There are far more expenses involved in listing a home in Detroit than most homeowners realize. Having realistic expectations about actual listing costs allows homeowners to properly prepare financially for the outlay of funds. Regrettably not every cost is apparent and all too often homeowners find themselves in a financial pinch because they didn’t calculate the true cost of listing their home on the market.
Whether listing with a real estate agent or attempting to sell on their own, we’ve gathered all of the information to help you make a sound decision for your financial and personal circumstances. Read on as we explore a breakdown of fees for homeowners listing their homes in Detroit.
When listing their homes in Detroit, making necessary repairs may be the most costly out-of-pocket expense that homeowners must pay before the house sells and it is likely their biggest concern. Now, if your home is brand new or like brand new, this may not be of much concern. However, with older homes, each passing day brings the potential for new and expensive discoveries that could lead to major repairs. There is no other way to make an educated decision than to have all of the facts. This is why the professional investors like those at We Buy Houses in Detroit means you’ll have a complete accounting of how much it will cost to list and sell on the traditional market vs. a direct sale?
Real estate agent commissions are one of the heftiest fees for homeowners listing their homes in Detroit. Typically around six percent of the value, your home sells for will be paid out in commissions, split between the listing agent and the buyer’s agent. As the average home price continues to rise, currently the median home price is over $360,000 which equates to a commission of $21,600 which will be paid at closing.
When homeowners are listing their homes in Detroit, don’t forget to add in the fees for the closing costs. While your prepping and marketing expenses all come out of your pocket upfront, along with the commissions you’ll pay all other fees such as the transfer tax, title insurance, escrow or fees for the closing itself, any attorney or HOA fees as well as any credit you’ve provided your buyers will come out of the final sales price at the closing.
For homeowners listing their homes in Detroit, another expense you must account for is preparing the house before listing. A quick update to decor, a fresh coat of paint, and some new flooring will help get the home in show-ready condition but can put a big dent in your wallet.
Real estate marketing fees for homeowners listing in Detroit will also include professional digital photography and a 360-degree tour for most homes. Providing less than the best digital imagery in your listing can result in a poor response from your potential buyer pool. Tech-savvy buyers scroll by most listings that don’t immediately present well. A problem with your listing can cause your home to linger on the market, meaning you are more likely to realize a lower final sales price.
Professional staging has become a standard for homeowners listing their homes in Detroit, adding to the fees. Staging your home may also require you to pay for storage for all or some of your belongings. A stager may also suggest that you rent furnishings to better present the home both in marketing and during showings.
Among the costs that aren’t obvious for homeowners listing their homes in Detroit is the expense of holding the property month after month. As each month passes, the continued expenses associated with the property begin to deplete the profits, especially if something else should suddenly need to be repaired.
Another fee for homeowners listing their homes in Detroit may be the expense of moving into temporary housing until your final destination is ready, which can be pretty expensive. You won’t need to worry about prepping, showings, or repairs if you work with a direct buyer from We Buy Houses in Detroit, we buy homes as-is for cash, so the closing can be fast if you’re under a time crunch
and your closing date is guaranteed. Not in a hurry? Then you can relax, We Buy Houses in Detroit has the flexibility to set the closing at a date convenient to you.
At We Buy Houses in Detroit, you can speak with a professional investor with no obligation, these highly trusted and caring experts have the experience to help you solve your problems. Why not sell directly to We Buy Houses in Detroit and sell your home without paying any out-of-pocket expenses upfront. The professional investors at We Buy Houses in Detroit work every day to help homeowners, and we never charge homeowners commissions, closing costs or any hidden fees for listing their homes in Detroit. Call We Buy Houses in Detroit at (313) 246-4551.