Selling Your Home in 2024 Is More Expensive Than You’d Think

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Buying a home is an investment, and many people expect to make some money when they sell their house — even if they have to spend some money to do so. But while buyers should expect to cut some checks in the process of closing on their next dream home, such as fees to the buyer’s agent and seller’s agent, you may be surprised that sellers also have to pay a more significant chunk of change than you’d expect. That’s at least according to a new report that claims the true cost of selling your home in 2024 can be unexpectedly high and cut into your profits if you’re not prepared.

In fact, sellers can expect to spend approximately $54,616 on the sale of their home, according to a Clever Real Estate report that was conducted from May 2 to May 10 this year. If that number sounds surprisingly steep, you’re not alone — 42% of those surveyed said the amount they spent on the sale of their home was higher than they’d anticipated. 

Out of that nearly $55,000, the highest costs were on real estate commission, as people spent about $11,136 on the commission for the listing agent and $10,467 on the buyer’s agent commission. (The survey does note that because of the National Association of Realtors lawsuit, sellers will not be required to pay the buyer’s agent commission as of August of this year — which means that buyers can expect to save some $10,000, give or take.)

Repairs were also a significant cut of the budget, as people reported spending about $10,000 on improvements and renovations both pre- and post-listing.

However, cutting out the agent when selling your home doesn’t always pay off — even if it saves you some money short-term. The study found that sellers who used a real estate agent sold their home for about $34,000 more than those who didn’t use one.

Other fees included the closing costs ($8,000), buyer concessions ($7,200), moving costs ($3,250), marketing costs ($2,300), and staging costs ($2,263). 

The report, which mined findings from 1,014 Americans who sold a home between 2022 and 2024, also found that 89% of those sellers had regrets. In fact, they believed they could have made about $50,000 more if they did things differently. 

While some fees when selling your home are unavoidable, being aware of the true cost of putting your place on the market can help you prepare by making a budget, deciding what renovations and marketing are truly necessary, and even staying firm on the price of your home. 

The good news is that it’s still possible to turn a profit: Despite the $55,000 sticker price of selling their home, 64% of sellers said they still made money on their sale, and the average profit was $100,000.

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