The Cost of Selling Your Home

I had two really great listing appointments today and, of course, the cost of selling your home came up at both. So, I thought a post the costs of selling your home could be helpful too.

Want a quick calculation on how much you can expect to profit from selling your home? Just take the selling price and subtract 10% to account for expenses.⁣
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Wondering what’s in the 10%? Here’s an overview:⁣
⁣Home prep costs: Think staging, lawn care, and landscaping projects.⁣
Agent fees: Sellers typically pay 6% of the selling price for agent commissions.⁣
Seller concessions: Although not as common in today’s market, a seller concession means you’ve agreed to pay some of the closing costs for the buyer like the inspection fee or title insurance.⁣
Closing costs: These are fees paid by both the seller and buyer to cover the transaction costs. Expect to spend 1-3% of the selling price. ⁣
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Not included in the above but good to keep in mind:⁣
Capital gains: If you sell less than a year after moving in, you’ll pay this capital gains tax on your profit. Lived in your home for at least two years? You’ll bypass this tax on the first $250,000 of profit.⁣
Home repairs: Because most buyers order a home inspection before closing, you’ll need to account for any major repairs.⁣
Moving costs: How far you’re moving, how much stuff you’re taking, and whether you’re hiring professional movers will impact your moving costs. Purge first to save. ⁣
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If you're considering selling your home, I'm here and ready to help you make the most possible on your home sale. Also, if you're looking for a home, I have some really exciting thigns in the works! Let me know how I can help!