It’s inevitable that homeowners will have to pay certain costs associated with selling their home, including spruce up and closing. But how much they spend may be a surprise. According to a recent analysis by Zillow and Thumbtack, a local services marketplace, homeowners spend an average of $15,190 to sell their home.
That cost is significantly higher in the Washington area, where the cost averages $29,667, nearly double the national average. Those costs for sellers include $27,186 for closing and $2,481 on home preparation projects such as carpet cleaning, interior painting, house cleaning, lawn care and staging. Closing costs include sales and transfer taxes and real estate agent commissions.
Labor costs for outsourcing home sale preparations and closing costs vary widely. The D.C. area, which Zillow estimates has a median home value of $382,900, ranks sixth among the metro areas analyzed, behind San Francisco, Los Angeles, Seattle, San Diego and Boston.
The costs of selling can be reduced by doing more preparation work yourself, by negotiating with an agent for a lower sales commission or choosing a discount brokerage with lower commissions. Some closing costs, such as transfer taxes, are mandated by various jurisdictions and cannot be adjusted.
For more information, click here.
To pass on a tip or item, contact us at email@example.com and put “Town Square” in the subject line.