How Much Does It Cost to Sell a Home? New Report May Surprise You

Dated: April 26 2019

Views: 2

                                                 

Purchasing a home often comes with a hefty price tag, but a surprising new report from Zillow shows that it costs a pretty penny to sell a home as well. In 2019, the average U.S. home seller spent $20,851 to sell their property, according to Zillow and Thumbtack’s 2019 Hidden Costs of Selling analysis. This number includes the obvious closing costs, as well as improvements made when people are preparing to sell a home.

“Selling is often a complicated process that can sometimes require extensive prep work in order to put your best foot forward for a successful sale,” said Skylar Olsen, Zillow’s director of economic research, in a recent release. “It also comes with huge transaction costs that aren’t necessarily top-of-mind to someone who hasn’t sold a home in a while or never has had the pleasure. Selling was hard even in the sellers’ market of recent years, and it’s going to get harder as markets soften.”

According to the report, closing costs—including agent commissions and sales taxes—add up to an average of $14,281. Since the costs are built on the selling price, those in high-priced markets can shell out much more to close. In San Jose, Calif., sellers pay an average of $76,015 in closing costs, compared to Cleveland, Ohio, sellers, who cough up an average of $9,046.

Nearly 80 percent of sellers undertake at least one home improvement project before listing their home. What are sellers shelling out for? According to Thumbtack, the most popular selling costs were: carpet cleaning, interior and exterior painting, full-service lawn care, home staging, house cleaning and local moving costs.

So is paying out to sell worth it? According to the report, yes. Sellers who make improvements to their homes are 22 percent more likely to sell for more than their asking price, compared to only 16 percent for those who make no improvements at all.

Blog author image

Kathleen Comerford

Let The Comerford Group Be Your Key to Your Real Estate Success! I am a Broker and REALTOR, connecting buyers and sellers around the world. The Comerford Group is able to provide customers with excep....

Latest Blog Posts

Explore Sarasota With These Five Walking Adventures

Looking to get out of the house and take in our beautiful city? Get in your 10,000 steps with these 5 terrific urban-suburban walks in 10,000 paces put together by Sarasota.

Read More

Don't miss out on owning this adorable home!

                   ;

Read More

Knowledge Is Power on the Path to Homeownership

Homeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying process to pre-approval and down

Read More

5 Tips for Homebuyers Who Want to Make a Competitive Offer

Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to

Read More