What Does It Cost to Sell Your Home Today?

By Linda Welsh

Specialize in representing savvy Buyers and Sellers for residential, second home, vacation properties, lake and hill country properties, new and existing homes, land and lots. Relocation services include area, community and neighborhood expertise and helping the entire family to find the perfect home to meet their needs and wish list.

What does it cost to sell your home in today’s market? With so much media hype and misinformation, it’s no surprise that sellers have questions about commissions, closing costs, and new real estate procedures.

First, let’s address the recent changes in the real estate market. As of August, buyers must sign up with a Realtor before a Realtor can even open the first door for them. How does this change affect you as a seller?

A common misconception is that you no longer have to pay a buyer’s agent commission. While it’s true that paying a buyer’s agent has always been negotiable, choosing not to offer a commission can have consequences. If you decide to sell your home without providing a commission to buyer’s agents, you may attract fewer buyers, and your home might not get the exposure it needs. Buyer’s agents may be less inclined to show your home if their professional fee isn’t covered. Selling your home as a For Sale By Owner is an option, but it often attracts buyers looking for a bargain, which could mean a lower return for you. Additionally, your home won’t be listed on the Multiple Listing Service, making it less visible to potential buyers. Now, let’s talk about the general costs involved in selling your home:

1. Commissions. Typically, commissions range from 3% to 7% of the sale price. This depends on various factors, including whether an agent represents the buyer. If a buyer comes unrepresented, your listing agent may negotiate their fee since they’ll be doing more work.

2. Closing costs. As the seller, you’ll be responsible for the owner’s title policy, calculated based on the sale price. You’ll also pay for filing fees, escrow officer’s fees, and attorney fees at the title company.

3. Property taxes. You’ll need to pay the property taxes for the portion of the year that you owned the home. For example, if you sell your home halfway through the year, you’ll pay half of the annual taxes at closing.

4. Home preparation costs. Preparing your home for the market can involve repairs, upgrades, staging, and more costs. This is where Compass Concierge can be a game-changer. This program allows sellers to access up to $25,000 to prepare their home for sale, which can be paid back at closing. It’s an excellent opportunity to make necessary improvements without upfront costs and help your home stand out.

Investing in your home’s appearance isn’t just about making it look pretty—it’s about boosting your sale price and selling faster than hotcakes. Upgrades like chic new flooring, a fresh splash of paint, and professional staging can turn your place from “nice” to “knockout.” Don’t make the rookie mistake of underestimating these costs or trying to pinch pennies in all the wrong places—it could hurt your bottom line.

Are you curious about the costs of selling your home or how programs like Compass Concierge can be your secret weapon? Feel free to call me at (512) 657-4033. I’m here to help you manage the ins and outs and make decisions that would make your future self high-five you.