How Much Does It Cost to Sell My House in Seattle and Surrounding Suburbs?
How Much Does It Cost to Sell My House in Seattle and Surrounding Suburbs?
For many homeowners in Seattle and its suburbs, selling their property is both an exciting and daunting venture. While the prospect of relocating to a new place or cashing in on an appreciated asset is exhilarating, the associated costs can often come as a surprise. So, how much does it really cost to sell a house in Washington, particularly in the Seattle area?
1. The General Breakdown
On average, sellers in Seattle can expect to pay about 8.5% of the sales price in various fees and costs when selling their home. Here's a breakdown of these expenses:
2. Real Estate Broker Fees
Real estate broker fees are arguably the most significant chunk of your selling costs. Typically, the total commission for real estate agents (both for the seller's and the buyer's agents) is around 5-6% of the home's selling price. This fee covers the services provided by the agents, such as listing the property, marketing it, showing it to potential buyers, and facilitating the sales process.
3. Washington State Excise Tax
Washington has a graduated real estate excise tax (REET) which is based on the sales price of the property. While the rates may vary, properties in the Seattle area often fall into the 1.28% to 3% range. This tax is levied on the seller.
4. Escrow Fee
The escrow fee is split between the buyer and the seller, with each party typically paying half. The actual amount can vary based on the sales price and the escrow company, but for a house priced at, say, $700,000, the seller might pay around $1,000 as their half.
5. Additional Costs to Consider
The aforementioned fees are the foundational costs. However, there are other potential costs that sellers should be aware of, including:
Home Improvements and Repairs: Before listing, many sellers find it beneficial to make necessary home repairs or updates to make their property more attractive to potential buyers.
Home Inspections: While this is typically a buyer's cost, proactive sellers might opt for a pre-inspection to identify potential issues.
Staging: Professionally staging your home can make it more appealing and help it sell faster and often at a better price.
Marketing: This encompasses professional photos and videos, 3D virtual home tours, cleaning, ordering HOA documents, signs, a direct mail campaign, online advertisements, and open houses.
6. What We Offer
Recognizing the substantial costs faced by sellers, our team offers a comprehensive package to ease the financial burden. Our listing fee includes:
Free Staging: To ensure your home looks its best.
Free Cleaning Service: To present your home in pristine condition.
Free Whole Home Inspection: Offering peace of mind and transparency to both sellers and potential buyers.
Comprehensive Marketing: This includes everything from professional photography to online advertisements and 3D virtual home tours.
Conclusion
Selling a home in Seattle and its surrounding suburbs can be financially taxing, with costs accumulating quickly. However, by partnering with a real estate team that offers value-added services, you can alleviate some of these costs and ensure a smooth, successful sale. Always consult with local real estate professionals to get an accurate estimate tailored to your specific property and circumstances.
If you have questions, require more information, or are considering selling your Puget Sound property, we are here to help. Ensure you're making informed decisions by contacting our dedicated team. Contact us or send us an email. Let's make your home selling experience as seamless as possible.