As hectic as it sounds, this market presents great opportunities for homeowners to get top dollar for their property. But just because options are slim and demand is high, doesn’t mean you can simply put your home on the market and expect it to get a maximum price. Before you can calculate how much you can expect to walk away with, you need to assess how much it’s going to cost for you to prepare your home for the market.
Here is a quick breakdown of some of the costs of selling your home:
Preparing Your Property
Though you may not need to go “all out” in getting your home ready to put on the market, sprucing things up a bit will maximize the value. Inside you’ll want to declutter, clean, paint and stage.
You’ll also want to freshen up your curb appeal. These costs will depend on what you have done. You should make sure landscaping is trimmed and neat. Spending as little as $300 on lawn care can earn you an extra $1,200 when you sell.
Even though some buyers are waiving inspections to be more competitive, that isn’t typically recommended. A good rule is to set aside 2% of your sales price to cover the cost of any necessary repairs that may come up in an inspection report.
A seller is expected to pay fees at the closing table. These include title fees, transfer fees, escrow fees, and miscellaneous taxes and/or dues. Plan to spend about 8 – 10% of your sales price on these expenses.
Real Estate Commissions
Sellers are responsible for paying real estate commissions. The are between 2.5 – 3% for your own agent and a similar range for the buyers’ representative.
The bottom line: Now is an excellent time to be a seller! The market is heavily in your favor. With a little time, a small investment, and guidance from an experienced real estate professional, you can get the best price for your home.
If you’re curious about what you could get for your home, or if you need assistance getting the home-selling process started, or if you have questions, please call or email me.