Are you familiar with all the costs of selling your house in Grand Rapids? Learn what to expect before putting your house on the MLS, selling for sale by owner, or working with a direct cash buyer. You may be surprised at how the costs of selling may minimize your profits!
Selling your house can be expensive. There are a number of things to pay for both before and after the sale. If these costs are particularly high, a direct sale may be a better choice. In our latest post, we will dive into the costs of selling your Grand Rapids house using the three most popular methods. Compare all of your options before selling your house in Grand Rapids!
Costs Of Listing
Real Estate Agent Costs
This will vary based on the agent you choose to work with. You will typically be paying about 6% of the final sale price to the agents involved in the deal. Everything is negotiable, but with some agents, you may need to pay for marketing and administrative services. Be sure you know what is included before signing a listing agreement.
Most agents will include marketing services in their fee, but there are a few marketing costs you may want to consider adding. For example, many sellers will hire a professional photographer to take pictures of their home. Some will utilize videographers or even drone service companies to get aerial shots of the property. You might also want to upgrade your online listings to “premium” so they show up at the top when people are browsing through houses in your area.
From our experience, most houses require at least a few repairs before going on the MLS. Once a buyer has been found, there will likely be negotiations as to who makes the repairs found during the inspection. You can negotiate to make some of these repairs or discount the sale price of the home.
Cleaning And Staging Costs
A professionally cleaned home can generate more value once it has been put on the market. Many sellers will remove personal belongings and clutter, storing all unnecessary things in a self-storage unit. Some will even hire a professional stager to come in to make the house look as if it came out of the pages of a magazine.
In a typical home sale, the seller ends up paying roughly 2% of the final sale price in closing costs. This can be negotiated up or down between the buyer and seller, but 2% is typically what you can expect to pay.
Continued Ownership Costs
Listing your house with a Grand Rapids real estate agent can take a few months. During this time, you will still be responsible for the property taxes, utility bills, homeowners insurance, maintenance, landscaping, and probably the mortgage. When you add up all the expenses of owning the house each month, it can amount to thousands of dollars!
Costs of An FSBO (For Sale By Owner) Listing
While trying to sell your house on your own will help you avoid the commissions for a real estate agent, there are other costs to consider. In addition to many of the costs above, here are some additional costs to expect when selling your house in the Grand Rapids area.
Increasing Marketing Costs
When listing your house, the addition of extra marketing is at your discretion. However, when you are selling on your own, 100% of the marketing is up to you. You will have to pay for online listings, printed materials, signage, and any costs associated with open houses. You will likely want a professional photographer to come in to help you present the house in the best light. this can be the best investment you make. You can also opt to add things such as virtual tours or videos of your property.
House Preparation Costs
Getting a house ready for a sale can take a lot of work and money. As with a listing, there are a number of things that will need to be done before the house is advertised for sale. You will need to thoroughly clean the house. You should make any needed repairs, and be prepared to make more after the inspection process. Many sellers will also face storage fees for their unnecessary items, as well as the cost of a professional stager or decorator.
The Price Of Your Time
When you choose to sell the property on your own via an FSBO listing, you may find yourself spending a ton of time dealing with the sale. You will need to be available for showings, create listings and marketing materials, respond to questions, process paperwork, handle negotiations and more.
The Costs of Selling Directly
When you opt to sell your Grand Rapids house to a buyer such as AKJ Sell Today, you will avoid all of the selling costs mentioned above. There are no fees, repair costs, or even closing costs. We buy directly, as-is, potentially saving you thousands of dollars along the way.