May 08, 2023 at 4:15pm | Brianna Hill
Selling a home involves various expenses that sellers need to consider when calculating their overall costs. Understanding these expenses can help you make informed decisions and maximize your financial outcome. In this blog post, we'll provide a detailed breakdown of the true costs of selling a home, specifically tailored to sellers in the Maryville and Knoxville areas. So, let's dive in!

Agent Commissions and Administrative Costs: When selling a home, one of the primary expenses is agent commissions, which typically range from 5-6% of the sale price, split between the buyer's and seller's agents. Additionally, there are attorney fees, transfer taxes, and other administrative costs that amount to approximately 1% of the sale price.

Home Repairs and Inspection Requests: Home inspections often reveal necessary repairs, which can impact the final sale price. The cost of repairs can vary widely, ranging from minor adjustments like sticky doors to more significant issues like leaky faucets and shower heads. Depending on the extent of repairs, sellers can expect expenses ranging from $100 to $10,000.

Optional Expenses: While not obligatory, certain expenses can enhance the selling process and potentially increase your home's value.
  1. Moving: The average cost of a local move with a two-person team is around $1,400, while a cross-country move can range from $2,200 to $5,700. To save on moving expenses, consider enlisting the help of friends and opting for a DIY approach.
  2. Interior Staging and Exterior Landscaping: According to a survey, 18% of sellers' agents reported that staging a home increased its value between 6-10%. Allocating approximately 2% of the sale price to staging and landscaping can be a worthwhile investment to make your home more appealing to potential buyers.
  3. Seller Concessions: Offering concessions, such as assisting with inspection fees or processing costs, can sweeten the deal and attract buyers. Typically, seller concessions amount to no more than 2% of the sale price.
  4. Home Warranty: Some sellers provide buyers with a home warranty to cover potential repairs during the period leading up to closing. The cost of a home warranty typically falls within the range of $300 to $500.
Avoiding Costly Mistakes: One common mistake sellers make is investing in unnecessary improvements before consulting with a real estate agent. Seeking professional guidance early on can help you prioritize improvements that will yield the greatest return on investment.

Conclusion: Selling a home involves several expenses that sellers need to consider to accurately determine their total costs. By understanding these expenses and making informed decisions, you can maximize your financial outcome. If you're thinking of selling your home in Maryville or Knoxville, don't hesitate to reach out to a trusted agent who can guide you through the process and help you get the most out of your home sale. To learn more or seek assistance, feel free to DM me today.

Sources:
  • Source: https://www.bankrate.com/real-estate/how-much-does-it-cost-to-sell-house/ 
  • Source: https://www.forbes.com/home-improvement/moving-services/movers-and-packers-cost/#:~:text=The%20national%20average%20cost%20of,to%20between%20%242%2C200%20and%20%245%2C700.
  •  Source: https://www.parealtors.org/what-are-the-most-common-repairs-that-show-up-in-home-inspections/
  • Source: https://www.rockethomes.com/blog/home-selling/cost-of-selling-a-house
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