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What are the typical Home buying and selling costs ?
I have just started to look for a home to buy and I might have to move again in 3 yrs. I would like to know what are the typical buying and selling costs involved. I know this varies a lot but I'd like to get a rough estimate. Are these figures good
Home : approx 400K
Buy : Closing costs (incl attorney,titling,etc) - 3%
Sell : Broker commission - 4-5%
Any closing costs - 1% ?
If I buy today and sell in abt 3 yrs the costs only would run upto 9% which is $36000 ?
Do I still pay Broker comm if I list my home on ForSaleByOwner ?
Home owners Pls advise.
Many advance THanks
1 Answer
- 1 decade agoFavorite Answer
You seem to have the right idea as far as percentage of fees. You can always grind the loan officers or realtors on their fees. Some are more willing to budge than others. But do remember you get what you pay for too. And if you list on for sale my owner you will not have to pay broker commission. However it is advised that if you want to sell your property faster and you are doing FISBO (for sale by owner) that you should still market that you will pay buyers agent a certain percentage whether its 2 or 3%. Agents are greedy in todays market and need to make money. Anywho I do believe you are in the correct mindset. And now that you are looking to buy a new home have you gotten pre-qualed yet??? If not email me classycntrptlo@yahoo.com. Hope this helped :)
