How Much Does It Cost to Sell a House? The Prices Explained
With the median home price being up 11% and property inventory low, it’s a perfect time to sell your house in 2021.
But, how much does it cost to sell a house? While you expect to pay for listings and any taxes to the government, what other costs are you responsible for?
Keep reading below to learn about the costs of staging, commissions, closing costs, and taxes.
Costs of Preparing Your Home for Sale
Even if you’ve done a good job keeping your house up over the years, you’ll still need to pay for staging and any significant repairs or replacements.
Making your home clean and free of clutter doesn’t cost anything. The cost of hiring someone to stage your home averages between $2,300 to $3,200 but sellers who do it end up making a higher profit.
Paying Realtor Commission Fees
Working with an experienced realtor who knows the local market is a smart move. If they sell your house, they get a commission on the sale. Commission rates typically range from 5% to 7%.
If, for example, you sold a house for $200,000, a 5% commission would be $10,000. Commission structures vary for every realtor so iron out the details before you start working with them.
Don’t Forget Closing Costs & Taxes
Closing costs are all the fees owed to process a sale and finalize a mortgage. Buyers pay the majority of closing costs but sellers are responsible for commissions and title insurance. This is insurance to protect the lender and buyer if there is a dispute about who owns your property.
As part of negotiations, you may be on the hook for repairs found during the inspection. You’ll also have to pay a deed transfer tax, recording fees, and any liens.
The money you make from a sale qualifies as a capital gains tax but sellers can exclude up to $250,000 of profits (or $500,000 as a couple) from their taxes.
What’s the Fastest Way To Sell a House?
Now let’s discuss all of your house selling options. You can put the house up “For Sale By Owner,” hire a realtor, enter an auction, or find a company that offers cash for houses.
If you’re a homeowner who needs to “sell my house fast,” reach out to Tampa Cash House Buyer. Sell your home directly to them and you can close in 10 days or less, get cash fast, sell your home as-is, and not have to worry about realtor commissions.
They take homes in any condition from sellers who recently experienced a divorce, illness in the family, job relocations, or people who recently inherited a home they can’t sell. A cash home buyer really is your best option if you need to sell fast.
Be Ready To Sell Your House
How much does it cost to sell a house? Don’t forget you’ll need to cover staging, repairs, realtor commission, closing costs, and taxes.
Check out the rest of our website for real estate tips that benefit both sellers and buyers. We also offer informative articles on managing your business and finances.