As you can see, selling a house involves additional costs than just commissions. Even those who choose to sell their home by themselves rather than hire a realty agent will not save as much. This list will give you an idea of the costs of selling a house.
Agent Commission: Sellers pay an average commission of 6% to their listing agent, according to realtor.com. If you sell your home yourself, you will still have to pay a commission to the buyer’s agent.
Home Repairs: If your property needs repairs before selling, you will need to hire either a handyman or general contractor. Minor repairs can be done by you but more expensive ones, such as replacing a roof, will require a professional.
Closing Cost: A seller may be asked to cover a part or all of the buyer’s closing expenses to sweeten the deal. These closing costs are approximately 2 to 5% of the home cost.
Capital Gains Tax: If the value of your home has increased significantly, you may be required to pay capital gains tax. This tax is calculated based on the difference between the property’s sale price and the purchase price.
Other Charges: Depending on your location and price range, there may be additional costs associated with selling your house.
Get Your House Sold Fast
1. Time Your Sale Just Right
Real estate is all about location, location. Timing is crucial to sell your property fast and for the best price. Spring and summer are typically the best seasons to sell houses, while winter is slow. This is however dependent on where you live so make sure to do your research to find the best time to sell. A seller’s market is one example of a low inventory area that can increase the chances of selling quickly and result in a higher price. Conversely, buyers can be picky when the market is hot and home sales are slowing down. In this case, they will take their time and search for the best homes to sell.
2. Increase Curb Appeal
Buyers first view your exterior (in person or online) If the home doesn’t look appealing, buyers will move on to the next listing. The curb appeal of the home is crucial for a fast and profitable sale. Some of the best ways to increase curb appeal are painting the exterior and shutters, trimming the hedges, and planting new flowers. You can make your home inviting and attractive, which will generate interest and ultimately sales.
3. Get Smart Home Features
Smart Home Technology has made a huge impact on the real estate market and is now a standard feature. You can sell your house quickly by adding smart features to it. It will not only increase your house’s value but also allow you to sell at a higher price. This will make your property more appealing to a wider range of potential buyers. Smart homes also spend less time in the marketplace, meaning they sell faster.
4. Think Like A Businessperson
Being a homeowner can be difficult. It is particularly hard if your house has been your home for more than 20 years. You need to be ready to let go of your past 20 years before you take the first step. If you are offered a deal, make sure to keep your emotions in control and treat it as a business transaction. You can always look at the transaction through a financial lens and reconsider your reasons for selling.