That’s right. When you sell your house through a real estate agent, there are some significant costs that you’ll pay which you may not even be aware of yet. Before you sign a listing agreement with a Indianapolis real estate agent, read this post and gain awareness of what you could have to pay to sell your house!
Many people aren’t prepared for what is required of them when trying to sell a house with a Indianapolis real estate agent. When your agent gives her listing presentation, she’ll likely point to her own sales statistics, different great points about your house, and how much better off you’ll be by choosing her. Most agents don’t really want to talk about the numerous costs, time commitments, and exhausting activities that go into selling your house the traditional way. Below, we will take a look at what it costs to sell your house with an agent in Indianapolis, versus what it costs to sell your house directly to a professional buyer.
Hiring An Agent In Indianapolis
Commissions
Nobody works for free, and real estate agents whether in Indianapolis or anywhere else in the world are no different. In some states both the buyer and the seller pay their own agents. That can be the case here in Indiana too, yet it’s actually more common here to see the seller pay a large commission rate which their agent splits with the buyer’s agent. These costs can be a huge blow to a seller’s profits as we’ve seen commissions that range from anywhere between 6%-7% and even more of the final sale price. That means if you sell your house for $200,000 you would immediately have to pay $14,000 to the real estate agents involved in your transaction – and that’s before all of the other costs and fees. When you sell directly to us, there are no commissions for you to pay. Period.
Closing Costs
Closing costs include things like title insurance, recording fees, and a variety of other costs. When you use a real estate agent to sell your house in Indianapolis, you’ll probably spend about 3% of the final sale price in closing costs. THEN…your buyer is likely going to ask you to pay for part of their closing costs. Guess what? You can probably assume this will be 1%-3% of the final sale price as well, so your ACTUAL closing costs could be between 4%-6% of the final sale price. Once more, if your house sells for $200.000, you could be on the hook for another $12,000. When you sell your house directly to 317 Home Buyers, we’ll handle all the closing costs, so you won’t pay any of this at all.
Repairs
During your real estate agent’s listing presentation, they may point out some repairs, upgrades, cleaning, putting a bunch of your stuff in storage and staging the house which you should do in order to get the quickest sale and to sell for top dollar. Depending on your property, these costs can total up to a small fortune. A new roof? $8,000. New carpet? $5,000. Updated kitchen? Say goodbye to $10,000. You may find yourself making repairs and upgrades before you list it, only to find that you have to make even more repairs after the buyer’s home inspector is finished tearing through your house. It’s tough for us to put a number on this for you, yet you can do this yourself. Take an honest self assessment of your house, and write down a list of the things that you would want to see fixed, repaired, or updated if YOU were the person buying your house right now. Then, go to Google and search for “how much does it cost to [insert your repair here] in Indianapolis” and you’ll get some reasonably accurate numbers. You might be surprised at how quickly the dollars pile up on those repairs.
Holding Costs
This is one that we as home buyers are very experienced with, yet many people don’t realize how much they’re spending every month just to hold on to their home. As a homeowner, you’re probably paying your mortgage, property taxes, homeowners insurance, and utility bills. The bills can get pretty high if your home is older, and not energy-efficient. You’ll also have to contend with the continued maintenance, repair costs, and the expenses required to keep the house ready for property showings. If your house sits on the MLS for a long time, your holding costs can really add up! Again, we can’t really put a number on this for you, yet it should be pretty easy for you to do so. Gather your bills from last month or your check register or bank statement and add up what you paid just to own your home. This is why 317 Home Buyers offers quick closings if it’s what our customers need; so you can sell your house fast and stop the monthly cash hemorrhage.
Selling Your House Directly
Selling your house directly to 317 Home Buyers, won’t cost you a thing. While not every buyer works in the same way, selling your house to our company will free you of any costs or fees. You won’t have to make repairs, clean anything, or have to wait around for a buyer to come along. There are no commissions, agent fees, or marketing costs. You will be able to sell your house fast in Indianapolis free and clear, once and for all!
Before you sell your house in Indianapolis, you need to know exactly what it will cost you. Many home sellers are blindsided by costs and fees they weren’t expecting when they work with a local real estate agent. Before you sign a listing agreement, take a look at what we can do for you. A direct sale may be the solution you need for your house in the Indianapolis area! However, you won’t know for sure until you ask for a no-obligation offer from our team!