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Sell My House Estate Agents
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With all the chaos involved in the home selling process, potential home sellers often overlook the costs of unloading their property. Some expenses are negotiable, but sellers still have to foot all or part of the bill for various home selling costs, including taxes and closing costs.
How much will it be? Plan a portion (at least 5 percent) of the purchase price to cover the real estate agent’s fees, which are usually paid by the seller. Add to these costs such as attorney fees, notary and filing fees, title fees, and any other small administrative expenses involved in closing the deal. Depending on your country, there may be estate taxes and transfer taxes; if you’re paying off a mortgage, your lender may also charge you some fees.
It’s good to be prepared so you don’t get a nasty shock if the last number on your closing statement is less than yours. Below is some information on typical costs from vendors and how much they will provide you.
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The real estate commission is usually the largest fee paid by the seller, historically somewhere between 5 and 6 percent of the sales price. So if you sell your home for $300,000, for example, you might pay $18,000 in commission.
The commission is split between the seller’s agent and the buyer’s agent. In most cases, these costs are borne by the seller. However, you may be able to negotiate a lower commission. Real estate agents might accept a lower rate if the home is expected to sell quickly, the local market is strong, or the home is priced relatively high.
Many homeowners try to avoid commissions by not using an agent and listing their home for sale by owner (FSBO). If you do, be prepared to take on the responsibilities of an agent, including showing the place to potential buyers, negotiating and dealing with things like disclosure notices. According to the latest data from the National Association of Realtors (NAR), just 10 percent of home sales in 2021 were FSBO sales. Additionally, these homes sold for much less, $225,000 for the average FSBO listing compared to $330,000 for listings with an agent. So even though it’s an expense, finding the right agent can pay off big and help you negotiate a better price.
Another reason to work with an agent is that someone with experience in the market can advise you on the best time to sell, which can limit the amount of time your listing sits on the market gathering dust. If it takes a while, you could be stuck with so-called carrying costs: like ongoing mortgage payments and HOA fees while you’ve already moved in.
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When selling your home, there are several non-negotiable expenses that will eat into your net proceeds. The examples below may not apply to every sale, but when they do, they’re hard to avoid.
In a real estate transaction, many closing costs are the buyer’s responsibility. But there are also closing costs for sellers. Don’t be surprised if you are asked to foot the bill for some of the buyer’s costs as well – this has been fairly rare in seller’s markets over the past few years, but may become more common as sales slow, as they currently do. According to ClosingCorp, the average closing cost for a single-family home in 2021 was $6,905.
Some of these common seller costs may include HOA fees, pre-listing inspection, recording and settlement fees, and title insurance. You may also be asked to pay transaction fees, brokerage fees and courier fees. Additionally, if you have hired a real estate attorney to help negotiate the contract, the fee for their services will be due at closing.
Even if you plan to move out before you sell your home, you’ll want to keep paying for water and energy. A home without air conditioning, heat or lighting can be difficult to show to buyers and can even damage the home. Your current bills will give you an idea of how much it will cost each month to leave the utilities until a new buyer moves in. However, since you won’t be living there, your usage will naturally decrease. and you can take other steps to keep your utility bills as low as possible.
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The proceeds from the sale of your home will be used to pay off your mortgage, but the repayment amount shown on your mortgage statement will likely be slightly less than what you actually owe. Proportionate accrued interest will likely need to be added to the total balance. Additionally, you may have to pay a fee if your mortgage has a prepayment penalty (check your loan documents or contact your lender to find out).
Don’t forget to consider how selling your home will affect your taxes. If you sell your home for more than you paid for it, it’s considered a capital gain and must be reported on your federal tax return if it exceeds a certain threshold.
The good news is that many homeowners are eligible to exclude gains up to $250,000 ($500,000 for married couples filing jointly).
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