The Costs of Selling Your Home (and How to Maximize Your Profits)

Let’s face it—between repairs, closing costs, and commissions, the costs associated with selling our homes can add up fast. Case in point: homeowners reported spending $54,616 when selling their homes, according to a recent survey from Clever Real Estate—an amount that was surprising to 42%.

Despite the costs, the majority (64%) made a profit on the sale of their home, with the median profit totaling $100,000. 

With the right strategy, we can maximize our profits and minimize regrets. In fact, the study also showed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went it alone. That’s a pretty compelling argument for having a pro in our corner!

Rather than just taking our word for it, let’s dive into:

  • The costs associated with selling a home
  • Regrets home sellers reported
  • How we can avoid common mistakes

The Cost of Selling a Home

Selling a home at the highest possible price involves various costs. Here’s what survey respondents said they paid for, on average:

  • 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

Keep in mind that every transaction is different—some of these costs are negotiable (like agent commissions), some may not be needed for every property, and some could be lower or higher based on the condition of the home or what’s happening in the local market.


Common Regrets of Home Sellers

Regret was a common sentiment among home sellers who participated in the survey, with 89% expressing some sort of regret post-sale, including 92% of those who sold without an agent.

The most common regrets about the home selling process included:

  • Selling too quickly (30%)
  • Missing their old home (29%)
  • Not selling for enough money (28%)
  • Not making enough pre-listing repairs (26%)
  • Making too many concessions (26%)
  • Failing to stage the home (25%)

Now, let’s get into something we’re really passionate about—the regrets home sellers had about their agents. Half of those surveyed say their agent “failed them” in some way. This is why who we work with matters so much.

Here’s what respondents had to say about their agents:

  • Agent's advice let them down (57%)
  • Agent made mistakes with their listing (53%)
  • Agent didn't communicate enough (50%)

So, with all these regrets floating around, how can we make sure these things don’t happen to us?


How to Maximize Your Home Sale

Making the most of our home sale starts with working with the right real estate agent (remember, agents help homeowners get an additional $34,000 for their home sales). We always encourage sellers to interview at least two agents because, when it comes to selling our biggest asset, having the right professional by our side is critical. That’s why we also recommend home buyers meet with more than one mortgage lender. (The Biggest Mistakes People Make When Shopping for a Mortgage Loan)

When interviewing agents, look for the following:

  • Find a Professional: Look for an agent with deep knowledge about the local market, strong negotiation skills, and a solid marketing plan.
  • Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients.
  • Discuss Your Goals and Expectations: Make sure our agent understands our goals and priorities for the sale. In addition, be sure to ask about their communication plan.
  • Evaluate Their Marketing Plan: A good agent will have a comprehensive marketing strategy to attract potential buyers, including online listings, social media promotion, and professional photography.
  • Understand Commission Structure: Discuss the commission upfront to avoid any surprises later.

Once we find a real estate agent we are confident with, work with them to learn what type of repairs or staging will make a difference. They will be able to walk us through the process and provide guidance on what matters most to buyers.


The Bottom Line

Selling our home comes with a series of big decisions. A real estate agent is our partner in the process, and their expertise can mean the difference between tens of thousands of dollars in our pocket.

For a free consultation or discovery call to chat about our goals, connect with us. 518-744-6693!

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