Costs of typical home sale
Realtor Commissions
Typical agents fees are about 5-6%, depending on the county you live in. These fees include the commissions to the agents-typically split between buyer and selling agents. It also typically pays for the marketing and photos.
Closing costs
Closing costs account for another 2% of costs associated with a traditional home sale. The 2% is for transfer and recordation taxes as well as title fees.
Appraisal
Most traditional home sales going through a lender require an appraisal. If the appraisal doesn't equal the value of the sale then the buyer can walk away from the sale.
Days on Market
The length of time a home sits on the market can also mean more costs for sellers.
Settlement
Depending on the buyer's situation, most escrows are for 30-60 days, during which seller costs continue to accrue.
Repairs or Price Reductions
Most traditional home sales require a home inspection. Depending on what the inspection finds, homeowners may be asked to perform expensive repairs or reduce the price.