RISMedia's Real Estate Magazine

JUN 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1119997

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Page 101 of 118

RISMedia's REAL ESTATE June 2019 97 {Blog Spot} "Selling is often a complicated pro- cess that can sometimes require extensive prep work in order to put your best foot forward for a success - ful sale," said Skylar Olsen, Zillow's director of economic research, in a recent release. "It also comes with huge transaction costs that aren't necessarily top-of-mind to someone who hasn't sold a home in a while or never has had the pleasure. Selling was hard even in the sellers' market of recent years, and it's going to get harder as markets soften." According to the report, closing costs—including agent commis - sions and sales taxes—add up to an average of $14,281. Since the costs are built on the selling price, those in high-priced markets can shell out much more to close. In San Jose, Calif., sellers pay an av - erage of $76,015 in closing costs, compared to sellers in Cleveland, Ohio, who cough up an average of $9,046. Nearly 80 percent of sellers un - dertake at least one home improve- ment project before listing their home. What are sellers shelling out for? According to Thumbtack, the most popular selling costs included carpet cleaning, interior and exte - rior painting, full-service lawn care, home staging, house cleaning and local moving costs. So, is paying out to sell worth it? According to the report, yes. Sellers who make improvements to their homes are 22 percent more likely to sell for more than their asking price, compared to only 16 percent for those who make no improvements at all. RE For more information or to view the full report, visit www.zillow.com. This article originally appeared on RISMedia's blog, Housecall. Visit us at blog.rismedia.com. How Much Does It Cost to Sell a Home? New Report May Surprise You by Zoe Eisenberg P urchasing a home often comes with a hefty price tag, but a surprising new report from Zillow shows that it costs a pretty penny to sell a home, as well. In 2019, the average U.S. home seller spent $20,851 to sell their property, according to Zillow and Thumbtack's 2019 Hidden Costs of Selling analysis. This number includes the obvious closing costs, as well as improvements made when people are preparing to sell a home.

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