If you’re thinking about selling your home, you’re probably wondering what it’ll cost. The final price tag depends on a few things—like the offer you accept, if you’re helping with the buyer’s closing costs, or what repairs you decide to tackle. Compass has tools that make it easy to explore your options before you fully commit! With Compass Make Me Sell, you can discreetly test your dream price, Private Exclusives lets you list off-market, and Compass Concierge covers upfront costs for improvements to help you get top dollar. With Compass, you’ll have everything you need to maximize the money you put in your pocket when you sell.
To give you a ballpark idea of what to expect, here are some expenses you’ll want to be prepared for (see graph below):
But here’s something that puts those costs into perspective: Most homeowners today have a substantial amount of equity built up in their homes, which means they stand to make significant gains when they sell. Chances are, you do too. This equity can help offset selling costs, and you may even have enough left over to put towards your next home.
Let’s dive into a few of these costs, so you have a clearer picture of what they include and where you may be able to save.
Closing Costs and Commission
These are the fees you’ll pay at the closing table to cover various aspects of the sale. You’ll have your own closing costs, and you may even offer to pay some of the buyer’s as a concession. According to U.S. News Real Estate:
“Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer. Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480.”
Taxes vary by state, and agent commissions depend on what you agree upon upfront. Plus, if you’ve made escrow payments for property taxes or insurance, you might receive a credit back at closing, offsetting some of these costs.
Pre-Listing Inspection and Repairs
Some sellers opt for a pre-listing inspection to get a heads-up on any issues that could arise during the buyer’s inspection. This way, you can address repairs before listing, setting the stage for a smoother transaction. However, skipping this step is perfectly okay. Your agent can offer advice on what repairs might be most impactful and give you tips on quick, cosmetic updates that make your home more appealing.
Home Staging
As inventory grows, you may want to take a few extra steps to ensure your house stands out. Staging can include bringing in rental furniture, art, or even opting for virtual staging. According to Bankrate:
“Home sellers typically pay somewhere between $782 and $2,817 in home staging costs, but the price tag can vary widely.”
If staging isn’t in the budget, your agent can provide guidance on how to arrange your furniture and make small adjustments to create a welcoming space.
Why Leaning on an Agent Is Key
If you’re looking to cut down on costs, be mindful of where you trim. Staging and pre-listing inspections are optional, but having an agent on your side is invaluable. Your agent offers customized advice, helps you price your home strategically, and crafts a marketing plan that highlights your home’s best features. This support can make a big difference in the final sale price.
Introducing Compass Make Me Sell
If you’re considering selling in the next few years, Compass Make Me Sell can help you discreetly test your aspirational sale price and gather feedback now. Here’s how it works:
- Initial Consultation: We’ll discuss the price you’d want to receive to consider moving.
- Discreet Marketing: I’ll add your home to the Compass Make Me Sell category in our Compass database.
- Networking with Compass Agents: Other Compass agents will know your home is potentially for sale, but your details stay confidential until you’re ready to move forward.
- Receive Offers: When an interested buyer surfaces, we’ll review the offer together to determine if you’d like to proceed.
In today’s low-inventory market with high demand, you might find that your dream price is within reach. And even if you don’t decide to sell immediately, Compass Make Me Sell gives you a clearer picture of your home’s potential value.
Bottom Line
Want a better understanding of what it’ll cost to sell your home? Let’s talk and walk through each step together. Whether you’re ready to sell now or just want to test the waters, Compass Make Me Sell is a valuable tool to help you explore your options with minimal commitment.