How much does it cost? Many people list their house, not taking into account what it will actually cost them. There are many fees and expenses you should know about before you list with an agent. In this post, we will let you know what to expect when selling a home in Colorado Springs!
So, you have finally decided to sell your house in Colorado Springs. Now you need to decide how to sell it! 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, but keep in mind that this number varies widely based on where you live and the price of your home.
What Will Selling Your House Cost You In Colorado Springs?
Agent Commissions – These will usually run to about 6% of the final sale price of the home. You will know what the agent will get 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. Shop around before you sign on the dotted line.
Closing Costs – Closing costs include many items that are paid at the time of closing. These can 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, which is much better than having the buyers come up with issues found during the inspection which could be used to negotiate a lower price.
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? 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.