Let’s face it—between repairs, closing costs, and commissions, selling your house can quickly become expensive. According to a recent survey by Clever Real Estate, homeowners reported spending $54,616 on average when selling their homes, which was surprising to 42% of participants.
Despite these costs, the majority (64%) made a profit, with a median profit totaling $100,000.
With the right strategy, you can maximize your profits and minimize regrets. The same study also revealed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went solo. That’s a pretty compelling argument for having a pro in your corner!
Let’s dive into:
- The costs associated with selling a home
- Regrets home sellers reported
- How you can avoid common mistakes
The Cost of Selling a Home
Selling a home at the highest possible price involves various costs. Here’s what survey respondents reported paying on average:
- Listing agent commission: $11,136
- Buyer's agent commission: $10,467
- Repairs: $10,000
- Closing costs: $8,000
- Concessions: $7,200
- Moving expenses: $3,250
- Marketing: $2,300
- Staging: $2,263
Every transaction is different. Some of these costs are negotiable (like agent commissions), some may not be needed for every property, and some could be lower or higher based on the condition of the home or the Miami market.
Common Regrets of Home Sellers
Regret was a common sentiment among home sellers who participated in the survey, with 89% expressing some sort of regret post-sale, including 92% of those who sold without an agent.
The most common regrets included:
- Selling too quickly (30%)
- Missing their old home (29%)
- Not selling for enough money (28%)
- Not making enough pre-listing repairs (26%)
- Making too many concessions (26%)
- Failing to stage the home (25%)
A significant number of sellers also had regrets about their agent. Half of those surveyed said their agent "failed them" in some way. This is why who you work with matters so much.
Here’s what respondents had to say about their agent:
- Agent's advice let them down (57%)
- Agent made mistakes with their listing (53%)
- Agent didn't communicate enough (50%)
How to Maximize Your Home Sale
Making the most of your home sale starts with working with the right real estate agent. Remember, agents help homeowners get an additional $34,000 for their home sales. I always encourage sellers to interview at least two agents. It’s also a good idea to meet with more than one mortgage lender.
When interviewing agents, look for the following:
- Find a Professional: Look for an agent with deep knowledge about the Miami market, strong negotiation skills, and a solid marketing plan.
- Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients.
- Discuss Your Goals and Expectations: Make sure your agent understands your goals and priorities for the sale, and ask about their communication plan.
- Evaluate Their Marketing Plan: A good agent will have a comprehensive marketing strategy to attract potential buyers, including online listings, social media promotion, and professional photography.
- Understand Commission Structure: Discuss the commission upfront to avoid any surprises later.
Once you find a real estate agent you are confident with, work with them to learn what type of repairs or staging will make a difference. They will guide you through the process and provide insights on what matters most to buyers in Miami.
Closing Thoughts
Selling your home comes with a series of big decisions. A real estate agent is your partner in the process, and their expertise can mean the difference between tens of thousands of dollars in your pocket.
For a free consultation or discovery call to chat about your goals, connect with me here.
