Home Sellers
One of the most common questions that our HomeHunt team receives is, how much does it cost to sell a house? We completely understand this question and concern and are here to provide you with some answers. It costs about 15% of the sale price to sell a home. This percentage includes agent commissions, home improvements, closing costs, and moving fees. Fifteen percent may sound like a lot, but the cost to sell a house differs with every seller. You may be able to skip certain expenses, depending on your specific situation.
Agent Commissions
A common money concern when it comes to selling a home is how much a seller must pay in agent commissions. A standard commission is about 6% of the home’s sale price, which is normally split between the seller’s and the buyer’s agent. An agent will help you in all aspects of the selling process and provide you with a marketing plan to sell your home as quickly as possible. Selling your home on your own may sound appealing at first, but a listing agent will provide you with numerous benefits and negotiate the best price for your property.
Home Inspection
Another fee that comes with selling a home is the home inspection. Home inspections are important as they can uncover problems with electrical, plumbing, roofing, and foundational issues. Once you receive the report from the home inspector, you can fix these issues before selling your home. Home repairs can drastically slow down the closing process, so it is important to get your house into top shape before listing.
Closing Costs
The average closing costs that a seller must pay are around 1-3% of the home’s sale price. Closing costs are fees for services that help officially close the deal on a house. Sellers normally pay for an attorney, title insurance, title transfer, and any remaining taxes. On some occasions, sellers will offer to pay the buyer’s closing costs to help move the selling process along.
Moving Costs
Depending on the size of your home and the number of items you own, moving out of your home could cost between $500-$2,000. Renting a moving truck or hiring a moving company is the most efficient way to move into your new living space.
Remaining Mortgage
If you have a mortgage, you will have to pay the remaining loan balance with the money you make on the sale on your home. For example, if you have a balance of $70,000, you will need to pay this amount back with what you made on the sale of the house. This payment leaves you with enough money for a down payment on a new house.
If you are ready to sell your house, HomeHunt is here to help you get started. Contact us today!