Unexpected expenses that can come with selling a home & the home updates that are the best return on your investmentFILE - A sign announcing a home for sale is posted outside a residence, Feb. 1, 2024, in Aceworth, Ga., near Atlanta. The cost of hiring a real estate agent to buy or sell a home is poised to change along with decades-old rules that have helped determine broker commissions.
According to a recent survey from Clever Real Estate, Americans report spending nearly $55,000 on home-selling expenses -- an amount that came as a surprise to 64% of the sellers surveyed.The largest piece of the pie clearly goes toward commission costs, so to avoid high commissions, some sellers are choosing to forego a real estate agent altogether.
Sellers who did not hire an agent saved only $4,200 compared to those who did, and sellers who hired an agent made $34,000 more than those who didn’t. Repairs and upgrades are another major home-selling expense because the majority of today’s home buyers don’t want to take on costly renovations in an already expensive housing market.
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