What Does It Cost To Sell A Home?
It might sound surprising, but homeowners have to be prepared to spend several thousand dollars when selling their homes. On average, it costs between 10-15% of the sale price to sell a house. That means that on a $300,000 house, sellers should expect selling costs of $30,000 – $45,000.
The Cost of Selling a Home
Why can selling a home and real estate be so costly? What can homeowners do to maximize their profits?There are several people and entities involved in preparing a home for sale and each one will want to get paid. But how does the cost climb into several thousand dollars so quickly? Let’s review.
It’s possible to sell a dirty house, but do not expect to get top dollar for it. Sellers should thoroughly clean and declutter their homes before placing them for sale on the market. Try to remove as many personal items as possible. Buyers need to be able to see themselves living in the home. Many homeowners rent a storage unit to store items they don’t use every day, as one of their staging priorities toward selling their home.
Curb appeal has a huge impact on buyers. After all, their first impression is already formed before they even walk through the front door. It’s hard to quantify how much of an impact it has, but data suggests that homes with an inviting exterior sell for between 7% – 10% more than a similar home with a less inviting exterior. Simple maintenance like cleaning up fallen leaves and mowing the grass goes a long way towards a property adding curb appeal.
Home Repairs and Improvements
Some homes may require a $15,000 new roof. Others will only need minor DIY repairs that can be done with a few items from the hardware store. Historic homes may have features that will make it harder to sell the house to some buyers. If most buyers are likely to pass over a listing because of this home’s undesirable feature, it’s a good idea to put the money into updating it. Simple, impactful repairs include fixing bath and kitchen faucet leaks, freshening both interior and exterior paint, and repairing a broken porch step to add curb appeal.
Hire a REALTOR or Real Estate Agent
It is important to know the home’s potential buyer pool. For example, when selling a higher-end home, buyers will unconsciously expect a higher-quality listing. An experienced REALTOR can advise you on everything from which repairs are absolutely vital to whether or not you should hire a staging professional. To drive the point home, according to the National Association of REALTORS, the typical home sold by the owner sold for $260,000. Compare that to $318,000 for agent-assisted sales.
Maximize Your Profit
The main takeaway from all this is to realize that selling a house takes time and money. Unless you already have a buyer (friend, family member, etc.) it generally isn’t a good idea to try to sell your home yourself. You will end up doing a whole lot of work and probably still leave money on the table in the process. If you want to know how to sell your home to make more money, hire an experienced, local team of realtors like Amy Stockberger Real Estate, who can tell you exactly what you need to do. Reach out today to learn more via our online contact form or call (605) 376-6780 to speak with a Sioux Falls REALTOR.