Looking for an all in one solution to sell your house? Curious what “We Buy Houses” home buyers would pay first? Trying to decide what repairs to make on your house? Wondering if they will even be worth it?! If you are looking for someone to call, someone that will give you straight answers, someone that has credibility in the local market then read on.
Despite what you may believe, it can actually be super expensive to sell a house. Especially if the house needs work or updating. If you’re curious just how expensive selling can be, we are breaking down the numbers for you.
Then, we’ll tell you how you can save yourself time, money AND make your life a whole lot easier all at the same time by selling your house to a cash buyer if that makes the most sense for your situation.
Let me explain.
Here’s a Break Down of Home Selling Costs:
Pre-listing repairs: $2,000 – $30,000
Time Investment: 10 – 30 hours
This cost is completely dependent on the condition of the home you are trying to sell. They can range from a few thousand dollars to 20-30k. It’s a good idea to get 3-4 quotes from reputable companies, and only focus on the specific home repairs that will maximize the home’s value to your ideal buyer.
If you are curious what pre-listing repairs to make then fill out this short form and lets talk about what your options are
Pre-listing Decluttering: $0 – $2,000
Time Investment: 3 weeks – Several Months
Good news! The cost to do this is generally free. The bad news is it will take a significant chunk of your time. If you need help purging, it’s a good idea to rent a dumpster and/or pay a few hourly guys to haul your unwanted belongings to be discarded. Dumpster $500, labor – upwards of $1500
Pre-listing Staging & Pictures: $1000
Time Investment: 1-5 hours
Professional photography and staging services truly help to showcase your home in its best light – incredibly important if you’re looking to get top dollar. Professional photographers cost between $300-$500 and a professional stager will be about $500-$700 all said and done.
However, the most *cost-effective* way to prep your house for listing is to follow the steps outlined in this article. You can even read this post on how to take near-professional level listing photos yourself! That makes this step free!
Pre-listing Appraisal: $400
Time Investment: 1-2 hours
An official appraisal is not required, but it is a good idea to have a real estate broker work up a CMA if you are going to list it. the very least, pulling comparable properties to establish an appropriate listing price should be included in your broker’s services. If you don’t already have a real estate professional you can trust and you are in Raleigh, Apex, Cary or somewhere else in the Triangle, the Brecken & Oaks Real Estate Team is happy to help.
Time on Market
In a dicey real estate market you can expect houses to sit on the market longer, especially if they are priced too high and even longer if it is outdated or needs repairs. Even if the house is priced just right, there’s simply an element of unknown to selling traditionally. All the while you are locked in a 6 month or more contract to sell with your listing broker.
Closing Costs: $3,000-$5,000 (or ~ 4% of sale price)
Time Investment: 0 hours (this time is accounted for in attorney fees and lender documents)
There are closing costs on both sides of a real estate transaction and buyers will often ask the seller to contribute to their end as well, along with their initial offer.
Commissions: $6,000-18,000 (or ~6% of Purchase Price)
Time Investment: 8-10 hours of sending required documents, communicating, etc.
Commissions can range and are negotiable from agent to agent, but a good one will be worth their weight in gold. They will take the leg work of pulling comps, negotiating an offer, arranging inspections, communicating with the closing attorney, and ensuring all the necessary paperwork is completed.
In the end, when considering all the costs, time and unknowns involved, you may find selling AS-IS to a cash buyer is the better option. Often, when you break down the numbers, you are only talking about a few thousand dollars difference in the AS-IS offer price and what you’d walk away with at the closing table. Read the lower half our How it works page for a break down of comparison costs when selling
The question ultimately becomes – What is your time, energy, and sanity worth?