Unexpected expenses that can come with selling a home & the home updates that are the best return on your investment

June is National Home Ownership Month, and the summer is historically peak season for people to make a move.

Publish Date: Thursday 20th June 2024
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June is National Home Ownership Month, and the summer is historically peak season for people to make a move.

Right now, predictions are that a more balanced housing market might be on the horizon after interest rates peaked last fall at 7.7%. They’re now hovering at about 7%.

When you are selling a home, it’s easy to focus on how much you hope to earn, but don’t forget it can cost you money to get a house on the market.

According to a recent survey from Clever Real Estate, Americans report spending nearly $55,000 on home-selling expenses -- an amount that came as a surprise to 64% of the sellers surveyed.

Here’s a breakdown of those costs.

Listing agent commission $11,136

Buyer’s agent commission $10,467

Repairs $10,000

Closing costs $8,000

Concessions $7,200

Moving expenses $3,250

Marketing $2,300

Staging $2,263

The largest piece of the pie clearly goes toward commission costs, so to avoid high commissions, some sellers are choosing to forego a real estate agent altogether.

If that’s something you’re thinking about, consider this first: The Clever Real Estate survey found selling a home without professional help might not be worth the commission savings.

Sellers who did not hire an agent saved only $4,200 compared to those who did, and sellers who hired an agent made $34,000 more than those who didn’t.

If you’re not in a hurry, one more factor to consider is that starting in August, sellers will no longer be required to pay the buyer’s agent commission. That’s because of the outcome of a lawsuit against the National Association of Realtors that will reduce home-selling costs by about $10,500.

Repairs and upgrades are another major home-selling expense because the majority of today’s home buyers don’t want to take on costly renovations in an already expensive housing market.

According to the Clever Real Estate survey, 76% of sellers invested in repairs and updates to their homes.

But how do sellers know they’re making the right changes so that they will recoup the costs with a higher sale price?

Here is a ranking of the improvements buyers want, according to the survey:

Bathroom remodels

Kitchen updates

Fresh paint

Updated plumbing

A new roof

But realtors say the renovations that will actually give you the best return on your investment are a new HVAC system, a new garage door or a manufactured stone veneer.

Ashleigh Robinson with First Florida Credit Union joined us on The Morning Show to share what real estate analysts expect for the near future.

December 22, 2024

Story attribution: Staff

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