Sometimes the costs when selling a house can really add up. Once you factor everything in, a traditional sale with a Minneapolis real estate agent may not be worth it. In our latest post, you can learn how to sell a house without spending any money in Minneapolis.
As a homeowner, you have likely considered what selling your house might mean for you. However, many homeowners avoid selling because they are worried about the costs, wasted time, or hurdles they will face when working with an agent. Before we discuss how to sell your house in Minneapolis without spending any money, lets first take a look at some of the costs home sellers may face when working with a Minneapolis real estate agent.
Typical Selling Costs
Repairs
Before putting a home on the Minneapolis MLS, homeowners usually put in some necessary repairs they’re aware of for the home to be sold. Even the cost of small repairs can add up quickly once you break it all down. Any repairs run the risk of discovering more that needs to be fixed. Make repairs wisely and be sure to properly disclose anything you don’t plan to fix. Consider repair requests that may be made after the potential buyer completes their inspection phase. If the house isn’t appraising as high as the lenders would prefer, to successfully sell through the MLS, more of your money may need to be paid out in hopes of increasing the home’s value.
Upgrades
Homeowners make upgrades to their property to stay in the top competition with the other homes on the market. Although upgrades can add value, there are no guarantees. Some upgrades don’t add enough value to the property to be worth it.
Marketing
There are many aspects of real estate marketing to consider, including professional photography, drone services, premium listing placement, listings outside of what your agent provides, print materials, and more. To sell the property as quickly as possible, you may be tempted to pay extra for premium services to get the most exposure in your market. Be sure these expenditures you’re paying upfront make sense for your selling profit expectations.
Listing + Agent Fees
Some agents are full service, never charging you a dime aside from commission. Other agents charge separate additional fees for admin, marketing , or open house fees. Most agents won’t require to be reimbursed for these things; however, if you are looking for top of the line services, agents with extra fees may be what you find as well.
Commissions
Agent commissions usually amount to about 6% of the final sale price on average. If you decide to list, it’s good to do your due diligence to find an agent you can trust will be worth their fee. Sometimes, negotiating the commission rate or finding an agent who offers limited service for a flat fee are alternative solutions for people who are trying to sell a home.
Closing Costs
Closing costs cover title searches, su rveys, and loan payoffs. While buyers pay the majority of the closing costs a seller can expect to pay anywhere from 1-3% of the final sale price in closing costs. When you work with a professional buyer such as Fast Cash Homes MN to sell your house, in most cases you pay no closing costs.
Holding Costs
Simply put, owning a home while it’s on the market for a while, can add up to a small fortune. Utility bills, homeowners insurance, property taxes, maintenance, landscaping, and a mortgage if applicable are all continued necessary monthly payments you’re responsible for until you close a sale. When you choose to sell your house quickly, it can equate to thousands in savings of the monthly bills multiplied by how many months the home is sitting on the MLS.
How To Sell It
Sell As-Is
Selling your house as-is will save a lot of money if you are able to get the property in front of the right buyers. Focus on showing the home’s potential, include a cost analysis showing an estimate of what improvements will cost.
List It
A successful listing requires many of the costs listed above. Choosing a full-service agent will eliminate stray unexpected fees. If you choose to sell without making repairs, consider offering credit for buyers to renovate as they prefer.
Sell To A Professional Buyer
Working with a professional homebuying company such as the team at Fast Cash Homes MN allows you the freedoms that come with selling your house quickly, and for a great price. We’ll work with you to make the process as simple as possible, making sure you don’t ever have to spend a dime.