Sunset Beach and Beyond Realty

  • Home
  • Search Carolina Coast
    • Community News
    • Calabash
    • Carolina Shores
    • Holden Beach
    • Myrtle Beach
    • Ocean Isle Beach
    • Southport
    • Sunset Beach
  • Buyer
    • Buyers Articles
    • Homeownership
    • Testimonials
  • Sell Your Home
    • Sellers Articles
    • Listing Agents
  • Our Team
    • Designations
    • Area Lifestyles
  • Market Reports
  • Local News
    • Events
  • CONTACT
Home » Cost of Selling a House

Cost of Selling a House

August 26, 2016 by admin 1 Comment

How much does it really cost to sell a house these days? This is one of the first questions I get asked when discussing listing a property with a homeowner. They want to know how much this is going to cost them and although there are additional Realtor® fees when listing and selling with an agent, there are still some costs related to selling regardless of how the homeowner actually sells. Here is the cost of selling a house.Cost of Selling a House

After the housing crash in 2007 and 2008, we saw a lot of sellers paying buyers closing costs, especially for first-time homebuyers. However now, in the North Carolina real estate market, having a seller pay for closing costs could mean that the buyer will have a low appraisal. In a sellers market, homeowners typically accept over asking price offers, and if the asking price is already inflated, adding closing costs to the final number could seriously affect the appraisal. The appraisal may come in too low to cover the additional costs. This is why having a buyers agent and a sellers agent working together to negotiate for the proper value is essential.

Closing costs are not mandatory for the seller to cover unless the buyer is getting a VA loan. All VA loans require the seller to pay closing costs for both the buyer and the seller. This could include lender’s fees, courier costs, escrow and title fees and any other additional fees incurred with the purchase and sale contract.

How to Attract Luxury Home Buyers

Unless you are planning on selling the home yourself, you will incur real estate agent commissions. This is typically 5% to 6% of the total home purchase after the deal finalizes. Real estate agents will usually split the commissions down the middle between the agent that brought the buyer and the agent that listed and sold the property, however, this can be the same agent and the percentages could be slightly unbalanced. For instance: the listing agent could agree to accept 2% of the commission while the buyer’s agent receives 4% of the commission.

When selling a property, the homeowner will incur a prorated share of property taxes and potentially homeowners fees when they sell. Depending on when the homeowner sells and when taxes were paid, this could be a very small amount or a large amount if the due date is close by. Some states may be charged a local transfer tax as well to transfer the title from one homeowner to another. This taxes generally 0.01% to 2% of the sales price.

Read more: How to Clear Leins When Selling

Capital gains taxes may also be incurred if you make a profit on your home more than $250,000 for singles and more than $500,000 for married couples.

Title insurance. There are several types of title insurance that are purchased during the purchase and sale contract. Buyers will purchase their own title policy if they apply for a mortgage, but this only protects the lender. The seller will purchase a separate policy for the new homeowner and this could cost anywhere from $500-$1000.

Mortgage payoff. If you still owe money on your home you will need to pay off your current mortgage when you sell. The payoff amount could be different from the actual balance listed on your statement due to interest charges. You will need to get a formal letter stating the exact payoff amount so that escrow can facilitate this when you close.

Optional costs to selling your home include a home warranty, paying for staging, home repairs and any replacements needed. These may be included as enticements to get the property sold.

For more information on selling your specific home and exactly how much it would cost contact our office today.

Filed Under: Sellers Tagged With: cost of selling, home sellers, selling a house

Comments

  1. Estate agents Bolton says

    February 3, 2018 at 5:07 am

    Gat Letting & Estate agents and Property manager in Bolton. We take all the excellent local customer service you would expect from a traditional agent and we offer this to you at internet prices.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

What our clients say

Ken and Linda Foltz

“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an...
Sunset Beach and Beyond Realty
2015-03-16T20:16:32+00:00
“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an Open House. Our relationship continues as Karen and her husband Frank have been outstanding not only in helping my husband and I find the right retirement relocation home, but we have watched their commitment in helping many others find their homes. She and Frank treat every client as if they are the only ones that exist. They provide thorough research of areas and homes of interest and present you with the options. They are not your typical hard sell, must-buy-now realtors. They are here to help you find your next home?. You won’t go wrong with the Bakers!
https://sunsetbeachandbeyond.com/testimonials/ken-and-linda-foltz/

Steve & Jean DeVito

“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to...
Sunset Beach and Beyond Realty
2015-03-16T20:17:46+00:00
“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to Sunset Beach they created a portal and populated it with properties that met our ever-evolving criteria. By time we arrived we had a good feel for what we could afford and what was available that met our criteria. The Bakers, especially Karen, were able to make sense of what we thought we were looking for and eventually matched us with a house that we ended up purchasing — Karen called it the “This is it” house and she was right. We are loving our 2nd home and appreciate how painless Karen and Frank made the process. All the paperwork was done seamlessly and quickly and the closing went off without a hitch. The Bakers do not believe in the hard sell — they gave us the knowledge we needed and the guidance we needed to make our dream a reality.”
https://sunsetbeachandbeyond.com/testimonials/steve-jean-devito/

Matt & Amy Carver

Amy and I have bought and sold four properties in the past twelve years. Both of you are the best...
Sunset Beach and Beyond Realty
2015-03-16T20:18:22+00:00
Amy and I have bought and sold four properties in the past twelve years. Both of you are the best realtors we have ever dealt with. Amy and I both felt we could trust you to look out for our interest. The level of service you provided was outstanding, from taking the trash out, helping the buyer with inspecting the irrigation system, dealing with our tenants, always being there if we needed to ask a question, providing constant updates on the market and always keeping us informed on the sale of our house. I think your next venture should be training other realtors, because both of you have mastered the art of providing excellent service. I will be sure to recommend the Frank and Karen team to anybody looking for a trust worthy, knowledgeable and top performing realtor. It was a pleasure working with both of you.”
https://sunsetbeachandbeyond.com/testimonials/matt-amy-carver/

Ernie & Carol G.

“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When...
Sunset Beach and Beyond Realty
2015-03-16T20:18:50+00:00
“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When we made up our minds which one we wanted, they got us the best deal on it. We were very satisfided with them. After the purchased was made & we moved in, they were still there to answer any questions or problems that we might of had. Like I said, they are the BEST.”
https://sunsetbeachandbeyond.com/testimonials/ernie-carol-g/

Dave & Rose

“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
Sunset Beach and Beyond Realty
2015-03-16T20:19:23+00:00
“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
https://sunsetbeachandbeyond.com/testimonials/dave-rose/
0
Sunset Beach and Beyond Realty

Search

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Connect With Us

  • Facebook
  • LinkedIn
  • Twitter

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Copyright © 2022 · AgentPress Pro Theme on Genesis Framework · WordPress · Log in