The Costs of Selling a Home
According to a recent report published by Clever Real Estate, selling a house can be quite an expensive undertaking. It’s not only inflation that is costing homeowners money, it is the home selling expenses that are involved with every sale. And now those costs are rising to about $55,000 to sell a home, according to this recent report. These realities are causing many home sellers to have regrets about selling their house.
According to the report, nearly one-half of home sellers found that the cost of selling their home was higher than they anticipated.
An interesting statistic that came out of the report was that among the sellers who did not hire a real estate agent, 59% did so to save money. Sellers who used a real estate agent, though, sold their home for approximately $34,000 more than those who did not.
Home sellers who followed their real estate agent’s advice on home preparation found that 67% of those recommended costs were more than they felt that they were comfortable spending.
Here are some of the other findings:
■ An interesting finding was that 2024 sellers were 87% more likely to sell below asking price than sellers in 2022
■ About 64% of sellers made money on their sale.
■ The median profit resulting from each sale totaled $100,000.
■ More than half of sellers (58%) had to reduce their asking price.
■ Approximately one-third (34%) of home sellers were not satisfied with the final sale price of their home.
■ About 89% of sellers have regrets about their sale. The most common regrets include selling too quickly (30%), missing their old home (29%), and not selling for enough money (28%).
■ Another 89% of sellers had to compromise on their priorities.
■ The most-compromised priority was selling above asking price. One-third of sellers (33%) said it was a priority, but of those, 13% had to settle for asking price or below.
Average cost of selling a home depends on a number of factors. Here are some of the categories and breakdowns for the costs for homeowners to sell their homes:
- Listing agent commission on the median-priced home: $11,136
- Buyer’s agent commission on the median-priced home: $10,467
- Pre- and post-listing repairs, improvements, and renovations: $10,000
- Closing costs: $8,000
- Concessions to the buyer: $7,200
- Moving costs: $3,250
- Marketing: $2,300
- Staging: $2,263