Do you know how much it costs to sell your house in Minneapolis St Paul? When working with a real estate agent, there can be a large number of costs that home sellers aren’t always aware of. Before signing a listing agreement with a Minneapolis St Paul real estate agent, make sure you are aware of the costs you will likely face!
Cost To Sell Your House In Minneapolis St Paul
Zillow stated that there was 317,115 house recently sold in MN, the vast majority of them were sold threw the local agent in each community. When someone is wanting to sell their house they kind of know they should hire an agent but they do this so seldom in life they really don’t understand what is required of them when working with a Minneapolis St Paul real estate agent. There are numerous costs, time commitments, and exhausting activities that go into selling your house the traditional way. In this article, we will take a look at what it costs to sell your house with an agent in the local Minneapolis St Paul market, versus what it costs to sell your house directly to a professional buyer. You can get an offer from our team so you can plug in the numbers for your property, determine which way of selling your house in Minneapolis St Paul is right for you!
Hiring An Agent In Minneapolis St Paul
One of the big things you come face to face with right away is all the cost of selling your home, and one of the biggest ones is agent or broker commissions. When you hire a real estate agent in Minneapolis St Paul to help you sell your house, you will be signing some paperwork that discloses how much you will be paying the agent to list and sell your house. There are discount online firms that say you can do this process for 4.5% all the way up to some high service firms charging 7 %. In one way you get what you pay for, but let’s look at the numbers. On Average once the house does eventually sell. These costs can be a huge blow to a seller’s profits as the average commission runs somewhere around 6% of the final sale price. So let’s say you sell your house for $150,000. You’ll have to immediately fork over $9,000k to your agent and that’s not including all of the other costs and fees.
Closing costs include things like professional title company (closers), transfer taxes, recording fees, and other miscellaneous costs. When you work with an agent to sell your house in Minneapolis St Paul, you can expect to spend about 2% of the final sale price in closing costs. So again, if your house sells for $150.000, you’ll be on the hook for another $3,000. When you sell your house directly to Minnesota Cash Home Buyers, we’ll take care of all the closing costs, eliminating many of the fees and expenses that home sellers often face. We close at a time when it works the best for you at a professional title company to guarantee all the paperwork is done right and filed with the government correctly.
Depending on your property, your repair costs can total up to a small fortune. Most agents want you to get the most out of your house that you can. If your house sells for more their commissions go up. Nevertheless, agents will put together a list of things that will need to be repaired before selling on the retail market for top dollar. Often then will even ask you to do some updating of the kitchen, bath or at least to do some painting to make the place ready to sell. This can add up. small repairs almost always are worst than anticipated, kitchen remodels are $30,000 and up, while a new bathroom starts at $10,000
You may find yourself making these repairs before you list it, only to have them snowball into major expenses. In many cases, you may find that you have to make even more repairs after the inspection period. Many home buyers will try to negotiate after the inspector has been through, asking you to make the needed repairs, or by issuing a credit or discount on the price of the home.
Many people don’t realize how much it costs to own a home. As a homeowner, you are dealing with things like property taxes, homeowners insurance, and utility bills. The bills can get pretty high if your home is older, and not energy-efficient. You’ll also have to contend with the continued maintenance, repair costs, and the expenses required to keep the house ready for property showings. If your house sits on the MLS for a long time, your holding costs can really add up! But when you sell your house directly to Minnesota Cash Home Buyers, we will be able to close on your property, free and clear, in only a matter of days.
Marketing your house with an agent the traditional way can be draining on your pocketbook, let alone your time. Depending on your agent, you may find you are spending a lot of money to market the house on your own. You may need premium listings to be noticed, professional signage in your front yard or to hand out at open houses, or photography in order to showcase your property in its best light. Agents now are trying to set the house apart from each other by having a drone fly above the house and either take pictures or videos of your house, literally, the sky is the limit. Don’t assume that because you hire an agent all of your marketing costs will be covered. It all depends on the marketing plan you chose upfront with the agent, remember you often get what you pay for in commissions. Every agent is different and you may wind up spending more than you think to sell your house fast in Minneapolis St Paul.
Selling Your House Directly
There are many ways to sell your house without an agent commissions in Minneapolis St Paul. On the other hand, selling your house directly to Minnesota Cash Home Buyers, won’t cost you a thing. While not every buyer works in the same way, selling your house to our team will free you of any costs or fees. You won’t have to worry about making repairs, cleaning up, or having to wait around for a buyer to come along. There are no commissions, agent fees, or marketing costs. You will be able to sell your house fast in Minneapolis St Paul free and clear, once and for all! Many of our clients like selling their house fast with us and just like to be done with it all!
When you sell your house in Minneapolis St Paul, you need to know exactly what it will cost you. Many good folks are surprised by all the costs and extra fees that they never expected when they first thought about the cost to sell their house with a local real estate agent. Before you sign a listing agreement, take a look at what we can do for you. A direct sale may be the solution you need for your house in the Minneapolis St Paul area! However, you won’t know for sure until you get a no-obligation offer from our team!