How Much Does It Cost To Sell A House In Massachusetts

Wednesday, April 8, 2020, 6:00 PM | Leave Comment

A Rule Of Thumb To Inform Your Strategy

If you’re in Boston or somewhere else in Massachusetts, you can expect the cost of selling a home to be somewhere around 10% of the list value. If you’ve got a $500k property, expect to lose about $50k of it to selling fees. The things which make up that cost involve a number of different factors.

Realtor fees are going to be the lion’s share of closing costs. They’ll take a commission on your property. The larger your property’s value, the more “wiggle room” you’ll have. This is because a realtor stands to lose money if they stick to the average percentage with a bigger property. Expect those costs to be 5% to 6% of total value.

That’s $25k to $30k on a $500k house. However, if there were a home worth $1,000,000, and you offered 2% to 3%, that would be the same payday for a realtor. So they could certainly refuse the diminished commission, and just leave $25k to $30k sitting on the table. You see how this works. A property worth $10 million would give a 1% commission of $100k.

The pricier the house you have, the more you can haggle with a realtor over commission. However, this isn’t the only place where you’re going to experience some closing costs. You’ll have legal fees, taxes, repair costs, those “dangling chad” costs related to your property you’ve yet to pay off, and other miscellaneous expenses.

How Much Does It Cost To Sell A House In Massachusetts
Image Source: pixabay

  • Making A Deal

    When you iron everything out, if you know a buyer and settle the matter with proper legal gravity, you might be able to get away with a Massachusetts sale of less than 1% in losses. This is extremely unlikely, though. It’s more likely you should expect a 10% loss on the sale, and so counteract it. There are a few ways to do that.

    For one, you can remodel the premises, make home additions, and increase your listing value. Realtors will tell you that it’s possible to list at value X. They may be right, but keep in mind, especially if you don’t have an exceptionally high-value property, the realtor is trying to get a bit of a paycheck. So they may advise you less than you can actually get owing to the time it will take for a property to sell.

    Additionally, you may be able to command a higher value depending on the neighborhood where your property is located. However, location could work against you as well—you should be aware of your location. You can learn more about selling your home in Boston or elsewhere in MA through this writing on the cost of selling a house by ISoldMyHouse.com.

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  • DIY Refurbishment

    If you can afford to spend a little money on top-tier refurbishment, that can be wise. Paint the walls. Fix all the little problems in the house. Replace the lightbulbs. Clean the windows. Repair the roof. Finish the basement. Clear out the attic and finish that area of the house as well. Put new cabinets in the kitchen. Polish your wooden floors.

    For about $150, you can get a sander and some polyurethane finish in a one-gallon container. You can also get a brush to apply the solution. Move all furniture out of the room, sweep and mop, sand out the divots, then finish the floor. The job will take you about a day, maybe two, for a floor that’s three-hundred square feet, if you do it yourself.

    It may add $1k or more in value. A gallon of polyurethane can cover about 600 square feet in two coats. Just use that hand-sander well, stretch, and wear knee pads. Otherwise the job can be hard on your back. Ten floors finished in this way will cost you about $1,000, and produce about $10k in value, possibly.

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    Image Source: pixabay

  • Reducing Closing Costs And Expanding Profit

    The key is that what you do to fix your home will essentially represent an investment which will produce a return, provided you do the job right. Exterior and interior moves are key to help you see the best results. Landscaping, refurbishment, repair, upgrade, remodeling, home extensions, and careful pricing will all work in your favor.

    Additionally, get consultation from those who you can rely on as a means of figuring out what you can reasonably list your property at. Massachusetts averages about 10% of total listing value in terms of closing costs, but if you take the measures explored here, you can expand reasonable listing price, and accordingly defer closing costs with additional profit.

Author bio:

Ayla Anderson is an avid reader and an enthusiastic blogger who writes articles on home improvement, business, Family and beauty. She is also an MBA student who spends much of her time giving advice to newly small businesses on how to grow their businesses. You can follow me on https://twitter.com/Ayla55489508

Throw us a like at Facebook.com/doable.finance


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