Staging, curbing appeal updates, and closing costs all add up.
Selling a home not only costs time, it also costs money. To make budgeting easier, Zillow and Thumbtack identified several common – but often overlooked – seller costs.
According to Zillow and Thumbtacks Hidden Costs of Selling Analysis, U.S. homeowners can expect to spend more than $ 15,000 on those additional or hidden costs to sell the midsize home.
Closing costs
The two largest closing costs are brokerage commissions and, in most states, sales or transfer taxes.
Nationwide, sellers are spending $ 12,532 on both midsize home closing costs. Sellers should also prepare for a variety of other minor closing costs, including property insurance and fiduciary fees.
House preparation costs
Most sellers will complete at least one home improvement project before listing it.
While some sellers prefer to do these projects themselves, those who outsource can expect to spend more than $ 2,650 nationwide on staging, carpet cleaning, interior painting, lawn maintenance, and house cleaning – five of the most popular home prep projects for sellers.
Place, place, place
As with all real estate, these additional costs can vary significantly depending on the region.
In San Francisco, homeowners can pay more than $ 55,000 for the mid-size home to cover those combined closing costs and maintenance costs – the highest among the markets analyzed.
Compare that to Cleveland, OH, where home sellers pay just over $ 10,000 for the same cost.
Profit estimate
Although home sales cost money, most (73 percent) of sellers are happy with the deal, according to the Zillow Group Report on Consumer Housing Trends.
To estimate potential profit, sellers who have claimed their home on Zillow can use Zillow’s Sales Revenue Calculator. It takes into account the sale price, mortgage balance, and home brokerage commissions, as well as other common seller fees.
Curious about how your subway is doing for salespeople? Here is a breakdown of the metros analyzed in the report:
Are you looking for more information about selling your home? Read our seller guide.
Top photo from Shutterstock.
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