Are you wondering if selling your home will cost you money? Many homeowners list their property without fully understanding the expenses involved in the process. From agent commissions to preparation costs, there are numerous fees you should be aware of before deciding to sell. In this post, we’ll break down what costs you can expect when selling a home in Lehigh Valley to help you prepare for the financial side of the transaction.
Have you made up your mind to sell your house in Lehigh Valley? There are several factors to consider before choosing how to sell. It’s important to remember that listing your home can incur costs both upfront and once the deal closes. You need to take these expenses into account when pricing your home and deciding which selling method works best for you.
In fact, research shows that the average cost to sell a home in the U.S. is approximately $15,200! While this figure varies significantly depending on location and property value, it’s still a substantial amount to consider.
What Selling Costs Can You Expect in [market city]?
Agent Commissions – Real estate agent commissions typically amount to around 6% of the final sale price of your home. While you don’t have to pay this fee upfront, it will be deducted from your profits once the property closes. When pricing your home, it’s crucial to factor in this expense, as it can significantly impact how much you walk away with.
Agent Fees – In addition to commissions, some agencies charge extra fees throughout the selling process. These can include marketing and listing fees that agents pass directly to their clients. Make sure to ask for a clear breakdown of what’s included in your agent’s services and what additional costs you might incur along the way.
Closing Costs – At the closing table, sellers are typically responsible for a range of fees. These include transfer fees, title insurance, recording fees, transfer taxes, appraisal costs, and more. Closing costs generally add up to about 2% of the final sale price. It’s important to budget for these expenses as they can significantly impact your bottom line.
Taxes:
Until the sale is finalized, you’re responsible for continuing to pay property taxes, homeowners insurance, and utility bills. If your home stays on the market for a few months, these expenses can quickly accumulate. The quicker your property sells, the sooner you can stop covering these ongoing costs, so timing is key.
Preparing Your Home for the Market:
Getting a home ready to sell can require a substantial investment of both time and money. You may need to complete repairs, repaint walls, clean carpets, and remove personal belongings. Whether you decide to hire professionals or tackle the tasks yourself, these improvements come with costs. Additionally, staging your home to make it more appealing to buyers may involve purchasing decorative pieces or investing in minor landscaping upgrades to boost curb appeal.
Inspections:
Though not required, many sellers opt to pay for a home inspection before listing the property. A pre-listing inspection can cost around $200 or more, but it can provide valuable information that helps you address potential issues before buyers find them during their own inspections. This foresight can also give you a stronger negotiating position when it comes time to finalize the sale.
Storage and Moving Costs:
While moving expenses don’t fall under the direct cost of selling, they are an unavoidable part of the process. Whether you hire movers or handle the move yourself, the cost can add up quickly. Factors like the distance of your move, truck rentals, and even incentives for friends helping you move, such as buying pizza, should be considered. If you’re living in the home while waiting for it to sell, you may also need to rent storage space to declutter and present your home in the best light to potential buyers.
Selling your home involves more than just putting it on the market—it comes with a range of expenses you should be prepared for. By understanding these costs ahead of time, you’ll be better equipped to price your home strategically and avoid any surprises along the way. If you have any questions about the financial aspects of selling your home, our team is here to help guide you through the process!