Understanding the Cost of Selling Real Estate in Dearborn, Michigan

If you are planning to sell your house in Dearborn, Michigan, there are several factors that you must consider. There are three ways of disposing of your home. You can sell it on your own, list it on your local MLS, or deal with a direct buyer. Most seem to overlook the fact that you do not get to keep all the profits because a portion of it goes to the costs of selling your house.

Some of the costs you incur when selling your house in Dearborn, Michigan will come before and after the sale is complete. The total costs of selling your house are high. Opting for a direct sale may eliminate some of the costs. Before selling your home, compare and contrast the three options that are available herein. These options are:

  • Cost of selling your house on your own
  • Cost of listing your house
  • Cost of direct sale

Cost of Selling Your House on Your Own

One advantage of selling your house on your own is that you are not liable for commissions and agent costs. In this case, you will still have other costs to consider when selling your house in Dearborn. Some of these costs include:

Property Preparation Costs

You may need to do some work on your house in Dearborn, Michigan before you advertise it for sale. The first step is thoroughly cleaning your house and repairing the worn-out areas. A fresh coat of paint will also improve the overall value of your home before the inspection. It is best to dispose of any extra furniture and other household items to help you cut down on storage fees.

High Cost of Marketing

When you are selling your house on your own, the total cost of marketing your property in Dearborn falls on you. This is different from listing your home where you only need to do additional marketing at your own cost. This means that any marketing tools you require, from putting up signs, online listings, and open house costs are on you. 

Hiring a professional photographer who can help present your house in the best way possible. With the ongoing improvement in information technology, you can add virtual tours and videos of the property to improve marketing.

Time Management

Selling your property on your own is an activity that is quite time-consuming. You will spend a large portion of your time dealing with all aspects of the sale. These aspects include being available for open house showings, responding to questions, and handling negotiations. You will also have to process your paperwork and pay for listings and any marketing materials you require. 

Even if you decide to hire an agent, you will still spend more time selling your house despite having an agent. You may have to put some of your household items in storage and keep your distance whenever there is an open house showing. You will also have to clean and make any necessary repairs which are time-consuming.

Costs to Consider when Listing

These include:

  • Cost of staging and cleaning
  • Cost of Repairs
  • Cost of Agents
  • Closing Costs
  • Marketing Costs

Cost of Staging and Cleaning

It is advisable to clean your home thoroughly before listing it. You can get assistance from a professional stager who comes in to help your house look as attractive as possible. You may also have to remove some personal items and furniture and store them at a secondary location.

Costs of Repair

Your house may require a few touch-ups, especially in the worn-out areas before selling it. When you get a potential buyer, you must agree with them on who will cover any required repairs. During these negotiations, agree with the buyer on whether you make the repairs or have the cost deducted from the price of the house.

Cost of Agents

The cost of hiring real estate agents in Dearborn, Michigan, depends on which one you choose. Most real estate agents will take up to 6 percent of the overall sale price of your house. Some agents may go as far as billing you for all marketing and administrative undertakings. Do your research and know all the pros and cons before signing any agreements with a real estate agent. 

Closing Costs

Closing costs are about 2 percent of the final sale price of your home. You can negotiate the closing cost upward or downward if your buyer is willing. The 2 percent closing cost is the most common rate for typical homes in Dearborn.

Marketing Costs

Though REIOutpostLLC may include marketing as part of their package, you may still have to add on some marketing tools of your own. You may choose to have a professional photographer take beautiful pictures of your home. With this in mind, you can go further and hire videographers who may employ drone technology to take aerial images of the property. Listings have different levels of how they appear on the site. To improve your chances, upgrade your listing to premium to make sure the ideal buyers see it.

Running Ownership Costs

On average, listing your property with REIOutpostLLC in Dearborn, Michigan takes several months. During this time, you will have to settle all of the household bills. Some of these bills include mortgage, taxes, insurance, utility bills, and maintenance. You must keep making payments for all your home’s bills up until you get a buyer.

Cost of Direct Sale

Selling your home directly will not cost you anything. This is especially true when selling to a house buyer like REIOutpostLLC in Dearborn, Michigan. REIOutpost buys your property directly as it is. This means that you will sidestep all selling costs ensuring that you have more profits from your final selling price.