Let’s face it—between repairs, closing costs and commissions, the costs associated with selling your house can add up fast. Case in point: homeowners reported spending $54,616 when selling their homes, according to a recent survey from Clever Real Estate—an amount that was surprising to 42%.
Despite the costs, the majority (64%) made a profit on the sale of their home, with the median profit totaling $100,000. This amount varies significantly depending on the value of your property.
With the right strategy, you can maximize your profits and minimize regrets. In fact, the study also showed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went it alone. That’s a pretty compelling argument for having a pro in your corner (that’s after the real estate fees)!
Rather than just taking my word for it, let’s dive into:
The most common regrets about the home selling process included:
Here’s what respondents had to say about their agent:
Despite the costs, the majority (64%) made a profit on the sale of their home, with the median profit totaling $100,000. This amount varies significantly depending on the value of your property.
With the right strategy, you can maximize your profits and minimize regrets. In fact, the study also showed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went it alone. That’s a pretty compelling argument for having a pro in your corner (that’s after the real estate fees)!
Rather than just taking my word for it, let’s dive into:
- The costs associated with selling a home
- Regrets home sellers reported
- How you can avoid common mistakes
The Cost of Selling a Home
Selling a home at the highest possible price involves various costs. Here’s what survey respondents said they paid for, on average:- Listing agent commission: $11,136
- Buyer's agent commission: $10,467
- Repairs: $10,000
- Closing costs: $8,000 (lawyer fees, title insurance, land transfer tax)
- Moving expenses: $3,250
- Marketing: $2,300 (I always cover this)
- Staging: $2,263 (I almost always cover this)
Common Regrets of Home Sellers
Regret was a common sentiment among home sellers who participated in the survey, with 89% expressing some sort of regret post-sale, including 92% of those who sold without an agent.The most common regrets about the home selling process included:
- Selling too quickly (30%)
- They miss their old home (29%)
- Not selling for enough money (28%)
- Not making enough pre-listing repairs (26%)
- Making too many concessions (26%)
- Failing to stage the home (25%)
Here’s what respondents had to say about their agent:
- Agent's advice let them down (57%)
- Agent made mistakes with their listing (53%)
- Agent didn't communicate enough (50%)
How to Maximize Your Home Sale
Making the most of your home sale starts with working with the right real estate agent (remember, agents help homeowners get an additional $34,000 for their home sales). I always encourage sellers to interview at least two agents, because when it comes to selling your biggest asset, having the right professional by your side is critical. That’s why I also recommend home buyers meet with more than one mortgage broker.When interviewing agents, look for the following:
- Find a Professional: Look for an agent with deep knowledge about the local market, strong negotiation skills and a solid marketing plan.
- Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients.
- Discuss Your Goals and Expectations: Make sure your agent understands your goals and priorities for the sale. In addition, be sure to ask about their communication plan.
- Evaluate Their Marketing Plan: A good agent will have a comprehensive marketing strategy to attract potential buyers, including online listings, social media promotion, and professional photography.
- Understand Commission Structure: Discuss the commission upfront to avoid any surprises later.