Nationally, U.S. homeowners spend $15,190 on average in extra or hidden costs associated with selling their home, according to a new analysis from Zillow® and Thumbtack. In Los Angeles and Orange counties, however, the average is $40,808. Riverside County is about half that. Since most of today’s sellers have never sold a home before, some of these costs could come as a surprise. Some of the most common, but often overlooked, seller expenses include sales taxes and agent commissions, as well as optional home prep projects.
Making sense of the story
- San Francisco metro area sellers paid the most in hidden costs to sell at $55,105, while home sellers in the Los Angeles and Orange County metro region paid $40,808 to sell their homes.
- The two largest closing costs are real estate agent commissions and in most states, sales or transfer taxes. Sellers also must pay for various other closing costs, including title insurance and escrow fees.
- Eight out of 10 home sellers make improvements to their properties before selling, Zillow said. In addition to washing the carpets and landscaping, popular prep projects include staging, painting interiors and general house cleaning.
- About two-thirds of sellers, mostly first-time sellers, said they unaware of the hidden costs.
- Sellers in Indianapolis paid the least ($8,238) as home values are lower and the state has no transfer tax.
Source: Orange County Register