The Surprising Costs of Selling a Home in Today's Market

Selling Your Home Costs Surprising Amounts This Year

Selling a home is rarely simple, and this year, it’s more expensive than many might expect. A recent survey revealed that average home selling expenses can reach nearly $55,000, leaving many sellers surprised by the high costs involved.

When you think about selling your home, it’s not just about getting paid; it’s also about paying out. Many sellers find themselves dealing with a long list of expenses: agent commissions, repairs, moving fees, and closing costs, among others. These can quickly add up, with the average cost of selling a home reaching around $54,616.

Here’s how the expenses break down:

• Agent Commissions: Listing and buyer’s agents typically cost around $21,603 combined.
• Repairs and Upgrades: Sellers spend approximately $10,000 to prepare their homes for the market.
• Closing Costs: These can add another $8,000 to the bill.
• Buyer Concessions: To make the sale, some sellers offer concessions averaging $7,200.
• Marketing and Staging: Professional staging and marketing can cost around $4,563.

Many sellers express regrets after the sale, with 89% wishing they had handled things differently. Some feel they could have made more money with better advice or communication throughout the process.

While it might seem tempting to save on fees by selling without an agent, doing so often leads to financial mistakes. Sellers who go the DIY route generally make significantly less than those who use agents—an average of $71,000 compared to $105,000.

Even though selling can be costly, making smart decisions about repairs, renovations, and negotiations can help maximize returns. Consulting with professionals on which upgrades are truly valuable can prevent unnecessary spending.

Navigating the home selling process is complex, and rising costs are a reality. However, with careful planning and informed decisions, sellers can manage these expenses and make the most of their home sales.