Here’s How Much It Costs to Sell Your Home in 2020
Zillow, the real estate database, released a report showing the hidden costs of selling. So how much does it cost you to sell your house in 2020? Get ready to spend about $21,000. Don’t balk at the cost yet, though. Some of that cost goes toward home improvements and Zillow found that “sellers who make improvements to their homes are more likely to sell for more than their asking price than those who don’t.”
When you’re selling your house, here’s where your money will go:
Closing Costs, $14,281 on average
The bulk of the expense in selling your house is the closing costs, which include real agent commissions, sales taxes and state transfer taxes. This figure is an average. The actual amount is a percentage based on the home’s sale price and can vary widely. Here’s a list of average closing costs throughout the U.S. from greatest to least:
San Jose, CA: $76,015
New York, NY: $28,090
Denver, CO: $24,443
Austin, TX: $18,522
Las Vegas, NV: $18,163
Philadelphia, PA: $16,296
Phoenix, AZ: $15,924
Dallas-Fort Worth, TX: $14,580
Tampa, FL: $14,291
Atlanta, GA: $13,286
Houston, TX: $12,342
Cleveland, OH: $9,046
The one positive of this expense is that it doesn’t come out of your pocket upfront. It’s usually deducted from the home sale’s proceeds.
Home Improvements To Get The Home Ready For Sale, $6,570 on average
This amount is the average for sellers who hire professionals for their home updates. For those who wonder how much it costs to sell your house and want all the details, here is the $6,570 in home improvements, broken down by category:
- Exterior painting: $2,600
- Home staging: $1,805
- Interior painting: $1,245
- Local moving to the new home: $475
- Full-service lawn care: $145
- Carpet cleaning: $140
- House cleaning: $160
Based on these projects, it looks like curb appeal plays a big role in successfully selling your home. If your time and budget are limited, it’s probably best to focus on presenting a clean, crisp home that is nicely but neutrally furnished to appeal to most buyers.
Home improvement costs will vary by market. The report found that sellers in Sacramento spent about $7,800 compared to Phoenix home sellers, who could spend around $4,000 for the same projects. And DIY curb appeal projects may help a home seller save money.
If you’re selling this year, get started on updating your house now. Spruce up your garden and lawn, plant new flowers and freshen up the space both inside and outside with paint. As you get closer to listing your house, start decluttering and storing your personal items so that your house shows best. Don’t forget about the details like clean carpets, walls and windows.