Selling a home or condo is a significant process and financial transaction. Many sellers tend to focus on the sales price they’ll get for the property and might not pay too much attention to the costs of selling a home. Without contemplating the selling costs, seller’s could be surprised when they receive their final net proceed statement.
The cost to sell a home or condo can vary. In Washington State, and the greater Seattle area in particular, seller costs typically range between 9% to 10% of the sales price.
Additionally, in order to maximize the sales price and net proceeds many sellers invest in prepping the home for sale with repairs, improvements and staging, which can add a few hundred to several thousands of dollars. Of course, this is an investment to realize a higher sales price.
Here is quick run down of the common seller closing and home preparation costs.
|SELLER CLOSING COSTS|
|Real Estate Commission||Typically 6% of sales price, split between the listing and buyer's agent firms.|
|Real Estate Excise Tax||Varies by location, though 1.78% of sales price is most common.|
|Title & Escrow Fees||Up to 1% of sales price.|
|Resale Certificate (condo)||$275. Though, there may be additional processing and delivery fees. Paid to the HOA / property management company at time of order.|
|Other HOA Fees (condo)||Varies depending on condo & property management company. These may include additional escrow fees, homeowner transfer fee and move-in/out fees. Typically a few hundred dollars.|
|Seller Concessions||More likely in a Buyer's Market rather than a Seller's Market. May vary up to 3% of the purchase price.|
|HOME PREPARATION COSTS|
|Home Repairs and Improvements||Varies depending on the extent of preparation work. May include interior paint, new flooring, curb appeal, landscaping, minor repairs, etc. These are repairs done to increase the home's appeal to buyers and add value to the price of the property. May range from $200 to $5,000 or more.|
|Staging - Minimal / DIY||If you utilize your own furniture, clean and declutter the property, there's virtually no cost.|
|Full Staging with Furniture Rental||Varies depending on how comprehensive it will be and size of home. For an average sized home, typically $1,500 to $3,000. For larger and luxury homes, it may range up to $6,000.|
If you have any questions about the home and condo selling process and costs, or for information about our services and investment we provide to sell your property for the highest value, contact us today!