Calculating costs of selling a home is one of the biggest struggles I see homeowners having. One of the first consultative elements we have in our process is to help a potential home seller determine their net proceeds, and educate them on the costs of selling a home. Most people hear “costs of selling a home” and think…. commissions.
That’s only part of it.
Regardless of whether a seller uses a Real Estate agent or not, those of us in Spokane County we have a 1.78% excise tax. For all intents and purposes that’s pretty dang close to 2%. There’s now way around excise. Sellers also must pay for one-half of the Closing Agent fee (calculated based on the dollar amount of the transaction), and title insurance for the new buyer. You must also consider recording fees and possible utility holdbacks. All of this is before agent costs.
Knowing what you will net is highly important, and as Stephen Covey says “Begin with the end in mind.” in his book The Seven Habits of Highly Effective People, knowing this is crucial to negotiating on your home.
Do you know what your net proceeds will be? If you’d like us to help you calculate please contact us or call (509) 990-7653.