Selling your Portland home through a realtor comes with its benefits, but also a number of costs you wouldn’t incur through other means of selling. In our latest post we explore these costs and whether or not a traditional sale is the best option for you. Here are the five major costs you should be prepared for if you choose to sell your house in the traditional way.
Repairs
It is almost certain that you will need to make some repairs on your house before it is ready to be listed and marketed by a realtor in Portland. The small things can add up fast and if your house needs major repairs, the costs will grow rapidly. Thes repairs are often costs you will not recuperate in the sale price and can really slow the process down if you are trying to sell your house fast. After the house is listed and an offer is eventually made, your potential buyer will have a home inspection conducted. Anything and everything that is found will be logged as part of the inspection. This can be marks on the walls, junk under the porch, drafty windows, etc. If you want to sell you’ll either have to make said repairs or negotiate a lower price so the buyers can get them fixed. Either way, it is more money out of your pocket and the process is very time consuming.
Professional Cleaning
When putting your house on the MLS in Portland, you’ll want to make sure you house is clean and attractive to buyers. P professional cleaning crews do a great job for a price. Or maybe you need to hire people to come in and clean the carpets, power-wash the outside, or to rejuvenate stained floor tiles. These costs can quickly get into the thousands of dollars and won’t translate to a higher sale price – it is expected from buyers that the house they are purchasing is clean.
Marketing Fees
The level of marketing provided by a real estate agent in Portland will vary. If you’re lucky some of these costs will be included in the realtor’s fees, but most of the time the bigger marketing techniques are not. These techniques will make a world of difference for the appeal of your house. Some houses are staged with professional photos to make spaces look larger than they are. Then there are listing with photos taken by a cell phone camera, highlighting unmade beds and laundry on the floor. Having the top-of-the-line listings will help your property get noticed, but it will also cost you money to do so. If you do decide to list your house in Portland, make sure you know exactly what’s included. Between exclusive listings, signage, and print materials, you could be looking at many expenses you hadn’t planned for.
Commissions
Working with a Portland realtor can be a great experience, making their 6% commission fee well worth it. There are, however, properties where paying this amount in order to sell your house isn’t worth it. Six percent of your final sale price may sound like a lot, and that is because it is. On a $400,000 home, that is $24,000 you will be paying just in commissions. This is on top of the other costs we have covered in this article. Make sure your agent will be able to get you enough money for your house so that the fees you’re paying for their services are worth it. Run the numbers before signing a listing agreement with a Portland real estate agent. For some Portland homeowners, a direct sale can be a better choice for the sale of their unwanted house.
Closing Costs
The average closing costs for a home sold through a realtor in Portland are 1-3% of sale price, and this is typically paid by the seller. Things like recording fees, settlement fees, title search fees, surveys, and pre-payment penalties are all paid at the closing table. Many of these costs can be eliminated when working with professional home buyer like PDX Home Buyers.