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What’s the Cost of Selling Your Home?
Manage episode 177005922 series 1413180
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Buyers aren’t the only ones who have to pay closing costs. Sellers can expect to pay 9% of their sale price on closing costs.
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We all know there are costs associated with buying a home, but were you aware that there are also several costs of selling a home to consider before going through with listing it for sale?
Typically, a seller has to deal with eight different selling costs here in Spokane. They include:
- Title insurance
- Escrow fees
- Excise tax
- Commissions
The more expensive your home is, the higher these costs will be. When you add them all up, they typically equate to about 9% of the sale price. So, when calculating your bottom line, you will be safe by assigning 9% of your asking price to closing costs and then subtracting any loans you have pending on your home. Doing this will give you a pretty solid idea of how much money you can expect to walk away with when the sale is finalized.
Selling a home isn’t cheap.
For example, if you’re selling a home at $250,000, you can expect your closing costs to be anywhere from $20,000 to $25,000. Subtract that from your mortgage balance and you will get your bottom line.
I hope you found this helpful. If you have any questions in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
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