Will selling cost you money? Many people list their house, not taking into account what it will actually cost them. There are fees and expenses you should be aware of before you list with an agent. In our latest post, we will let you know what costs to expect when selling a home in Philadelphia!
Have you decided to sell your house in Philadelphia? There are many things to consider before you decide how to sell! Keep in mind, listing your house will cost you money both up-front and once the property closes. You must factor this in when pricing your house and deciding who you want to work with.
Studies show that the average amount it takes to sell a house in the US is $15,200! That’s a lot of money! Keep in mind, that number varies widely based on where you live and the price of your home.
We are local Philadelphia, PA home buyers who pay cash and close fast on any property in or around the city. Our team works with people who want to cash out and close fast so please keep that in mind.
Will Selling Cost You Money in Philadelphia?
Agent Commissions – Commissions will typically run about 6% of the final sale price of the home. You will know the agent’s cut when you sign your listing agreement. While this money isn’t paid upfront, it is deducted from the amount you walk away with. Keep this in mind when pricing your home.
Agent Fees – Depending on the agency, there might be additional fees charged throughout the selling process. Some agents will pass on marketing and listing fees directly to their clients. Make sure you know what’s included and what you will have to pay for when all is said and done.
Closing Costs – Closing costs include many items that are paid at the closing table. These include transfer fees, title insurance, title search fees, recording fees, transfer taxes, appraisal costs, discount points, credit report fees and more. Expect to pay about 2% of the final sale price in closing costs.
Taxes – When you list your home for sale, you are responsible for the property taxes, utilities and homeowners insurance up until the day of closing. These amounts can add up to thousands should it take a few months for the property to sell and close. Once you decide to sell, the sooner it happens, the better!
Preparing Your House for The Market – There is a lot of energy, time and money that go into getting a house ready to sell. There are repairs to make, walls to paint and carpets to clean. You will want to remove personal belongings and stage the home for selling. Whether you work with a professional or do it on your own, you are likely to spend money on new decorative pieces in the house. You should also clean up the yard but also consider some new landscaping to bring more curb appeal to the property.
Inspections – While it certainly isn’t required, more and more sellers are paying to have their home’s inspected before listing them. This will cost approximately $200 and up. By doing an inspection before you list, you will be able to address any issues with the home before thy pop up in your buyer’s inspection. This will also give you negotiating power during the selling process.
Storage and Moving – While moving isn’t technically a selling cost, it is a large expense you will have to make once the house closes (if you haven’t done so already.) Whether you hire movers or do it yourself, moving can get expensive! How far are you going? Will you need a truck? Or pizza to bride your friends? You will also want to consider storage costs if you are living in the home while waiting for it to sell. Packing up unnecessary items ahead of time will make the house look nicer and give you an edge when it’s time to move.
Holding Costs – Another set of costs that a lot of homeowners forget to calculate in Philadelphia are the monthly holding costs that will be required to be paid out such as homeowner’s insurance, taxes, utilities, and other recurring costs that must be paid out on a regular basis. If you want to avoid paying these costs then please get in touch with us at your earliest convenience to find out more information.
Sell Your Philadelphia House To A Home Buyer Instead
Our company can enable you to sell your Philadelphia house fast in 10 days without having to list it on the MLS or show it to any buyers at all.
Why? Because we are the buyer. Our cash for homes program is the number one rated home buying service in the Philadelphia area and we can close in one week flat with no delays or problems!
If you value speed and flexibility over getting more money out of your deal and you would much rather prefer to cash out and be done with the place then you are probably in a good position to at least consider selling your home privately to an investment company like Rapid Home Liquidation.
We have experience in a wide variety of real estate situations and that puts us far out in front of most of our competitors who aren’t really dedicating enough time and resources to earning the business of clients in the Philadelphia marketplace.