How Much Does It Cost To Sell A House In Spartanburg?
May 19, 2017 | The Ott Group at Ponce Realty Group
How Much Does It Cost To Sell A House In Spartanburg?
So you are thinking about selling your house in Spartanburg SC…so you ask “How Much Does It Cost To Sell A House In Spartanburg?” This list is an estimate and should not be held as the only true and actual cost associated with selling your house! Every Real Estate Transaction is has it’s own unique situation and nuance, so this list will cover the broad range of costs associated with selling your house. In Spartanburg, as with most states in the United States, selling a house isn’t just putting a sign in the yard, finding a buyer, signing some paperwork, exchanging keys…and then getting the proceeds. To really sell a house in this market you will need an expert who understands and can interpret what it takes to buy and sell in this market. There are all sorts of costs with selling a home in Spartanburg and consulting with your Realtor is HUGE to discuss the specifics of selling your house.
- What Will It Cost To Sell A House?
- How much is a Real Estate Agent’s Commission going to cost?
- What is the Cost of getting an Appraisal?
- How Much Are My Closing Costs?
What will a Cost to Sell a House?
| Description of Cost(s) To Sell | Estimate of Cost(s) |
|---|---|
| Brokerage/Realtor/Real Estate Agent Fee | Always negotiable. There is no standard rate |
| Pre Listing Appraisal Fee | $400-$600 |
| Pre Listing Inspection For Repairs | $200-$450 |
| Professional Photos/Videos | $100-$500 |
| Closing Costs | Always Negotiable with buyer |
| Deed Preparation Fees | $375-$450 |
| Deed Recording Fees (formerly Deed Stamps) | 3.7cents per $1000 of Sales Price ***Subject to Change based on location & law |
| Record Satisfaction of Mortgage | $20-$50 |
| Prorated Taxes | 7.6 cents per $1000 of Sales Price ***Subject to Change based on location & law |
| Courier Fee (for Mortgage Payoff) | $25-$75 |
| Termite Inspection | $50-$150 |
| Home Warranty | $350-$500 |
These are only estimates and depending on your specific situation these could change. It’s important that you use these as a rough guide and consult with your Realtor current rates/updates. If you need to sell your house, call The Ott Group at 864.580.6030
How Much is a Real Estate Agent’s Commission going to cost?
In Spartanburg, Real Estate Agent’s Commission is 100% negotiable based on experience, location and agency. The agent fee includes many costs associated with the sale of your house, that include but are not limited to: fees marketing your home, holding open houses, scheduling showings of your home, making your house available so that all agents can show to their potential buyers, listing your property on various websites (like Zillow, Trulia and Realtor.com), posting manually ads on Facebook, Blog Sites, Craigslist, Agency Websites as well as taking time to walk you through the transaction as each step approaches. For Simplicity let’s say The Average Price of A Home In Spartanburg is around $175,000 (which we will use through this example), if the commission to sell this house were 7% (for example), you would pay $12,250 in total Real Estate Agent Fees/Commissions. Again…remember that Commission is negotiable with your Real Estate Agent and it may vary based upon factors like your Listing Agent bringing finding the Buyer (means your Real Estate Agent represents you and the buyer in the same transaction called Dual Agency in South Carolina). It is your right as a South Carolina citizen to have Real Estate Agency explained to you…We would love to talk with you about the different types of agency in South Carolina call 864-580-6030. In Spartanburg, the Seller usually pays the entire commission to both the Listing Agent and the Buyer’s Agent. You don’t ever want to choose an agent based on commission alone. Not all Agents have a marketing plan that brings the best offers to you on your house and generally the Real Estate Agents with the Best Marketing Plan will bring you the Higher Selling Price and more money in your pocket.
What is the Cost of the Pre Listing Appraisal Fee?
In Spartanburg the average appraisal is $500 depending on the size and condition of the home. The Appraiser looks over every inch or your house, it’s location and gives their best estimate of value of the home. This is huge to help you open the pool to more buyers who will need to finance through a home mortgage to purchase your home. Imagine the leverage you having a licensed expert’s opinion of value for your home!
What is the Cost of Pre Listing Inspection for Repairs?
In Spartanburg the average cost of inspection for repairs varies depending on square footage of the home but overall the overall is $275. But wait…isn’t the Buyer going to get an inspection? Perhaps…yet if you have a pre listing inspection there won’t be any BIG surprises or BIG expenses come out of no where when the Buyer of your home has an inspection…since you had one before listing, you will know the repairs that need to be done, likely fixed them…and factored all of that in the price of your home. Consult with your Real Estate Agent to see which repairs will be best suited for you in your home!
Professional Pictures/Videos
It is so important that your home gives the best first impression to any potential buyers. It is common for Sellers to hire professional photographers to make sure your house stands above the rest. Think of it like the school yearbook photo…the reason you dressed well and had a professional photographer take your picture is because every year had an experience of it’s own. And looking back on those photos helps you relive those experiences. Staying along those lines…imagine an instant photo was used and you didn’t know the date of the picture so you didn’t dress your best–would totally change your experience right? Making sure your house has it’s best photos is no different. The best photos help to get the higher price and create the best experience for potential buyers. The Average Cost in Spartanburg is $300
Closing Costs
You have a date, time and Attorney set! Let me get my check…oh wait–I have to pay how much to close?!?!?!?
Closing Costs occur during the final stage of selling your home during the closing phase. Many Sellers are unaware of these costs when selling their home. Let’s cover what most people are looking for when they click this link…How much is the Real Estate Agent’s Commission? Here’s the thing with that…there isn’t a “standard” for commission. It is always negotiable. You could pay as low as 1.5% of the sales price for a discount broker or even 10% for a specialty agent. So where does all that Commission go that I’m giving my Real Estate Agent? You will generally be asked to pay a flat commission that is split between the Buyers broker and the Listing broker. Say you agree to a rate of 7% of the sales price for your Real Estate Agent. That would mean you are giving the Agent who brings the Buyer of your property 3.5% and giving the Agent who Lists your property and represents you 3.5% (to equal 7% total). From this 6%, you are giving the agent that brings you a buyer 3%, and the agent who handles the sale of your property and represents you 3%. You may agree that is the Listing Agent hustles to bring you the Buyer that you will pay the full 7% to your Listing Agent. Some sellers make the decision to not allow the same agent to represent the buyer and the seller. Keep in mind that the Listing Agent is never going to keep the full Commission. They will actually have to split that with the Buyer Agent and their own Brokerage. Same goes for the Buyer’s Agent splitting their part f the commission with their Brokerage.
Example: Home sells for $200,000. You agree to a 7% commission with 4% to the listing agent for their comprehensive marketing system and negotiations and 3% to the buyer broker who procures the buyer. Your total expense for the commissions would be $14,000 regardless of how it is split. Your Listing Agent would receive $8000 to split with their Brokerage and the Buyer Agent would get $6000 to split with their Brokerage.
Deed Preperation Fee
The cost associated with recording a new deed. This costs is usually included in the Closing Costs and can be shared between Buyer and Seller. The Average cost in Spartanburg is $415
Deed Recording Fee
This is the costs associated with transferring Title of your home to the Buyer. In all of South Carolina, the current this cost is 3.7cents per $1000.
For example a home selling for $200,000 would have fees that are $740 (this is paid by the Seller)
Record Satisfaction of Mortgage
This is the fee associated with Recording that your mortgage is paid. The Average Cost in Spartanburg is $35 (this is paid by the Seller for their home)
Courier Fee
This is the fee associated with the cost of transporting documents to complete the loan transaction as quickly as possible. The Average Cost in Spartanburg is $50
Termite Inspection
Yes…in South Carolina the humidity is a major factor in termite issues in our homes. If caught early…preventative measures can be taken to preserve the structure. If caught too late…catastrophic damage can occur to the structure. Early detection is key! Some Sellers take advantage of a Termite Bond which keeps the structure treated for termites. Other’s have a Termite Inspection before Closing to ensure there is no termite damage/all damage has been properly treated and repaired. The Average Cost in Spartanburg is $100
Home Warranty
What does a Home Warranty do? It helps give the Buyer of your house piece of mind…but also give you peace of mind if major appliances break after you move out. Home Warranties range from little coverage to overall coverage. Each Home Warranty Company has many options to chose from. Think of it like a mileage warranty on your…well worth it a major part breaks. This is negotiable with the Buyer before closing. The Average Cost in Spartanburg is $425
***There may be other fees that are paid by the seller if the seller agrees to them during the negotiations with the buyer. Sellers can agree to pay any or all closing costs depending on the mutual understanding between the two parties.
Choose an Agent to help you with the process
With the help of an expert Real Estate Agent like Olivia Ott and her team The Ott Group at Keller Williams Realty with 200+ Houses Sold, you are more likely to sell your home quicker and maximize your proceeds. You need someone who knows how to sell a Spartanburg house and is familiar with the ins and outs in the area.
