We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. This closing cost is normally paid by the seller. Not only can it make your home stand out from others on the market, but it can increase a buyer’s confidence in your property. When you’re thinking about selling, it’s easy to get excited looking at your, Real estate fees: Loan payoff, taxes and penalties. Prorated property taxes: You’re responsible for the property taxes on your home up until the day of closing, so you’ll see a prorated charge on your settlement statement. Repair credits are win-wins for buyers and sellers. If you think you’re going to be subject to capital gains taxes, either because you’ve profited more than the set amount, or because you’ve lived in the home for less than two years, ask your tax professional about subtracting the costs of preparing the home for sale from your profits. First, you need to choose the right price. Interview top local agents, get free advice, no obligation to sign. To gain the upper hand, get creative with the seller concessions you offer a buyer. When you sell your home with a Redfin Agent, you pay a low 1%–1.5% listing fee. The MLS is how real estate agents find homes for their clients, and typically a buyer's agent commission is included to incentivize these realtors to show the house to their clients. If your home is going to be vacant for any period of time, it’s important to talk to your agent about adding a rider to cover that period. The costs of selling a home start with home prep, followed by staging, marketing and likely concessions, plus the average closing costs of selling, 8%-10% of the sale price. Michigan House Selling Guide. Listing slightly under other homes in your area will help you stand out from other homes on the market. Find cheap homes and condos for sale, view real estate listing photos, compare properties, and more. Similar to property taxes, if you live in a community with a homeowner’s association, you’ll also be required to pay your dues, prorated up to the close date. A buyer’s agent's commission is an incentive for realtors to show your house to their clients. Before your first open house or showing, consider hiring a house cleaner to do a deep clean. In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. Vetting buyers to ensure they're qualified, from a financial perspective. For example, if you live in Grand Rapids and think your house is worth about $244,000, search Zillow for active listings that are about $50,000 more and less than that. Zillow has 41,287 homes for sale in Michigan. The content on this site is not intended to provide legal, financial or real estate advice. Home improvements: There are two main types of home improvements you can do before listing: updates to repair or replace old systems (roof, furnace, windows, etc. Real estate laws, processes, and trends vary greatly across the country. Across the state, the average home sells for between $100,000 and $200,000. This is especially important if you plan on using popular websites like Zillow or Trulia to market your home, since listings on these sites tend to be photo-heavy. You pay Clever nothing and only pay your full-service agent $3,000 (or 1% on homes over $350,000) if and when your home sells. Attorneys are required to oversee closing in these locations: Alabama, Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, West Virginia and Washington, D.C. Once the closing costs are settled, it’s not all profit. The state charges $3.75 for each increment and the county charges $.55 (which an be up to $.75 as authorized by the county board of commissioners with a population more than 2,000,000 or more). Are you selling your house or investment property and wondering 'how much does an auction cost'? The typical cost of a home varies greatly from state to state.. We teamed up with Zillow to find the median home value of each of the 50 states in the US, in addition to Washington, DC. 6% of the house’s sale price is the standard Commission fee in Michigan, although the commission is always negotiable.In a buyers offer, other costs like repair concessions and the home warranty will be discussed. Rarely does an inspection report come back perfect, so it’s common for buyers to request repairs from sellers. Selling a house is time consuming and expensive — often much more than sellers might expect. A little staging can help to make the rooms feel bigger, remove traces of personalization, and add “homey” touches that make your home stand out. about discount real estate services. Let’s use a $200,000 home as an example. In Michigan, this will typically cost you a couple hundred dollars. In fact, according to the Zillow Consumer Housing Trends Report, 83% of sellers make some kind of trade-off with the buyer to facilitate the sale of their home. *These reviews are for Redfin's Seattle, WA office. Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase agreement. Documentation proving any major repairs or changes to the house help verify its value. Consider the following lower-cost options (listed from least expensive to most): As mentioned before, a flat-fee MLS service will post your listing on the local MLS, usually for a low, upfront fee. Professional photos: 68% of home buyers say that viewing professional pictures of a property is somewhat to extremely important. Organization is key when showing your home to potential buyers. If you sell a house worth $186,000 — the median home value in Michigan — that's up to $10,700, which is a huge chunk of your potential profits. Computing real estate transfer tax is done in increments of $500. If you decide not to offer a buyer's agent commission, you may severely restrict your pool of buyers. Talk about your home's best features that matter to Michigan residents, like energy-efficient windows In increases about $300 per $100,000 of sales price. A transfer tax is assessed when selling your home in Michigan. As a FSBO seller, you'll have to navigate the paperwork by yourself. At closing, you'll sign the deed over to the buyer. To get an accurate idea of what your house is worth, look at comparable listings in your area. For example, in Lansing, the median sales price ($96,900) is higher than the median list price ($95,000). Research shows that FSBO homes typically sell for about 6% less than those listed with agents. With some mortgages (like federally backed ones), your buyer's lender might require information of the property's flood risk. Back The goal of home Be honest about your list price. But whether you’re doing a DIY move, using professionals from start to finish, or something in between, there are always expenses associated with moving, and they often have to be paid before closing, so you’ll need cash available. Homeowners insurance for vacant property: Did you know that your existing homeowners insurance policy may not cover your property when it’s vacant? If you think you’re going to be subject to capital gains taxes, either because you’ve profited more than the set amount, or because you’ve lived in the home for less than two years, ask your tax professional about subtracting the costs of preparing the home for sale from your profits. Accurately and competitively pricing your home. You want to make a great first impression on as many buyers as possible, so add little touches that speak to most people. "Smell plays a huge part in how buyers will perceive and remember your house. Not only can it make your home stand out from others on the market, but it can increase a buyer’s confidence in your property. If something goes wrong with the sale, it could cost you many thousands of dollars. Michigan Seller Closing Costs & Net Proceeds Calculator. Remember, to succeed at selling a house by owner you'll need to: If you'd like some professional guidance with no strings attached, Clever can help. We get it. No listing commission, which could save you 2.8%, based on the Michigan average. $258 (1.5 months of utilities, based on average monthly utilities from the, Buyer concessions offered during negotiation, $2,200 (1% of the sale price, on average), $250-700 (depending on the size of the home), $200-$400 (estimated based on paying 1.5 months of dues, plus transfer fee), $2,000 (1.5 months at the U.S. average rent of $1,442 a month), If you’d like to avoid some of the typical costs related to selling your home, including full agent commissions, marketing expenses and some home improvements, consider selling your house through, Costs associated with selling a house: Home preparations, Real estate fees: Loan payoff, taxes, and penalties, Types of Listing Agreements: Understanding Real Estate Agent Contracts With Sellers, Real Estate Photography Tips for Home Sellers, For Sale by Owner (FSBO) vs. Real Estate Agent. Until tax time real estate advice, compare properties, and cookies go! 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