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How much does it cost to sell a house?
Real estate agent commissions typically account for 5-6% of the home's sale price, making it the single largest expense.
Closing costs for the seller usually range from 2-4% of the sale price and can include things like transfer taxes, title insurance, and escrow fees.
Home staging, decluttering, and minor renovations can cost several thousand dollars but often pay off by helping the home sell faster and for a higher price.
Sellers may need to pay for a professional home inspection, which can cost $300-$500, to identify any issues upfront.
Depending on the local market, sellers may need to offer a buyer's agent commission of 2-3% on top of their own agent's fee.
In some states, sellers are required to pay a "mansion tax" of up to 2.9% on home sales over a certain price threshold.
If the home has significant defects, the seller may need to pay for repairs or offer the buyer a credit, which can add thousands to the cost.
Sellers are often responsible for prorating property taxes, homeowners association fees, and utility bills up to the closing date.
Moving expenses can add another $1,000-$5,000 to the seller's costs, depending on the size of the home and the distance of the move.
Sellers who need to carry two mortgages for a period of time may face thousands in additional interest and carrying costs.
Capital gains taxes can eat up 15-20% of the home's appreciation, if the seller doesn't qualify for an exemption.
Some areas require sellers to pay a transfer tax, which can range from 0.1% to 4% of the sale price.
Sellers may need to pay for a title search, which ensures there are no liens or other issues with the property's ownership.
In competitive markets, sellers may offer concessions like paying the buyer's closing costs or including appliances, which reduces their net proceeds.
Sellers who need to make cosmetic upgrades or repairs to the home before listing can face thousands in renovation costs.
The cost of photographing and marketing the home, including virtual tours and open houses, can add $500-$2,000 to the seller's expenses.
Sellers who need to hold two mortgages for an extended period due to a slow sale may rack up thousands in additional interest payments.
In some areas, sellers may be responsible for providing a home warranty or other protections for the buyer, which can cost several hundred dollars.
Sellers who need to vacate the home before closing may face rental costs or a mortgage payment on an empty property.
The cost of hiring a real estate attorney to review contracts and paperwork can add $500-$1,500 to the seller's expenses.
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