Monday, November 4, 2019 / by Pamela Glende
Here in the Spokane Real Estate Market homes are selling very quickly. It’s a strong seller’s market. Homes are often under contract in a matter of days. One of the things that you can count of is paying a commission to a real estate brokerage.
Is it important to hire a real estate professional?
The answer is yes. The facts are that homes sold through a real estate brokerage net more than homes sold by owner. Also, there could be legal ramifications selling your home “by owner”? Real estate professionals have the legal documents that protect both sides of the contract and have been through the training. That’s why they require a license. They know how to protect you and what to watch out for. Let’s face it selling your home is not like selling a car. It is one of your most expensive assets.
How do you choose the right real estate brokerage?
You should have at least 3 real estate companies do a market analysis of your home’s value. Interview the agents and find out what they offer as far as what are they going to do for you? How are they going to market your home? Do they use professional photography? Are they going to help you with staging your home? Are they giving you sound advice? Does it make sense for you to sell your home? A good agent will recommend not selling if the numbers don’t make sense financially for you.
The average cost of hiring a real estate brokerage in Spokane Washington is 6% of the price your home sells for. That may seem like a lot but when you break it down it’s not. 3% goes to the listing brokerage and is divided between the brokerage and the listing agent. The other 3 % goes to the buyer’s agent’s brokerage and is divided between that brokerage and the buyer’s real estate agent. So, you can see it is divided 4 ways.
What do you get for that fee?
Your listing agent will be fighting for you to get the most possible for your home. A good agent is a great negotiator. This alone can save you thousands. They will also be advising you on the true market value of your home. Listing a the correct market value will save you time because your home won’t sit on the market if it is priced right.
The listing brokerage will be marketing your home and hiring a professional photographer. The marketing isn’t cheap, and it costs money to market. Using a professional photographer is a must. Most people today shop for their next home online. Pictures make the difference on whether they will come see your home or not. We need to get them in the door if we want to sell the home. That being said, it is crucial to stage your home before the photography.
Staging and getting your home ready.
Your agent should be advising you on what needs to go and what needs to stay in your home. They will advise you on furniture placement and decluttering. They will also advise you on what should be updated or repaired. They can tell you what will be worth the investment of updating and what you don’t’ need to do. They will also recommend what repairs you should do. There could be some costs for the updates and repairs that are needed. Ask which ones will get you a return on your investments?
Excise tax and escrow fees
Excise tax here in Spokane county is 1.78%. Whenever you sell a home there is excise tax. You will also have some escrow fees. The total you can count on for real estate commissions, excise tax and escrow fees are between 8-9 % to sell your home. This doesn’t include any repairs or updates you may be considering.
I’m Pam with Haven Real Estate Group.
Let me know if I can be of service?