How Much Does It Cost To Sell My House?

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If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more.

So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for

SEE GRAPH

But here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to make significant gains when they sell. Chances are, you do too. This can help quickly recoup these selling costs. You may even have enough equity leftover to put some toward your next home purchase too.

Let’s dive into a few of the costs from the graph above, so you have a bit more context on what they include and where you may be able to save some money, when it makes sense.

Closing Costs and Commission

These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs and you may even offer to pay some of the buyer’s as a concession. As U.S. News Real Estate explains:

“Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480. . .”

Taxes are going to vary by state and agent commissions depend on what you agree upon upfront. And keep in mind, that the numbers in the chart above are just an example, not exact figures. Not to mention, if you put money toward things like your property taxes, mortgage escrow, etc. as part of your current mortgage payments – there’s a chance you’ll get a credit back at closing that can help offset some of these selling expenses.

Pre-Listing Inspection and Repairs

One optional step some sellers take is having a pre-listing inspection. It gives you an idea of what may pop up later on in the buyer’s inspection – because those are the items a buyer may ask you to toss in a credit (or concession) to cover later on.

This allows you to get a jump on any repairs and tackle them before you list, so your house is set up to impress from the start.

Again, if you want to skip this step, an agent can help. They’ll be able to give you advice on things like paint colors, small cosmetic repairs, what buyers are looking for, and whether it’s worth tackling anything else ahead of time. This will help make sure you’re spending money on things that are most likely to net you a solid return on your investment.

Home Staging

As inventory grows, you may want to take a few extra steps to make sure your house stands out. Staging is an optional way to make sure your house shows well. It can include bringing in rental furniture if the house is vacant or art to warm up the walls. Some staging can even be done virtually once the photos are taken. But, in general, how much does it cost? According to Bankrate:

“Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”

If you want to skip this step, you could opt to lean on your agent’s advice for what looks good and what may feel cluttered. A great agent will suggest things like removing a chair to open up the flow of a room, laying down a rug to add warmth to a space, or taking down photographs to de-personalize strategic areas.

Why Leaning on an Agent Is Key

If you’re looking to cut down on your costs, you have options. But be careful of where you trim. You may be able to skip staging or a pre-listing inspection since those are optional, but you don’t want to skimp and sell without a pro.

An agent is your go-to expert throughout the transaction. They’ll offer customized advice every step of the way, including how to stage the house and what repairs to tackle. This can help you avoid hiring an outside stager or having to pay for a pre-listing inspection.

But that’s not the only way your agent adds value. They’ll also create tailored marketing and pricing strategies that’ll highlight the house’s best assets and any work you did to get the home show ready. And that can actually help your house sell for more in the long run.

Bottom Line

Want a better picture of what you should expect when you sell your house? Let’s have a conversation!

SOURCE: Keeping Current Matters

National Real Estate Insights - June 2024 - Compass

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National Real Estate Insights - June 2024 - Compass marketingcenter--

June 26, 2024 Weekly Market Watch with Chris Doucet

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June 26, 2024 Weekly Market Watch with Chris Doucet marketingcenter--

Good Dog! Why Pets Are Popping Up in Listing Photos—but This Cuteness Could Come Back To Bite You

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SOURCE: Realtor.com

Opinions on best practices for real estate photos vary, but one thing everyone agreed on—until recently—is that sellers’ pets should never appear in the listing. Buyers want to picture their own lives in the home, so photos should be a blank canvas.

But more agents are saying that thinking is for the dogs.

“Usually, we don’t put animals in pictures. It’s not a thing in the industry that is done,” says Corcoran Group agent Noemi Bitterman.

Yet, when arranging a photo shoot for a three-bedroom Brooklyn co-op she was representing with her partner, Kajsa Hutton, earlier this year, the sellers’ brown poodle hopped on the couch and refused to leave.

“So we were like, ‘OK, let’s just go with it,'” Bitterman says.

That ended up being the photo everyone loved.

“She just looked so beautiful, and she blended in with the color of the couch,” recalls Bitterman. “She gave the apartment a feeling of warmth and family. People were calling up saying, ‘I love that photo with the dog.'”

The $998,000 co-op sold fairly soon after. Good dog!

Pets in listing photos—a growing sales tactic?

While Bitterman was more or less photobombed and forced to include pets, other real estate agents have embraced them as the hot new sales prop.

Suzanne Weinstein of Coldwell Banker Warburg recently featured a black poodle in the photos for a one-bedroom Park Avenue co-op in Manhattan for $679,000. She thought the pup would not only add a feeling of “elegance and warmth,” but would also promote the building’s pet-friendliness.

However, not all dogs are treated equally.

“I don’t think I would include a breed not known for friendliness,” she says, tactfully not naming any breeds in particular.

And dogs aren’t the only pet in the picture, either. House flipper Tyler Drew of Anubis Properties once bought a home with a custom-built pet door that proved so popular with homebuyers that it sparked a bidding war. He made sure to leave a cat in the listing photos.

And like all things, pets are best in moderation.

“If I see more than four animals in a listing, I’ll usually just avoid the property,” Drew says.

The risks of placing pets in listing photos

But many think that agents’ decision to include pets in listings photos is barking mad: Why alert homebuyers to potential issues such as unwanted odors or fur-clogged filters?

“I would be sniffing intently to see if there is any spray or issues on the floors or lower walls,” says Elizabeth Boese of Coldwell Banker. “Furry animals in the home can also mean a forced-air furnace or AC were overworked as the filter clogs more frequently from the extra fur in the air.”

Listing photos are no place for furry friends, agrees Cedric Stewart of Entourage Residential Group at Keller Williams Capital Properties.

“I get the logic, but I think it is a very bad idea,” he asserts. “In the same way that you want to paint and change the carpet if a seller is a heavy smoker, it’s best to do all you can so that someone who is allergic to pet dander can still enjoy the tour and express interest. I tell my sellers to remove any signs of a cat or dog, which is the exact opposite of this trend.”

Devin Kay of The Exclusive Group at Douglas Elliman is also in the no-pets camp.

“Agents use marketing tactics like including pets, staged people, or other props to make their listings go viral,” he says. “But in my experience, buyers prioritize location, architecture, and interior finishes, not pets or other props.”

Paige Elliott of Elliott & Elliott Real Estate Group says she doesn’t even know any photographers who would allow pets in a photo.

“There are insurance and security concerns,” she says.

One agent equates showing pets in listing photos to having a presidential campaign sign on the front lawn.

“You’ll attract some and repulse others,” says Bruce Ailion of Re/Max Town and Country. “Why take the risk of alienating anyone?”

If you are itching to use a pet in a listing photo, stay away from the four-legged ones, asserts Chrissy Grigoropoulos, founder of Property Shark Realty and author of “Ladyshark: How To Become a Millionaire in Your 30s.”

“Fish are easy pets to include that don’t yield any odor or lingering allergy possibilities,” she says.

If you simply must stage your dog, keep the photo in the backyard, she says.

But there is one type of listing where animals are always welcome, concludes Christine Sparacino of Re/Max Sparrow Realty: “a farm.”

SOURCE: Realtor.com

June 19, 2024 Weekly Market Watch with Chris Doucet

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