From property taxes and closing costs to inspections and title insurance, understanding these costs up front can help you to manage your budget better and ensure that you sell your Salisbury home fast without any hiccups.
While each of these may seem small individually, they can add up quickly when added together – so it’s important to take them into consideration before making a final decision on closing a real estate deal in Salisbury.
A Breakdown of Home Selling Costs in Salisbury
Preparing the Home for Sale: 2-3%
Though you may incur 2-3% in expenses associated with prepping for sale, this cost could be much higher depending on just what shape your property is currently in.
Before you put your house on the market, there are several steps to take that will make it more appealing and potentially increase its worth. Clean carpets, a new paint job for interior walls, perhaps some general maintenance from an experienced handyman – all of these can dramatically improve how prospective buyers perceive your home.
Commissions for Real Estate Agents: 5-6%
Selling your home in Salisbury, North Carolina can come with hefty costs – typically 5-6% commissions for real estate agents. But a good agent will provide high-quality service, expertise, and the best marketing plan to get you top dollar from the sale of your property.
You can explore alternatives such as low-commission or flat-fee MLS listings instead of going through an agency broker.
Negotiables and Buyer Incentives: ~1-3%
A savvy negotiator can use their skills to secure terms in their favor, and it’s wise to budget money for negotiation separate from the purchase price. On top of that, you could be asked by buyers without enough funds at closing to pay some of these costs—this is called seller concessions and often allowed up to a certain limit (around 1-2% should do).
And after agreeing on an amount with them, don’t forget about home inspection repairs or credits they may request back before finalizing the deal!
Closing Costs: 1-3%
While the total profit from the sale may look appealing, up to 3% of that can go back out for various fees and expenses incurred throughout closing. Common charges local sellers face include attorney’s fees, title insurance premiums, and other county taxes specific to their area – all coming straight off the top!
- North Carolina Transfer Tax – If a home is sold for $300,000, the seller must pay a transfer tax of $600 to their state – that’s just one dollar per every five hundred dollars in selling price.
- Paying Your Attorney – In North Carolina, you have the option of a lawyer-assisted closing. However, their services do not come cheap – legal fees for drawing up documents and representing your interests may cost anywhere from six to ten times more than those in other states!
- Title Search – With this fee, you can unlock the property’s past to ensure a clear title and no hidden liens or encumbrances.
- Courier Fee – If you have a mortgage, there’s an extra fee to pay in order to officially close the loan and send off all necessary funds.
- Estoppel Fee – Homeowners in condos or associations can now easily access the payoff of their dues with this simple, low-cost solution.
- Property Taxes – When buying a home, property taxes are one year behind. The amount of these taxes is tailored to the day you finalize the deal.
- Inspecting for Pests – If your buyer is taking out a VA mortgage, you may need to cover the cost of the pest inspection – an essential part of ensuring that a home is safe and ready for move-in.
- Title Insurance – Purchasing a home often involves obtaining both a lender’s and an owner’s title policy. However, the cost of these policies is sometimes negotiable.
Moving Costs: 1-3%
When it comes to moving, don’t forget about the potential costs! Whether you decide to take on the task yourself and need supplies such as boxes or a truck or prefer a more hands-off approach with movers, there are expenses associated that can add up quickly. Thinking ahead will ensure your transition is smooth and stress-free.
Can I Reduce My Home Selling Costs?
Selling your home can be expensive, but you have options.
If doing it yourself is desired and feasible in Salisbury then a flat fee MLS listing could save you significant cash with the same services offered by an agent. On the other hand, if that’s not suitable for you, searching out real estate brokers who offer discounted fees may also help trim down commission costs from what might typically range around 5-6%. With these solutions at your fingertips, there are ways to successfully sell without breaking the bank!
With Maverick Property Group’s cash home buyer service, you can quickly sell your Salisbury home for an attractive price! We understand the unique needs of homeowners going through a divorce, facing foreclosure, or needing fast payment – that’s why we provide fair offers within 24 hours regardless of condition. Get on the path towards financial freedom now by visiting our website today to learn more about how easy it is with Maverick Property Group!