Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Huge hidden costs in home selling revealed

Posted by Mastura Zaini-Roberts on Monday, May 22nd, 2017 at 8:28am.

Nationwide, US homeowners could spend up to $15,190 in hidden costs when selling their home, according to a new analysis from Zillow and local services marketplace Thumbtack.

These hidden costs could come as a surprise, as 63% of today’s sellers are selling their homes for the first time.

Home improvements
“More than eight out of 10 home sellers make improvements before listing,” but those that prefer to outsource can expect to shell out more than $2,650 for expenses on cover staging, carpet cleaning, interior painting, lawn care and house cleaning.

Labor costs also vary – Los Angeles sellers pay a whopping $4,000 while sellers in Columbus, Ohio, only pay $1,500 for the same projects.

Closing costs
Agent commissions and sales or transfer taxes – the two largest closing costs – can reach up to $12,532 on the median home. Title insurance and escrow fees are also included.

“One of the biggest regrets sellers have is not starting the process early enough,” said Jeremy Wacksman, Zillow Group chief marketing officer. “For those planning to sell this year, take your time to research all the costs you could be responsible for and how they may affect your profit, or even budget for your next home. Partner with a great agent who can help you understand the nuances in your market – from what taxes or closing costs you should expect, to which home renovation projects can help attract the right buyer.”

“Sellers need to consider these additional, often necessary costs when planning to put their home on the market,” said Lucas Puente, Thumbtack economist. “While it’s clear these costs vary widely, often times the easiest way to ensure a home is fully prepared to be sold is to hire local, skilled professionals to help with basic home projects.”


Below are the top 10 metros with the highest hidden costs for home sellers:


        Metro                                          Average Total Hidden 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. Sacramento, CA                                    $25,197

  8. Denver, CO                                           $24,082

  9. Portland, OR                                         $23,280

  10. Riverside, CA                                        $21,223

 

by Anna Sobrevinas22 May 2017
http://www.mpamag.com/news/huge-hidden-costs-in-home-selling-revealed-68176.aspx

 

Mastura Roberts
(702) 710-3330
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"

Related Blog Posts

Consumer confidence in housing hits all-time high

Consumer confidence in housing is at an all-time high, with millennials posting strong increases in confidence, according to new data from Fannie Mae. The Fannie Mae Home Purchase Sentiment Index (HSPI) spiked by 5.6 percentage points last month to 88.3, the highest it’s been since Fannie started keeping...

New home sales unexpectedly spike to 8-month high

Purchases of new U.S. homes unexpectedly increased in March to an eight-month high, indicating housing demand remained strong at the start of the spring buying season, Commerce Department data showed Tuesday. Key Points Single-family home sales increased 5.8 percent to a 621,000 annualized pace (median forecast...

8 Things Home Sellers Should Never Reveal (Except To Their Realtor)

When homeowners decide to sell, they may find themselves justifying their choice to anyone who’ll listen. But, as the old saying goes, “Loose lips sink ships.” In today’s world where sharing is the norm, sometimes keeping your rationale for making a move all to yourself is the right move....

If You Refinance a Mortgage, When Will You Break Even?

Part of the process of deciding whether to refinance your mortgage is figuring out when you would break even. Without knowing that, you may be shocked to learn that it could be years before you start saving money. Look, this isn’t going to require IBM’s Watson to calculate. In fact, you just took a...

Credit Utilization

Credit: www.mycreditguy.com "When I see credit reports with lower scores, there is almost always one factor in common, high credit card utilization. Check out this quick video that will talk about how the credit scoring algorithm factors in your "balance to limit ratio" and how you can actually use this to your adva...

Leave a Comment

Have a Question?

Contact Us

Follow Us