How much does it cost to sell a house in South Carolina?
Selling a home is a complex and time-consuming process that involves a wide range of tasks and responsibilities. From preparing the home for sale, to marketing and advertising, to negotiating offers and closing the sale, there is a lot to consider when it comes to selling a house. While some homeowners may be tempted to try and sell their home themselves, known as a "for sale by owner" (FSBO) sale, there are many compelling reasons why it is better to use a real estate professional that knows the area, process, contracts, inspectors, laws, etc. But if you're going to try to sell a house yourself, then here are some costs that you can expect:
- Real estate agent commission: Typically a percentage of the sale price of the home, this fee is paid to the real estate agent (at closing) who helps to sell the home. Inexperienced agents without the knowledge of an experienced real estate brokers may charge less so they can get more experience and learn the process.
- Closing costs: These are the costs associated with transferring ownership of the property, including title insurance, attorney fees, and other expenses. Sellers and buyers have their own costs.
- Home repairs and improvements: Depending on the condition of the home, you may need to make repairs or improvements in order for a buyer to get a loan or for it to be acceptable. In South Carolina, we are susceptible to termites and water damage and lender's appraiser may expect repairs.
- Staging: Not always necessary if you hire a real estate agent in South Carolina, but hiring a professional stager to prepare the home for sale can help to make it more attractive to buyers and increase its perceived value. Many experienced agents can guide you in the right direction on what you should do to make your home more attractive based on trends.
- Marketing and advertising: Advertising your home for sale through various channels, such as online listings and open houses, can help to reach a wider audience of potential buyers. Many experienced real estate agents have buyers. Expect to pay the buyer's agent's commission since lenders don't allow overages of the contract price or appraised value.
- Taxes and fees: Depending on the location of the property, you may need to pay property taxes and other fees, such as transfer taxes, to complete the sale of the home. in SC these fees are now $3.70 for every $1000 dollars that the home sells for. You can also expect to pay your portion of property taxes.
- Education: This is an intangible expense. When learning the process, you may be more likely to make a mistake in pricing, repairs, negotiations, laws, etc. While it's sometimes seems easy to "save money" by selling yourself, account for the education that is needed to buy and sell a property in South Carolina. Sometimes payment is accounted for in the amount of time and research and sometimes it's a financial loss. If you're stepping into unchartered territory, make sure that you understand the process and are able to speak the language and understand the process.
If you're looking for a better explanation of the costs of selling a house in South Carolina, feel free to reach out to us and we may be able to help you get in the right direction.
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