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May 25, 2017

How Much Does it Cost to Sell Your Home?

Homeownership

We all know that BUYING a home costs money, however, SELLING a home is costing homeowners across the country a surprising amount. New data from Zillow and Thumbtack shows that sellers are spending on average $15,000 to get their home off the market.

Closing costs are typically the largest expense for sellers. While the buyers have a higher number of closing costs, two costs sellers must consider are agent commissions and in most states, sales taxes. Agent commission is based on a percentage of the total sale price and sales taxes depend on the state.

The data also found that 80 percent of homeowners make improvements before selling their home. The average cost of improvements was $2,650 nationally, which covered staging, carpet cleaning, interior painting, lawn care and house cleaning. Like closing costs, the expense of these improvements varies from state–to–state and can easily soar depending on local labor costs for such projects.

Another item for sellers to remember is the home inspection, which the buyers pay for. However, if the buyer requests any repairs as a result of the home inspection, the seller will need to negotiate and possibly repair the items identified.

So, which states have the highest seller costs? Check out the Zillow and Thumbtack chart below.

Top 10 Metros With the Highest Costs for Home Sellers

 MetroAverage Total Costs of Selling
1 San Francisco, CA $55,105
2 Los Angeles, CA $40,808
3 Seattle, WA $37,629
4 San Diego, CA $35,236
5 Boston, MA $29,833
6 Washington, DC $29,667
7 Sacremento, CA $25,197
8 Denver, CO $24,082
9 Portland, OR $23,280
10 Riverside, CA $21,223

Source: Zillow/Thumbtack

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