Spring is upon us and that means home selling season is here! But before you list your home on the market, do you know what kind of home selling costs you’re likely to encounter when you’re ready to hit the market?
Get ready for these home selling costs
New stats from Zillow show the home selling costs when you’ve decided to move could be anywhere from $20,000 to $30,000.
Their numbers are based on a home that you bought for $200,000, lived in for five years and are selling for $220,000.
Baked into that $20K to $30K figure are a variety of line items:
- Cleaning and staging
- Miscellaneous home improvements
- Marketing fees
- Agent commissions
- Attorney fees
- Temporary housing costs
- and many more
Here’s a closer look at how Zillow found the costs breaks down:
|Commissions (assuming 6%)||$13,200|
|Transfer tax||Varies by location|
|Prorated property tax||Varies by location|
|Utilities for 1.5 months (based on national average)||$258|
|Escrow (seller’s half)||$1,000|
|Buyer concessions (average is 1% of sale price)||$2,200|
|HOA fees for 1.5 months, plus transfer fee||$200-$400|
|Temporary housing for 1.5 months (based on national average)||$2,000|
All told, your expenses to sell a home can tally up to anywhere from $20,458 to $30,258 on a sale like this!
Meanwhile, if you’re on the fence about selling, Zillow has a quiz to help you determine whether you should sell or renovate your house.
If you decide you are ready to list your house, there are a couple of ways you can go.
Thanks to technology, you can now sell your home without all the hassle of getting it cleaned up for showings, having to leave the house on short notice when a real estate agent wants to bring clients by, etc. We take a look at several of the new options here.
Or, you can go the traditional home-selling route with the staging, the open houses and all the rest.
If it’s the latter route you pick, money expert Clark Howard has some advice for you.
“When you list your home, be sure you also have access to a safe deposit box off the premises where you can stash away jewelry or other valuables,” the consumer champ says. “Any important financial papers can be stored in a locking cabinet at your home.”
You could also try posting a sign out front that states, “All valuables have been removed from this property.” That should hopefully make any criminal opportunists think twice before swooping in to your open house for what might look like an easy job.
“Of course, most people who go to an open house will be honest potential buyers,” Clark says. “But you still have to protect yourself from the small number of people who aren’t.”