Friday, October 25, 2019 / by Jennifer Gilbertz
As a home seller in Spokane, WA this is probably one of your top questions you have regarding selling your home. In order to get an estimate on the net worth of your home, your seller’s costs are one of the most important variables in this equation. Here is a mini crash course with the different factors that will contribute to how much it will cost to sell your home.
Let’s start with the good news first! Recently in Washington state, our government has reformed the amount of excise tax they charge homeowners to sell in our state. Drum roll please……….they have ACTUALLY reduced the amount of excise tax you will pay in most instances. The only instance the amount of excise tax hasn’t reduced is if your home is worth 3 million or more. In our local Spokane, WA housing market it is rare to have property worth over 3 million dollars. For most sellers this is fabulous news for you. If you’re not sure what excise tax is, it is the tax the state charges a homeowner to sell their property. Instead of the buyers paying a sales tax like you would for goods or services, the state charges the home seller this tax.
The second variable in how much it will cost to sell your home is, is the title and escrow company you choose to use for the sale of your home. In Spokane, WA there are several title and escrow companies to choose from. Some sellers may also elect to use a real estate attorney to handle the escrow and closing portion of the real estate transaction. Typically using an attorney may cost more than a title and escrow service. Each local company charges their own individual rates on pulling preliminary title, producing a title commitment for your property, and charging escrow/closing fees. All companies have the ability to give you, the seller, a net sheet to show you what your estimated total fees will be for excise tax and title and closing fees.
Lastly, the other factor that determines your cost to sell your home is the amount a real estate brokerage will charge to use their services. This can vary with each individual firm. Word to the wise, do your homework in regarding selecting your local Spokane, WA Realtor. Many sellers will be tempted to go with a low fee company in order to save some money. Please do your research, the difference between a great agent and a cheap agent may cost you more money in the long run. A professional full-service real estate brokerage will outline their specific marketing strategy for your specific home and will have an exuberant amount positive reviews on several different real estate websites. This is very important because even though it’s a hot seller’s market locally, the net worth of your home may not be the same amount at closing if you hire someone who isn’t able to fully negotiate on your behalf or correctly market your home.
For more educational blogs and videos relating to our local Spokane, WA housing market please go to Jennifer.viewhomesinspokane.com