How Much Will I Make From My Home Sale?

That’s a great question and the answer is different for every single homeowner. Your “Seller Net”, as we refer to it as Realtors, depends on a number of factors:

  • Deed tax and preparation
  • How much you still owe on your mortgage
  • Pro-rated taxes
  • Prior year taxes not paid or tax liens
  • Mechanics liens
  • Your Realtor’s commission or buyers agent commission if you plan to sell by owner.
  • Any public assessments levied by local government or your HOA
  • Attorney fees and courier fees
  • A Pre-Listing Inspection
  • An extended home warranty if you plan to offer one
  • Any seller closing cost you plan to cover
  • Any repairs you agree to make for the buyer

Any, or all of these and more, might apply to your circumstances. A Real Estate Broker/Realtor is trained to make sure you can navigate these important issues with confidence. Knowing how much you want to come away from the sale with and getting blindsided by some of these large impact items, after you have accepted an offer, can make the closing process needlessly painful.

Make sure you and your Broker/Realtor discuss these topics so you can plan ahead and avoid surprises. Some of the cost listed above are buyer perks offered by the seller and can be used to make buyers more comfortable about making an offer on your home.

The biggest factor however is how you plan to price your home. There are several motivations for selling a home, you want to get what you paid for it, you want to pay off the mortgage or you want to make a profit so you can upgrade to a bigger home. The truth is that you home is worth only what the market will bear. Same as any product on the market from bubble gum to cruise ships. Their value is determined by what people are willing to pay for them. If a home it priced too high it will languish on the market and according to studies end up selling for less than a home that was priced appropriately to begin with.

Pricing a home effectively requires knowledge of the market and the tools to determine what similar home have sold for, what the competition is priced at, and how long similar homes have been on the market.This is determined through a well developed Competitive Market Analysis provided by a knowledgeable Broker.  A good analysis will allow you to price correctly and sell quickly.

Choose the right Realtor and trust their advice and you will have a smooth process from start to finish. 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s