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.
“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.
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
San Francisco, CA $55,105
Los Angeles, CA $40,808
Seattle, WA $37,629
San Diego, CA $35,236
Boston, MA $29,833
Washington, DC $29,667
Sacramento, CA $25,197
Denver, CO $24,082
Portland, OR $23,280
Riverside, CA $21,223
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
While the average sales price in Las Vegas rose over 30% in 2013, the median price for homes over $1 million was virtually unchanged last year and remained stable at $1.4 million. Surprisingly enough, though, the volume of closed transactions for Las Vegas luxury homes priced at over $1M almost doubled from 2012. Buyer...
Prospective owner occupants need to hurry up and buy Las Vegas real estate before FHA loan limits decrease! The Department of Housing and Urban Development has revised its FHA loan limits for counties across the United States based on the most recent average sales prices, and as of October 1, 2011, Clark County Nevada...
March marked the 18th consecutive month of annual supply declines, according to Redfin.U.S. home prices rose 7.5% last month to a median sale price of $273,000 — a year-over-year increase of 8.9%. Home sales, however, decreased by 13% compared with the same month last year.2017 is shaping up to be the fastest hou...
What are the hot markets where you can still afford to buy? Which are ones where home prices are almost certain to appreciate? Which ones have burgeoning economies and lots of job growth? Which are the ones where you actually want to live? To determine our predictions for the best real estate marke...
Well, it's the first day of 2013, and the beginning of a new year of "statistics" for the national real estate market. I thought I would start this year out by posting an article from one of my Realtor buddies in Myrtle Beach, South Carolina at the Harrelson Group. We like to confer about changing market cond...