Selling a home in Fort Worth comes with various costs that homeowners should consider before listing their property. From agent commissions to closing costs and repairs, these expenses can significantly impact your final profit. Understanding these costs in advance will help you make informed financial decisions and maximize your net proceeds.
Real Estate Agent Commissions
One of the most significant expenses in selling a home is the real estate agent commission. Typically, this fee ranges from 5% to 6% of the home’s sale price.
For example, if your home sells for $300,000, you can expect to pay between $15,000 and $18,000 in commissions. This fee is usually split between the listing agent and the buyer’s agent. While some homeowners attempt to sell their homes without an agent to save on commission fees, a skilled agent can often help sell the home faster and for a better price.
Closing Costs
Sellers in Fort Worth should anticipate paying around 2% to 3% of the home’s sale price in closing costs. These fees typically include:
- Title insurance
- Escrow fees
- Transfer taxes
- Attorney fees (if applicable)
For a $300,000 home, closing costs may range from $6,000 to $9,000. Some buyers may also request that sellers cover part of their closing costs, so it’s essential to factor in these potential expenses.
Home Repairs and Improvements
Before listing your home, you may need to make repairs or improvements to attract buyers and get the best possible price. Common costs include:
- Minor repairs (leaky faucets, cracked tiles, peeling paint, etc.)
- Major upgrades (roof replacement, HVAC repair, plumbing issues, etc.)
- Professional deep cleaning
- Staging costs to enhance the home’s appeal
Staging a home professionally can cost between $500 and $2,500, but it can help your property stand out in the competitive Fort Worth real estate market. If your home needs significant repairs, the costs can add up quickly, so it’s crucial to assess what improvements will provide the best return on investment.
Holding Costs While Selling
If your home doesn’t sell immediately, you’ll continue paying monthly costs such as:
- Mortgage payments
- Property taxes
- Homeowners insurance
- Utilities
- HOA fees (if applicable)
The longer your home stays on the market, the more these holding costs will accumulate. If selling quickly is a priority, you may want to consider working with an investor or accepting a slightly lower offer for a faster sale.
Marketing and Listing Expenses
While many real estate agents include marketing in their services, some sellers opt to pay for additional promotional efforts, such as:
- Professional photography – $200 to $500
- Video tours or drone footage – $300 to $1,000
- Premium MLS listings or social media ads – $100 to $500
These expenses can help your home attract more buyers, leading to a quicker sale at a higher price.
Potential Seller Concessions
In some cases, buyers may request that the seller pay a portion of their closing costs or provide credits for necessary repairs. These seller concessions can range from 1% to 3% of the home’s sale price.
While agreeing to concessions can reduce your net proceeds, it may also make your home more appealing to buyers, helping to close the deal faster.
Paying Off Your Existing Mortgage
If you still owe money on your mortgage, the remaining balance will need to be paid off at closing. You’ll need to contact your lender to get a mortgage payoff statement, which includes the exact amount owed.
Keep in mind that some loans include prepayment penalties, which could add additional costs if you’re paying off your mortgage earlier than expected
Moving Costs
Once your home is sold, you’ll need to budget for moving expenses. The total cost depends on:
- Distance of the move
- Amount of belongings
- Hiring professional movers vs. DIY moving
A local move within Fort Worth might cost $500 to $2,000, while an out-of-state move could exceed $5,000.
Alternative Selling Options to Reduce Costs
If you’re looking to reduce selling expenses, consider these alternatives:
- For Sale By Owner (FSBO): You avoid agent commissions but will need to handle negotiations, marketing, and legal paperwork yourself.
- Flat Fee MLS Listings: Some services allow you to list your home on the MLS for a one-time fee, typically between $300 and $1,000.
- Cash Buyers or Real Estate Investors: These buyers can close quickly and often cover closing costs, but they may offer below market value.
Final Thoughts
Selling a home in Fort Worth involves several expenses, from agent commissions and closing costs to home improvements and moving fees. By understanding these costs upfront, you can create a strategic plan to maximize your profit and minimize unnecessary expenses.
If you’re considering selling your home, take the time to compare different selling options and work with professionals who can help you navigate the process efficiently.