Recent statistics show that homes are selling for above-average prices in San Diego, mostly because of increased demand for living in such a beautiful and up-and-coming area. That’s encouraging news if you’re contemplating selling a house.
Whether you’re selling your home because of relocation, job change, foreclosure, or simply looking for a change, this process normally isn’t a cut-and-dry process. However, working with the right partners can minimize your costs and stress incurred as a seller. One of the biggest reasons homeowners work with us is that we cover all closing costs, period.
The big question many people ask is, what does it cost to sell a house?
The answer heavily depends on how you sell your house. On average, the closing costs when selling a home are between 6% and 10% of the selling price. That’s after considering things like real estate agent commissions, transfer tax, and inspections with a traditional sale.
Let’s explore these fees further, to better understand what you’ll likely face without working with an all cash buyer like Trusted House Buyers.
Real Estate Costs
If you’re working with real estate agents, this can add significant costs to your house selling process. There are typically two agents involved when selling a house – the seller’s agent and the buyer’s agent. The realtor will normally list the property for you and pay the agent who’ll bring you a buyer.
Between these two entities, you’ll likely be out approximately 6% of your home’s selling price. For example, say your home is valued at $800,000, which is the median home value in San Diego. Just over $48,000 will go to your realtors.
This can heavily impact how much cash you ultimately take home after the sale. It would be ideal to cut out the realtor when selling your property, if for no other reason than bypassing these costs and keeping more money in your pocket.
Most homeowners aren’t real estate gurus, and factoring in these costs (along with the added paperwork) can be tricky without knowing the process. That’s why handle all of the fees, paperwork, and logistics associated, giving you the highest cash offer on your home.
City Cost
Although selling your home is a personal decision, you still need to answer to the state, or rather, give the County of San Diego a cut from the sale. It’s the law, and it’s known as the transfer or excise tax. Transfer tax varies by state and is based upon the fair market value of the home, so it’s wise to familiarize yourself with the exact rates for your home’s selling price.
Inspections And Other Repair Costs
Apart from tax and real estate fees, there are other general costs that come with selling a home in a traditional sale. Most homes require a thorough inspection and some repairs to the property before being able to sell on the market. These costs account for any damaged areas on your property, as well as any water compliance required.
Depending on the state of your home, this can be a significant cost to you as the seller before even making the sale. If your home is in serious disrepair or has been neglected for years, selling your home as-is can be a good option for you as the seller.
For a traditional buyer, the cost of repairing a property after its purchase can sometimes eat into the asking price of your home. For us, we specialize in homes that are in need of repair and as a result can give you the highest cash offer while minimizing the work required by you as the seller.
We buy houses as-is, and pride ourselves in helping homeowners get a fair price for their homes that otherwise would be difficult or expensive to sell in a traditional market. There is no outside inspection agency to drive up repair estimates and decrease your home’s value; our local team meets you and gives you an exact quote, based on your home, and that number will not change throughout the process.
Conclusion
In a perfect world you’d like to get your full asking price for your home, without the need to spend months and thousands of dollars preparing your home to make it attractive to buyers.
Avoiding real estate commissions, inspection, and repair costs can minimize your expenses as a seller. We cover all closing costs, and that lets you take home as much money as possible. The good news is that the demand for houses in San Diego is currently high, which means you’ll be able to get a healthy offer for your home regardless of the condition it’s in.
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