How Much Does it Cost to Sell a Home in Arizona
First of all, there comes a time when you need to sell your house. There are many reasons why. It could be to upgrade, downgrade, or relocate. You’ll need to do some math and figure out exactly what you’ll be left with after a sale. Here is where you’ll find the answers you are looking for.
In Arizona the seller pays the real estate agent commissions. This goes for the buyer’s agent and the selling agent. The average cost of commission is 6% of the purchase price. 3% goes to the buyers agent and 3% goes to the seller’s agent. All commissions are negotiable but if you go to, let’s say 5%, that will be 2.5% for each agent which could lead to a buyers agent taking your home of a search list for they clients because he or she doesn’t want to make less money. It’s a good idea to stay at the average 6%. Let’s say you sell your home for $200,000. This will be $12,000 that you will pay in commissions.
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So how much are the seller closing costs in AZ? You can expect this to be around 1% of the purchase price. 1% usually covers all the business that happens in the background… transferring the deed, paying fees for paperwork processing, etc. Let’s stick with the number of $200,000. This would be $2,000 in closing costs. Tag that on to the $12,000 in commissions and you’re now at $14,000.
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What else is there to pay in your seller closing costs in AZ? Furthermore, there are a few things in the offer you get that will let you know what you have to pay for. For instance, sometimes the buyer asks the seller to pay for the appraisal, a home warranty, and even their closing costs. It’s pretty common for a buyer to ask the seller to pay their closing costs since buyers may not have much cash on hand to pay them theirselves. This is called seller concessions. In contrast, It doesn’t always seem fair but if they offset this amount with their offer price it may be worth it. For example, buyers usually pay 3% of the purchase price for their closing costs. So if you have to pay this you would be adding on an additional $6,000 to cover them.
Finally, another thing to prepare for would be the inspection period. The buyer will have the opportunity to have inspections performed on the home. The inspection always come with a laundry list of items that need correcting and the buyer may request that you repair or replace these items. You can deny their request, pick a few things you can take care of, or fix all of the issues. This can add some more money to your costs.
In conclusion, taking all of this into consideration is important to know where you will stand financially after you sell your home regarding your seller closing costs in AZ. You’ll want to really understand the offer on your house when received and counter offer if necessary to make it work out well for you and the buyer. There are many different ways to do this.
I am a realtor in Maricopa, AZ but also work the Phoenix area. If you’re looking to sell your home a good place to begin is to find out what your home will sell for. To find out for free, please fill out the form below and we can get started. Finally, if you have questions feel free to contact me via email, text or a call.
To Sell a Home in the Phoenix Area Contact:
Jason Bechtold, Realtor
The Maricopa Real Estate Company