Will selling cost you money? Many people list their house, not taking into account what it will actually cost them. There are fees and expenses you should be aware of before you list with an agent. In our latest post, we will let you know what costs to expect when selling a home in Fort Myers!
Have you decided to sell your house in Fort Myers? There are many things to consider before you decide how to sell! Keep in mind, listing your house will cost you money both up-front and once the property closes. You must factor this in when pricing your house and deciding who you want to work with.
Studies show that the average amount it takes to sell a house in the US is $15,200! That’s a lot of money! Keep in mind, that number varies widely based on where you live and the price of your home.
Will Selling Cost You Money in Fort Myers?
Agent Commissions – Real estate commissions typically amount to around 6% of the final sale price of the home. You’ll become aware of the agent’s share upon signing the listing agreement. Although this expense isn’t paid upfront, it’s subtracted from the proceeds you ultimately receive. It’s essential to bear this in mind when determining the price of your home.
Agent Fees – When selling a property through a real estate agency, it’s important to be aware of potential additional fees that might arise during the process. Certain agents may transfer marketing and listing expenses directly to their clients, so it’s essential to comprehend the breakdown of services included and the financial responsibilities that will fall on you once the transaction is completed. Understanding these aspects can help you make informed decisions and avoid unexpected financial burdens, ensuring a smoother and more transparent selling experience.
Closing Costs – Closing costs are a comprehensive array of fees and expenses that are settled at the closing table when a real estate transaction is finalized. These costs typically encompass various items such as transfer fees, title insurance, title search fees, recording fees, transfer taxes, appraisal costs, discount points, credit report fees, and more. It’s essential for buyers and sellers to be aware of these expenses, as they can significantly impact the total amount of money needed to complete the transaction. As a general guideline, it’s advisable to budget around 2% of the final sale price to cover closing costs, though this can vary based on the specific circumstances of the transaction and the location. Being prepared for these costs can help ensure a smoother closing process and avoid any last-minute financial surprises.
Taxes – When you list your home for sale, you take on the responsibility for property taxes, utilities, and homeowners insurance until the day of closing. These ongoing expenses can accumulate into significant costs, especially if it takes several months for the property to sell and the transaction to close. Selling your home quickly becomes crucial to minimize these financial burdens. The longer the selling process drags on, the more you’ll have to cover these expenses out of pocket, impacting your overall finances and potentially diminishing your profits from the sale. Therefore, once you’ve made the decision to sell, acting promptly to facilitate a swift sale is in your best interest.
Preparing Your House for The Market – There is a lot of energy, time and money that go into getting a house ready to sell. There are repairs to make, walls to paint and carpets to clean. You will want to remove personal belongings and stage the home for selling. Whether you work with a professional or do it on your own, you are likely to spend money on new decorative pieces in the house. You should also clean up the yard but also consider some new landscaping to bring more curb appeal to the property.
Inspections – While it certainly isn’t required, more and more sellers are opting to have their homes inspected before listing them. This upfront cost, typically around $200 and up, can provide several benefits. By conducting an inspection prior to listing, you can proactively address any potential issues with the home before they are discovered during the buyer’s inspection, potentially saving you time and money in the long run. Additionally, having a pre-listing inspection report can give you greater negotiating power during the selling process, as you can confidently address any concerns raised by potential buyers and present your home in the best possible light.
Storage and Moving – While moving isn’t technically a selling cost, it is a large expense you will have to make once the house closes (if you haven’t done so already.) Whether you hire movers or do it yourself, moving can get expensive! How far are you going? Will you need a truck? Or pizza to bride your friends? You will also want to consider storage costs if you are living in the home while waiting for it to sell. Packing up unnecessary items ahead of time will make the house look nicer and give you an edge when it’s time to move.