Do you know how much it costs to sell your house in Kansas City? When working with a real estate agent, there can be a large number of costs that home sellers aren’t always aware of. Before signing a listing agreement with a Kansas City real estate agent, ask them to prepare a net sheet sho you know all of the costs you will likely face!
Many people aren’t prepared for what is required of them when trying to sell a house with a Kansas City real estate agent. There are numerous costs, time commitments, and exhausting activities that go into selling your house the traditional way. Below, we will take a look at what it costs to sell your house with an agent in Kansas City, versus what it costs to sell your house directly to a professional buyer. You can get an offer from our team so you can plug in the numbers for your property, determine which way of selling your house in Kansas City is right for you!
Hiring An Agent In Kansas City
When you hire a real estate agent in Kansas City to help you sell your house, you’ll be faced with commission costs when the house does eventually sell. These costs can be a huge blow to a seller’s profits as the average commission runs somewhere around 6% of the final sale price. So let’s say you sell your house for $150,000. You’ll have to immediately fork over $9,000k to your agent and that’s not including transaction fees that some agents charge on top of commission.
This commission is negotiable however so you may be able to negotiate a reduction. And the task that the agent does are often well worth it offering tips to get the home show ready, sharing resources, taking good photos, writing good marketing and getting your house in front of as many people as possible.
Plus their showing system facilitates buyers getting preapproved so they are qualified, working with a buyers agent who will schedule times to show the property. To get your home in front of the maximum number of people, listing it is the way to go. But not all sellers have the time sell a home with an agent.
Closing costs include things like transfer taxes, recording fees, and other miscellaneous costs. When you work with an agent to sell your house in Kansas City, you can expect to spend about 2% of the final sale price in closing costs.
These costs vary widely you can typically expect transfer taxes in KS, to pay for an owners title policy for the new buyer, a fee for the transaction itself to the title company, recording fees to record your deed or releases of your liens. Plus tax prorations, home owner association prorations, and sometimes a few other fees.
Here at kcmoHomeBuyer we typically like to have the sellers closing costs come out of the seller’s proceeds and for the buyer to pay their own closing costs. . . this is how the standard transaction is handled in this area. However, we can cover those costs in our offer, should you want us to do that.
Depending on your property, your repair costs can total up to a small fortune. You may find yourself making repairs before you list it, only to have them snowball into major expenses. In many cases, you may find that you have to make even more repairs after the inspection period. Many home buyers will try to negotiate after the inspector has been through, asking you to make the needed repairs, or by issuing a credit or discount on the price of the home.
We often completely renovate the home and then inspector comes through and we end up with another $2,000 to $3,000 in repairs. So if your home needs those updates and repairs to begin with, your traditional buyer may be asking for a lot more.
We highly recommend that you assess your needed repairs before you offer your house for sale. It may be that taking the time and money needed to get those done before you sell will generate ultimately a higher sales price and a faster purchase contract. But how much time and money will you have to invest to get the repairs done. And what happens if you DIY and it looks bad and has to be redone. Or worse you hire a contractor that doesn’t work out so well, costing you time and money you may not want to spend.
After you know what your repair costs might be, then get a cash offer from us and weigh that against the time and money needed to make repairs.
Many people don’t realize how much it costs to own a home. As a homeowner, you are dealing with things like property taxes, homeowners insurance, and utility bills. The bills can get pretty high if your home is older, and not energy-efficient. You’ll also have to contend with the continued maintenance, repair costs, and the expenses required to keep the house ready for property showings. If your house sits on the MLS for a long time, your holding costs can really add up! But when you sell your house directly to kcmoHomeBuyer, we will be able to close on your property, free and clear, in only a matter of days.
This is something a lot of people don’t think about. Just today we were trying to determine the best price for our new listing that’s coming out on Elmira Street soon. As we browsed through all the houses sold 7 out of 8 of them showed that the seller paid closing costs on behalf of the buyer. What this means is the buyer has closing costs associated with getting the loan on their home, but they want the seller to pay those costs out of their proceeds. Some buyers increase their purchase price to cover this and some don’t. But back to this house on Elmira, the closing costs these buyers wanted paid was $3000 on one and the other 6 received $5,000 in closing costs paid by the seller on behalf of the buyer.
If you sell to someone like us, we pay our own way. We pay all of our own closing costs as the buyer.
Marketing costs when selling your house the traditional way are no joke. Depending on your agent, you may find you are spending a lot of money to market the house on your own. You may need premium listings, professional signage, or photography in order to showcase your property in its best light. Don’t assume that because you hire an agent all of your marketing costs will be covered. Every agent is different and you may wind up spending more than you think to sell your house fast in Kansas City.
When we look at selling cost articles, rarely do we see the seller’s time listed. But think about it, everyone’s time has value to them. Those that have a lot of extra time on their hands do not value it at quite the cost as someone who has very little of it. So consider yours . . . and how you value your time. Do you want to spend it getting a house ready to sell, or do you want to get the house sold quickly so you can get back to your normal life.
Selling Your House Directly
On the other hand, selling your house directly to kcmoHomeBuyer, won’t cost you a thing. While not every buyer works in the same way, selling your house to our team will free you of any costs or fees. You won’t have to worry about making repairs, cleaning up, or having to wait around for a buyer to come along. There are no commissions, agent fees, or marketing costs. You will be able to sell your house fast in Kansas City free and clear, once and for all!
Before you sell your house in Kansas City, you need to know exactly what it will cost you. Many home sellers are blindsided by costs and fees they weren’t expecting when they work with a local real estate agent. Before you sign a listing agreement, take a look at what we can do for you. A direct sale may be the solution you need for your house in the Kansas City area! However, you won’t know for sure until you get a no-obligation offer from our team!