All of the Hidden Costs of Selling A House In Virginia

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Doesn ’ t it seem like everything costs more and more money these days ? Everywhere you turn there is another expense that is taking away your hard-earned cash ! Selling a house in Virginia is no exception and costs quite a bite of money. Read this scout to uncover all the Virginia home selling costs angstrom well as some professional tips for you to reduce them and keep more of that hard-earned home equity in your pocket at close up .
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Calculating the Total Selling Costs

In order to show you the total cost of selling a Virginia family, we need to make some assumptions. For example, the sell monetary value of your home can be all over the station, from very low to very high. indeed let ’ s go with the average home value in Virginia according to Zillow ’ s dwelling rate index, which fluctuates but is about $ 291,002 .
The second assumption is that you will be selling with a traditional real estate agent, which most people end up doing so we will need to calculate their commission fees into the exemplar. If you decide not to use an agent to sell your house or go with a deduction broke, you will need to adjust based on the savings .
indeed, with that said, the table below breaks the Virginia home sell costs into alone buckets for you to see each line detail ’ second estimated cost based on the average Virginia home value and the typical % of the sale price .

Here is a breakdown of the home selling costs in Virginia

Average expenses for home sellers in Virginia Typical % of sales price Estimated cost
Preparing your home for sale 2-3% $5,820-$8,730
Realtor commission fees 5-6% $14,550-$17,460
Negotiable Items & Buyer incentives 1-3% $2,910-$8,730
Closing costs 1-3% $2,910-$8,730
Relocation expenses 1-2% $2,910-$5,820
Total 10-17% $29,100-$49,470

*Based on average home value of a $ 291,002 home according to Zillow Home Value Index
The typical price of selling a Virginia house will be between $ 29,100- $ 49,470 for a $ 291,002 home !
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An In-depth Breakdown of the Home Selling Costs In Virginia

In the table above that calculated the total selling costs of your home we showed you 5 unique buckets of items that will cost you money when you sell your home. Let ’ s dive into each of these buckets for you to understand what is actually costing your all of that money .

Cost of preparing your home for sale: 2-3%

The costs associated with preparing your home for sale are typically made up from tasks associated with home plate improvements, cleanse, landscaping and home stage. You will want to focus on the high impact items such as cleaning the carpets, applying a fresh coat of paint to the walls, having a handyman animate small items, applying a bracing layer of mulch to the garden beds etc .
These costs can vary greatly depending on how outdated or neglected your property is before selling. If your property requires more than the 2-3 % estimated costs you might want to consider the pros and cons of an as-is sale and opt to not do any repairs or freshening up at all .

Real estate agent commission fees in Virginia: 5-6%

By far the most expensive cost of selling your house in what you are going to pay a Virginia real estate agent. Their commissions in Virginia will typically run 5-6 %, although there is no rig fee and they are negotiable. however, the benefits of having a real estate of the realm agent handle the same of your home is they will provide ashen glove concierge overhaul and have a marketing plan to get you the most come of money in your home sale. That ’ south assuming you choose one with a prove history of getting these types of results .
A identical popular course in Virginia is to consider alternatives to real estate of the realm brokers such as low deputation realtors or flat tip MLS listings .
Want to sell your Virginia home and save thousands? Find out how

Negotiable items and buyer incentives: ~1-3%

When selling your house a understanding negotiator will be able to get terms in their favor. So it is prudent of you to build into your selling cost estimates money for negotiating with the buyer and this is branch from the purchase price.

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For case, a buyer without a lot of money for their shutting costs will typically ask the seller to pay for some of these items. This is besides called seller concessions and is allowed by the banks with most mortgage programs, up to a sealed specify. We would recommend estimating about 1-2 % to have in reserves for this expense .
besides, after you have an agreement with a buyer, they will most likely have a home inspection and there is constantly items they request for you to either rectify or credit them binding at close. A fair estimate is to set aside about 1 % of the sell price for this .
last, a good bonus for a buyer is to offer a home guarantee to give them nibble of mind that the homes appliances and mechanicals will be covered in the beginning year of owning the family. Most buyers don ’ thyroxine know that these items are not covered under homeowner ’ south insurance so setting aside the $ 400- $ 600 for the guarantee is a price worth spend .

Seller closing costs: ~1-3%

close costs are the diverse fees and expenses incurred by buyers and sellers during the close of their real number estate of the realm sale. Virginia sellers have a fortune of close costs that are singular and accustomed to their local county and are deducted from the total net income of the sale. During a typical home sale, a Virginia seller can expect to pay around 3 % in close costs on these items below .

  • Virginia Transfer Tax – this is a tax the seller pays to transfer a property in the Commonwealth of Virginia. You will pay $1 per $1,000 per thousand. So if your house sells for $500,000 – your tax will be $500.
  • Virginia Congestion Fee – this is a tax the seller pays that went into effect July 1, 2013. The seller will pay $1.50 per $1,000. So if you sell your home for $500,000 – you will pay $750.
  • Attorney Fees – In Virginia an attorney is required for the closing, they will charge fees for drawing up the closing documents and representing you in the closing process. You can expect to pay between $600-$1,000 for an attorney in Virginia.
  • Title Search – This fee is charged to look at the history of ownership and liens for the property. It will confirm the title is clear, and no outstanding liens or encumbrances exist.
  • Courier Fee – Only applicable if you have a mortgage, this fee will be charged to transfer the payoff funds to the existing lender.
  • Estoppel Fee – If you own a condo or have a homeowners association that charges dues, this nominal fee will be collected to determine payoff.
  • Property Taxes – Property taxes are paid in arrears (1 year behind) and will be pro-rated to the day of closing and varies based on property assessment.
  • Pest Inspection – Only applicable if your buyer is getting a VA mortgage, you may be required to pay for the pest inspection.
  • Title Insurance – This one is also negotiable. If the buyer is getting a mortgage, they pay for a lender’s policy, but there is also an owner’s title policy.

Moving costs: ~1-2%

Don ’ thyroxine forget about the costs associated with moving out of the home you are selling ! If you DIY your move you distillery have the expense of moving boxes and packing supplies, moving trucks, storage units or canisters or hiring movers if tackling the job yourself isn ’ thymine for you .
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What’s My Bottom Line? Calculating Your Net Proceeds

calculate and calculating all the costs of selling your Virginia base is good but what truly matters is how much money you will have in your pouch ( or bank score ) at conclude. In order to figure this out what you will need to do is elementary. merely add up all your close costs and subtract them from the estimated amount you will sell your theater for, then subtract the sum that is owed on all your mortgages, if you have any. That ’ s it, dainty and bare. Going through this process is what is typically called calculating the sellers net sheet .

Total Home Selling Price $291,002
Minus Estimated Home Selling Costs $29,100-$49,470
Minus Mortgage Payoff $97,000
Sellers Net $144,532-$164,902

Can I Reduce My Home Selling Costs?

A flying retread what we did thus far, we calculated all the total costs of selling your property based off the average home values in Virginia and the best estimates on costs. We then broke them down for you and showed you what is included in all of those costs. last, we showed you how to calculate your net proceeds or money you will have after the sale .
What did you credibly learn from that exercise ? probably that selling a house in Virginia is very expensive ! The future logical question is “ how can I reduce my family selling costs ? ”

Here’s how to slash those selling costs and maximize profits on the sale of your Virginia home

Seriously consider alternative home selling options that really work.
  • If you want to sell your Virginia house as a FSBO, then you can really save a lot of money and you should consider a flat fee MLS listing as a way to list on the MLS and still retain the right to sell your house on your own.
  • If selling on your own is not for you, then finding a real estate broker with discounted fees in Virginia is your next best opportunity for savings. They will provide all the same services you are used to but for a lower commission than the typical 5-6%.

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Both of these options will get your dwelling the exposure that is needed for attracting veridical and active buyers who will offer you marketplace value for your home. If you or your agent are a calculating negotiator or follow a pricing scheme that is designed to attract multiple offers to get the utmost sell price the grocery store will bear then both of these options should be given serious consideration .

picture of Kris Lippi owner of ISoldMyHouse.com

About the Author:  Kris Lippi is the owner of ISoldMyHouse.com, the broke of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate of the realm related topics such as buying and selling homes, how-to guides for around the family and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta a well as early major websites. Read more about us here .
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