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
Among the many highly experienced agents on the Tonnesen Team, Christine Durno is one of our best ! Warm regards,Christine DurnoREALTOR® Find out why people who know me continue to refer their friends and family to me.Berkshire Hathaway HomeServices Nevada Properties3185 St Rose Pkwy #100 H...
It's disheartening when a house appraisal comes back lower than the purchase price you and the seller agreed on. Your loan will cover only the appraised value of the home, so having to cover tens of thousands of dollars more than you anticipated could throw a serious wrench in the plan. Here's w...
It seems like the downward spiral of available housing inventory for the Las Vegas real estate market has finally stabilized, and it even increased slightly during the month of July. The number of actively listed single family homes went from 3785 at the end of June to 3953 at the end of July. (These figures do not...
If you're looking to purchase a property in a neighborhood, community or building with shared common areas (like a pool, clubhouse, parking garage, etc.) or even a security gate, it's likely the community or neighborhood is maintained by a homeowners association, also known as a HOA. When you move into a community main...
One of my favorite things to do each year, is to park outside the Post Office on April 15th and watch the parade of cars as last minute procrastinators get in line to post their taxes before the deadline. Miraculously, everyone seems to be in a pretty good mood - after all, we are all in this tax thing together. Jokes...