Do you know about the costs of selling your house in the Minneapolis area? Learn what to expect before putting your house on the MLS, selling on your own, or working with a direct buyer. You may be surprised at how much the costs of selling can take away from your profits!
Selling your house can be expensive. If the costs you’re estimating to sell your home are particularly high, a direct sale will be a far better choice. This blog-post, we dive into the costs of selling your Minneapolis house using the three most popular methods, so you can compare all the options before selling your house in Minneapolis!
Costs Of Listing
Agent Costs
This will vary based on the agent you choose to hire. You will typically be paying about 6% of the final sale price to the agents involved in the deal. Be aware, some agents charge additionally for marketing and administrative services. Be sure you know what’s included before signing a listing agreement.
Marketing Costs
Whether or not your agent includes marketing services in their rate, consider additional costs for some popular and beneficial marketing tools. Many sellers hire professional photographers to take pictures of their home. Some utilize videographers, Virtual 360 tours, and some even hire drone service companies to get aerial shots of properties. Consider upgrading your online listings to “premium” so they show up at the top for people browsing through houses in your area.
Repair Costs
Most houses require at least a few repairs before going on the MLS. When there is an offer from a buyer, there are the expected negotiations as to who will make the repairs required based on the inspection. You can negotiate to either make some of these repairs or discount the sale price of the home.
Cleaning And Staging Costs
Most sellers have their homes professionally cleaned before going on the market. Many remove personal belongings and clutter, storing all unnecessary things elsewhere. Some even hire a professional stager to make the house look as if it came out of the pages of a magazine.
Closing Costs
In a typical home sale, the seller will need to pay about 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 Minneapolis real estate agent is unpredictable and it can take a few months. During this time, you will still be responsible for the property taxes, utility bills, homeowners insurance, maintenance, landscaping, and possibly a mortgage. Adding up and multiplying all the expenses of owning the house each month 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 avoid commissions and agent costs, other costs to consider include:
Heightened Marketing Costs
How much you pay for marketing is at your discretion. Selling your home on your own, you pay for all online listings, printed materials, signage, and open house costs. Professional photography, videography or virtual tour photography are services that other sellers are using to bring more attention to the property they want to sell. Will your marketing budget be competitive enough for your timeplan?
House Preparation Costs
Getting a house ready to sell can take a lot of work. As with a listing, a number of things need to be done before the house is advertised. The house needs to be thoroughly cleaned from top to bottom. Make all necessary repairs, and be prepared to make more after the inspection process. Selling by owner, you also may incur fees for storing the unnecessary items, or you may also prefer the cost of a professional stager or decorator rather than trying to do this on your own
The Price Of Your Time
Choosing an FSBO listing requires spending an excessive amount of time. You need to create listings and marketing materials, respond to questions, be available for showings, process paperwork, handle negotiations and more.
Costs of Selling Directly
None
When you opt to sell your Minneapolis house to a direct buyer such as Fast Cash Homes MN, you avoid all of the selling costs mentioned above. There are no fees, repair costs, or even closing costs. We buy your property as-is, potentially saving you thousands of dollars.