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How Much Does It Cost to Sell a Home? New Report May Surprise You
Dated: April 26 2019
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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.
Kathleen Comerford
I am the Team Owner of The Comerford Group and the Broker | Owner of Icon Premium Realty. I have been passionate about real estate my whole life starting with the condo projects I developed for ....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on August 19, 2022 10:14 AM UTC
MIAMI ASSOCIATION OF REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
The data relating to real estate for sale/lease on this web site come in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm (Broker) participates. The data is provided exclusively for the user's personal non-commercial use, and may not be used for any purpose other than to indentify properties that the user may be interested in purchasing or leasing. The properties displayed may not be all of the properties in the MLS's database, or
