expect to pay around $18,000 — or $9000 to each agent. Of course, it’s possible to negotiate commissions costs with your agent, and many agents are willing to offer a discount.
How Much Are Staging Costs?
Professional staging is one of the most effective ways of highlighting your home’s best selling features. Staging can also help buyers envision each room’s best and how they can utilize the available space. The cost of staging a home varies, depending on where you live and the size of your home. Many staging companies offer a la carte staging options, where you can choose which specific rooms you want staging. It should also be noted that some staging companies charge an initial consultation fee. You should expect to pay anywhere from $517–1,903 on professional staging.
How Much Are Home Repairs?
The cost of home repairs depends entirely on the issues that come up during the home inspection. To avoid any costly surprises, it’s often a good idea to have your home inspected before you list it. Having a professional inspection before you put your home on the market means you can address any repairs preemptively. Even if you’re selling your home “as-is,” many buyers will still expect significant repairs to be taken care of, such as plumbing and electrical issues. This is especially true if there is a safety factor or if the repair will affect the home’s insurability. The average home inspection costs between $279 and $399.
How Much Are Seller Concessions?
The majority of buyers will attempt to negotiate for a lower sales price. Even when offering full asking price, buyers will typically request seller concessions. The most common sellers concessions are paying for the buyers closing costs or including appliances such as the washer and dryer. With buyer’s expenses typically equalling around 3–4% of the sales price, you should expect to pay about $7500 on a $250,000 home.
How Much Are Moving Expenses?
In the chaos of selling their home, many sellers forget that they’re also moving too! According to Home Advisor, the average cost of hiring professional movers is anywhere from $719 to $1939. Of course, this depends heavily on the size of your home, how far you’re moving, and whether you require movers to pack up your belongings or transport them only. If your home has more than three bedrooms, or you’re moving out of state, you should expect these costs to be significantly more.