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How Much Does It Cost To Sell Your Home

When it’s time to sell your home, you’ll need to know how much it’s going to cost, especially if you have very little equity in the property. Closing costs could be up to 10 percent of the sales price and include a real estate agent’s commission and fees related to title and transfer. In some cases, the buyer may ask you to pick up some of his or her closing costs.

Selling Home Cost

Real estate agents generally charge 5 to 6 percent of the sales price of a home for their commission. You might think that’s a lot of money, but after you figure all of the time the agent puts into marketing your home and deduct the percentages paid out of that money to the buyer’s agent and the broker, the agent doesn’t get that whole amount. All of the advertising comes out of the agent’s pocket and reimbursed only if he or she is able to find a buyer for your home. Most agents do not receive a salary, so what is left after splitting the commission and the cost of advertising your home is the agent’s entire paycheck.

An agent provides marketing, professional photography, advertising support, takes the time to show the house, professional market knowledge, negotiating expertise and a wider pool of potential buyers that you could never reach yourself. Working with an agent also provides you with legal protection.

The rest of the closing costs include escrow expenses, transfer taxes, notary fees, outstanding property taxes, the balance on the mortgage, property association fees and other prorated items. This might amount to approximately 2 percent of the selling costs.

Controlling Closing Costs

The seller is able to shop around for some of the costs to lower the amount. As the seller, you are able to shop around for your attorney and a title company. You could also save a reissue fee if you have a copy of the title policy from when you purchased the house.

Home and Inspection Repairs

Most buyers will have an inspection before they buy the house. You will need to make repairs. Before you put the house on the market, make any repairs that will help sell the house, such as painting inside and out, replacing carpet if it’s worn or torn, repairing or replacing broken appliances and repairing damage such as holes in the walls.

The buyer will usually hire an inspector. You can expect to make certain repairs that the buyer asks or credit the amount against the price of the property. You could turn down the requests, but you may lose the sale.

Current Mortgage Payoff

The proceeds of the sale of the house will be used to pay off the current mortgage and any liens that have been placed on the house. If your house appraises for less than all of the liabilities against the house, you will need to come to the table with enough cash to pay everything off, in addition to the other costs listed.

Utilities

It’s difficult to sell a house if the utilities are turned off. Buyers want to know if everything is working properly. Be sure to budget money to pay utility bills – electric, heating and water – while the house is on the market.

Staging

To help sell your home if it is empty, you may consider staging the home, especially if you plan on an open house. Staging adds furniture and accessories to help buyers picture how their furniture and personal items will look in the house. Staging generally costs between $600 and $1,000.

Contact On Point Carolinas Realty

If you are ready to sell your home, contact On Point Carolinas Realty to discuss your home’s sale with a real estate agent.

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About The Author
Kim McBee

Kim McBee epitomizes integrity, energy, hard work and a creative service in every detail of your real estate transaction that makes buying or selling your home an incredible, memorable experience. She uses her 13 years of experience to help you achieve your goals with the least amount of stress possible. Whether a first time buyer or an experienced seller, Kim will bring her spirited energy and real estate knowledge to your next adventure. Kim is a licensed Real Estate Broker in both North and South Carolina and is an active member of the Charlotte Regional Realtors Association as well as the National and Local Home Builders Associations. Kim started her career in real estate in 2002 with Crescent Resources, a large residential, commercial and multi-family developer based in Charlotte, NC. She and partner Gus Testa had the opportunity to work in most of their residential communities in the Charlotte region during their ten (10) year tenure. In 2012, Kim and Gus, along with a local area developer, formed On Point Carolinas Realty, LLC. On Point Carolinas Realty, LLC is a full service real estate company, working with buyers and sellers in both new home construction and re-sale homes. From 2002 – 2012, Kim and Gus sold between $15 - $50 million in volume in the Lake Norman, Charlotte and northern most portions of South Carolina. Now with On Point Carolinas Realty, LLC, they continue to work every aspect of the real estate industry representing sellers, buyers, investors and banks in the residential market. Before entering the real estate industry, Kim took a five year leave of absence from work as a scheduling analyst/cost engineer in the nuclear power industry for Stone & Webster >Engineering and Bechtel Power Corporation to stay home and raise her son.

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