Selling House How Much Does Realtor Get – Written by David McMillen David McMillen Contributor, Tape Expertise in Personal Finance • Personal Finance • Mortgages David McMillen
Edited by Michelle Petrie Michelle Petrie Senior Editor, Home Lending Bar Experience • Real Estate • Housing Market Michelle Petrie is a senior editor at , leading the site’s real estate content. Read more LinkedIn Email Michele Petrie
Selling House How Much Does Realtor Get
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When you think about selling your home, you’re probably thinking about all the money you’ll make from the sale. However, you won’t keep all the money when you sell your most valuable assets — some of it will go toward various expenses, including taxes and closing costs.
How much does it cost to sell a house? The answer depends on the home’s selling price, where you are located, and what you can do to negotiate with the buyer. Costs can include real estate agent and attorney fees, title-related fees and all the other small administrative costs that go into closing the deal. Depending on your state, there may be transfer taxes; If you are repaying a loan, the lender may charge you some fees as well. It’s a good idea to be prepared, so you don’t get a nasty surprise at the closing table.
Here’s a summary of the typical costs you can expect as you calculate what you’ll be paying when you hand over the keys.
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Real estate agent commissions typically add up to the largest fee paid to a seller — historically 5 to 6 percent of the home’s sales price. So, if you sell your house for $450,000, for example, you might pay $27,000 in commissions. In most cases, you as the seller bear your agent’s and buyer’s costs. However, you may be able to negotiate a lower commission, especially if the selling price is relatively high.
In real estate transactions, many closing costs fall on the buyer. But there are closing costs for sellers, too. Some of the most common include title insurance, recording and settlement fees, prorated property taxes, and HOA fees up to the day of closing. You also pay other small fees for things like escrow and bank transfers. Additionally, if you hire a real estate attorney, legal fees must be paid at closing.
Don’t be surprised if you’re asked to foot the bill for some of the buyer’s expenses as well. Although this has been relatively rare in sellers’ markets over the past few years, more than a third of sellers are offering perks by late 2023, according to new research from Redfin — a sign that the market is changing and buyers are gaining more momentum.
Your existing mortgage won’t magically disappear when you transfer ownership of the property: you’ll need to pay off any remaining balance before you make the transfer. You may need to add the interest accrued proportionately to the total balance, and there may be additional fees if your loan includes a prepayment penalty (check your loan documents or contact your lender to find out).
Mistakes To Avoid When Selling Your House
When you sell your home, you will need to move all of your belongings to your next location. Paying this amount will cost you between $833 and $2,547, with a moving average price of $1,698, according to HomeAdvisor. However, this price can be much higher if you are moving far away.
There are some tax implications that sellers should consider before listing their homes. Here are three main factors that can affect your potential earnings:
While some expenses are required, such as taxes, others are optional. Here are some things you can choose to do to improve your home’s curb appeal, all of which come at an additional cost.
Before you sell, you may be tempted to take on a project that appears to add value in the eyes of the buyer. While some repairs may be worth doing, it’s equally important to know what not to fix when selling your home. Check with your real estate agent if the cost is worth it.
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“One of the most common mistakes I see from sellers is spending money on the wrong improvements before engaging a Realtor,” says Charlie Marggraf, a Compass agent in Minnesota. “Typically, a seller will have more improvements in mind than general buyers. I appreciate that they want their home in good shape before selling it. But if they’re making progress to sell, they should definitely talk to a professional before they spend their money.”
In addition to speaking with your agent, it would be wise to speak to a professional home inspector. A pre-listing inspection will likely cost $350, according to HomeAdvisor, and will flag any major problems before a potential buyer sees them. For example, if a home inspector finds a leak in your bathroom, you can proactively address the problem and eliminate any possibility of a buyer asking you to lower the price to fix it.
In real estate, many buyers judge a book by its cover. This means that making a home look attractive from the outside is essential to attract buyers inside. Consider inexpensive ways to increase curb appeal, such as cleaning windows and sprucing up your front steps and landscaping.
You can also consider making the interior of your home more welcoming. The cost of building a home is quite high, depending on the size of the home, if you rent furniture and more, but an attractive home made home can make a big difference to a buyer. According to the National Association of Realtors, 20 percent of buyers’ agents say the game is up
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