The real estate market in the United States is currently looking good for sellers, with buyers scrambling to get their hands on the available properties on the market. If you have unused property or are thinking about selling your home, now is a good time to get into the market and sell.
Before you cash in on your home, however, you should avoid going in blindly and try to know as much as possible about the process of selling a home – even if you’re having a real estate agent handle most of the sale. This includes some costs that come with selling your home in Lexington – including the hidden fees you might not be aware of.
Real Estate Agent’s Commission Fees
Your real estate agent will do most of the heavy lifting when it comes to selling your home. But it comes at a price – specifically, around 5 to 6 percent of your property’s selling price. According to Zillow, the average price of a house in Kentucky is around $168,998. This means a deduction of around $10,140 if your house falls within that average.
While it is possible to sell a house without a real estate agent, you’re looking at handling all the tasks of selling a house on your own. This can mean understanding the legal requirements of selling a home, entertaining interested buyers, and filling the closing paperwork.
Repairs And Renovations
The real estate market may be good for sellers right now, but less buyers are likely to clamor for a house with outdated fixtures or in visibly poor condition. To attract more buyers (and better offers), repairs and renovations may be necessary to spruce up your home. You might also want to consider adding affordable features to your home that can improve your property value. The cost of this can vary depending on the state of your home.
However, not all buyers can or want to perform these repairs and renovations on a property they’re selling. While this isn’t a requirement for putting your home on the market, it can lower your potential prospects or can result in having to negotiate on a lower price as the buyer will have to shoulder the repair costs.
Closing Costs
These are the taxes, inspections, insurance, title search fees, attorney fees, and other miscellaneous fees that come with selling and buying the property. Typically, the closing costs are divided between the buyer and the seller, and the seller is responsible for:
- Mortgage payoff and prepayment penalties
- Outstanding running costs
- Title insurance for the buyer
- Real estate attorney fees
- Transfer taxes
- Recording fees
While the closing costs can vary, you can estimate that your closing costs will be up to 3 percent of your home’s selling price. If your home falls around the average selling price of $168,998, expect to pay up to $5070. However, some real estate agents provide flat rates for all the closing costs, so be sure to ask if they can provide assistance.
Closing costs are unavoidable, but it is possible to negotiate with the buyer who shoulders the closing costs. However, expect that they may negotiate a lower selling price if they have to shoulder all the closing costs.
Understand The Process With Rylo Homes
With just three of these hidden costs of selling Lexington property, you might start to see how you lose thousands of dollars in the process of selling. But here’s a solution where you can do away with these three expensive costs: a cash homebuyer in Lexington, KY. Let’s break down how Rylo Homes can save you from these additional costs.
First, we are cash home buyers, not real estate agents. Our team will buy your home from you, not help you sell it. We do not charge commissions, nor do we lead you to other real estate agents and realtors. No listing fees, no expensive advertising campaigns – just give us a call!
Second, we buy properties as-is. You don’t need to wow us with repairs, renovations, and staging during an open house. We also pay in cash, which means you don’t have to wait for us to get approved for a loan from the bank before we buy your property. That’s another reason to sell to us: we buy your house fast.
And third, we handle all the closing costs. After giving us a call, expect a fair cash offer within 72 hours or less. But rather than splitting the closing costs between us, we’ll handle all the closing costs. With minimal effort on your part, we can transfer the money to you after 14 days.
Before entering the real estate market, it’s important to know the hefty costs that can take a bite out of what you could earn selling your house. If you want to avoid some of these costs, a professional cash home buyer is your best bet.
Give us a call today and receive a fair no-obligation cash offer within the next 72 hours or less.
