Is it true that selling your home will cost you money? Many individuals list their house without considering the real costs. Before you list with an agent, there are various fees and charges to consider. We’ll tell you what to anticipate if you’re trying to sell a property in Las Vegas!
Have you decided to put your Las Vegas home on the market? There are several things to think about before deciding how to sell your house! Remember that listing your property will cost you money both up-front and after it closes. When pricing and choosing who you want to work with, remember that this must be taken into account.
In this blog, we’ll go over some of the fees and common costs you’ll encounter when selling a house in Las Vegas!
Will Selling Cost You Money in Las Vegas?
According to statistics, it takes an average of $15,200 to sell a house in the United States! That’s a significant amount of money! Keep in mind that this figure varies significantly depending on where you live and the value of your home.
Real Estate Agent Commissions
Commissions are typically around 6% of the home’s final sale price. When you sign your listing agreement, you’ll be aware of the agent’s commission. Although this money isn’t paid up front, it is subtracted from your profits. Consider this when valuing your property.
For example, if your home sells for $300,000, you’ll write a check to the agent for $18,000.
This is negotiable, so if you’re worried about the cost, be sure to discuss it with your agent. Some agents are willing to work for a lower commission, especially in a buyer’s market.
There may be additional fees levied throughout the selling process, depending on the agency. Some agents will charge their clients with marketing and listing expenses directly. Make sure you understand what’s included in the final price tag.
Commissions and fees are two different things, so it’s important to be clear on both before you sign a contract.
Closing costs include costs that you pay at the closing table. These are transfer fees, title insurance, title search expenses, recording charges, transfer taxes, appraisal expenditures, discount points, credit report services fees, and other expenses. Closing costs average around 2% of the final purchase price. For example, if you’re selling your home for $300,000, you can expect to pay around $6,000 in closing costs.
You are responsible for property taxes, utilities, and homeowner’s insurance until the day of closing when you put your house on the market. Should it take a few months for the home to sell and close, these charges might amount to thousands of dollars. The sooner you decide to sell, the better!
Transfer taxes are paid to the state and/or county when you sell your home. These taxes are based on the sales price of your property. The amount will vary depending on where you live, but it’s typically a few hundred to a few thousand dollars.
Preparing Your House for The Market
There’s a lot of effort, time, and money involved in preparing a home to sell. There are tasks such as mending holes and painting walls that need to be completed. You’ll want to get rid of personal belongings and arrange the house for sale. You should also clear up the yard, but you might also want to add some new landscaping so it has more curb appeal.
While it isn’t necessary, more and more sellers are paying to have their homes inspected before putting them on the market. This will set you back anywhere from $200 and up. Doing an inspection prior to listing your property will allow you to address any concerns with the property before they become apparent during your buyer’s inspection. During the selling process, this will give you stronger negotiating position.
Marketing your property
Once your house is in tip-top shape, it’s time to start marketing! This can be done in a number of ways, including online listings, yard signs, open houses, and print advertisements. You might want to hire a professional photographer to take pictures of your home as well.
There are free ways to market your home, but paid methods will usually result in more exposure. You’ll need to decide what method or combination of methods will work best for you and your budget.
Storage and Moving
Moving is not actually a selling cost, but it is a significant expenditure that you will have to pay once the property has closed (if you haven’t already.) Whether you use movers or handle things yourself, moving may be expensive! How far are you planning on going? Do you need a truck? Or do you want to bring some food for the bride’s party? You’ll also want to think about storage fees if you’re staying in home while it sells. If possible, pack up any unwanted items before packing them away. Packing your house more efficiently will make it appear nicer and give you an advantage when it’s time to relocate.
The Cost of Selling Your Home
It’s important to remember that the cost of selling your home goes beyond just the monetary amount you’ll be paying in commissions and fees. There’s also the emotional cost as you prepare to say goodbye to your home and move on to the next stage in your life.
Selling a house is a big decision and it shouldn’t be taken lightly. Be sure to consult with your real estate agent so you have a clear understanding of all the costs involved in the process.
If you’re thinking of selling your home in Las Vegas, contact us today! We would be happy to provide you with a free, no-obligation cash offer.