When it’s time to sell their house, many people automatically opt to hire real estate agents. However, this decision is often made without very much thought being put into it. And that’s because, over the last few years, hiring a real estate agent has become standard practice.
However, even though they are now the norm in real estate circles, that doesn’t mean that hiring a realtor is always the best decision for selling houses in every situation. Real estate agents often come with a lot of hassles and stresses, as well as a boatload of added expenses. And these hassles of selling your house the traditional way usually make the process so much more difficult. In addition to this, they will charge you for every part of the process (from advertising to staging for showings). And once these expenses that you should expect when selling your house pile up, they’ll be able to do some serious damage to your bank account. So before you make any major decisions on how you’re going to sell your house, be sure to give all of this some serious thought.
In this blog, we are going to help you learn more about what it truly means to sell your house with a real estate agent by expanding on the 5 costs homeowners face when selling their houses through realtors in Saint Paul MN. For more information on this subject, you should also read our blog that will help you determine if Hiring An Agent is REALLY Worth It.
Costs Homeowners Face when Selling their Houses with a Real Estate Agent in Saint Paul MN
Read on to discover the top costs and expenses homeowners face when selling their house with real estate agents in Saint Paul.
Real estate agent commissions are arguably the highest costs homeowners face when selling their houses with a real estate agent in Saint Paul MN. These real estate agent commissions are based on a percentage of your house’s sale price. Typically, you’ll find them set at no less than 3% per side. As such, this will mean that if you sell your house for $400,000, you will then have to pay $24,000 out of your sale profits, along with the traditional seller’s closing fees. In addition, you may also find yourself owing transaction fees to your agent’s office due to closing costs.
Professional appraisers and home inspector fees are also found among the most expensive traditional home sale costs that homeowners typically face when selling with a real estate agent. When you use a real estate agent, the first step (when trying to get approval for a mortgage loan) is the property appraisal. This is required in order to make sure that your house meets the terms of the loan agreement that your buyer would have qualified for. Additionally, the buyer’s agent will almost always order an inspection of the property. As the seller in this situation, you will be held responsible for handling the cost of said inspection.
Word to the wise, depending on the age of your home and its current state of maintenance, it may be wise to have your own inspection performed prior to listing. This will help you take care of any required repairs ahead of time, which will ultimately help you sell your house faster, and for more money.
If the inspector should find something wrong with the property’s structure, or any other issues with the property that may need repair, they will help you may these repairs ahead of time. However, the potential costs can run into the thousands and become yet another expense homeowners face when selling with a real estate agent in Saint Paul MN. Repairs could possibly cost even more than the commission you’ll pay to your real estate agent, so if your property is in particularly bad shape, you should consider selling it directly to FastPath Home Buyers.
Advertising can be a rather expensive expense when it comes to costs homeowners face when selling with a real estate agent in Saint Paul MN. Marketing a listing typically requires a full array of technology, such as high-quality professional photography, virtual touring facilities that use 360-degree video, or drone photography. This is usually done so that your listing stands out among your competitors on the MLS. In addition, you can expect staging costs to be another item you will be responsible for, within the advertising budget. All of these expenses could potentially help your house sell faster when selling with an agent. However, there is never any guarantee.
After all of this, holding onto a property that won’t sell on the MLS can be the worst cost of them all. This will mean paying expensive monthly holding costs for an indeterminable period of time. Many home-sellers can get to a place where they find their listings stagnating on the market. This is made worse by the fact that they will be required to continue sinking thousands of dollars worth of monthly bills into their old property.
If you’re wondering why this happens, holding costs mainly take place because, sadly, while real estate agents can get busy and set an excellent plan for your home sale, the one thing they cannot do is guarantee when your property will sell, or if it will sell at all. This can lead to your home painfully lingering on the market, which in itself becomes another cost homeowners face when selling with a Saint Paul real estate agent.
Why spend a fortune when there is no guarantee your property will actually be sold by an agent? Instead, sell your house directly to FastPath Home Buyers and avoid all of the expenses homeowners face when selling with a real estate agent in Saint Paul MN. By selling directly to FastPath Home Buyers, you won’t need to worry about commissions, broker fees, paying other professionals, repairs, or advertising!
Here at FastPath, we make it easy when we buy houses in Saint Paul MN! Where an agent would require you to open your wallet for a million expenses and commissions, we charge No Fees and Require No Added Expenses! Where an agent would require you to repair your house then pay for staging and advertising, we accept your house in “as-is” condition (meaning No Repairs, No Cleaning!). And finally, where an agent usually takes 3-6 months to sell your house, we are prepared to close on any offer in as little as 7 days.
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