How to determine what you’ll make on your home sale
In the first quarter of 2021, sellers raked in an average profit of $70,050 on the sale of their homes, up 26% year-over-year. If you’re thinking about selling in 2022 and wondering where you’d come in, here’s how to estimate your proceeds:
Take your home sale price (the price a buyer has agreed to pay you for your home) and subtract:
Fees paid to the agents. Keep in mind the seller pays the commission for both the buyer’s agent and the seller’s agent (typically 6% of the home sale).
Cleaning and staging costs.
Costs of home repairs and upgrades.
Seller concessions you agree to offer buyer (home warranty or closing costs).
Closing costs (title insurance, transfer tax, and escrow money).
Mortgage payoff amount.
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