Selling your house can be lucrative while the market is surging during a sellers market with low inventory. Many families are rethinking their living conditions post-pandemic and are moving to less crowded neighborhoods. At the same time, you want to evaluate the cost of selling a house. Here are some key points to keep in mind if you plan to sell your home in Las Vegas.
Costs of Selling a Home
Closing costs are a part of selling your home. Closing costs are an assortment of fees, including fees charged by: a lender, the title company, attorneys, insurance companies, taxing authorities, homeowner’s associations, real estate agents, and other closing settlement-related companies. These closing costs are typically paid at the time of closing a real estate transaction. Many of the fees paid through the real estate transaction are tax deductible, so don’t forget to discuss tax saving opportunities with your Tax Professional.
How a Home’s Value Changes
The value of any home changes daily, depending on market fluctuations. So before you decide to put a price on your home, you should find out what the market is willing to pay for it. Comparing home values in your neighborhood can help you understand the current housing market trend and how it affects your home value.
Ask a real estate expert about real estate comps, which are completed sales within a specific community that will allow you to compare sales of similar homes in your neighborhood. Besides, you can request the agency to conduct a comparative market analysis (CMA) on your home. This analysis is based on MLS (Multiple Listing Service) data and several factors affecting three or four homes, including:
- Property locations
- Square footage of each property
- Age of properties
- Number of bedrooms and bathrooms
- Interior condition
- Unique structures like a swimming pool
- Add-ons to the home or renovation
Home Inspection and Follow-up Repairs
Part of the process of selling a home in Las Vegas is hiring a home inspection specialist to inspect your home. The inspection is not required when selling a home but can give the seller insights into how the market responds. It’s considered a presale or pre-listing inspection. The inspection will tell you what you need to do to fix your home and make it more marketable.
Another cost involved in selling a house is the actual repair work. Home insurance may cover costs for damages caused by disaster while excluding normal wear and tear. It mostly comes down to what you’re willing to spend to raise your home’s value. At times, it’s very advantageous to renovate a home to make sure it’s up to code and includes modern features. You will also have to factor in closing costs for selling a house, including various fees such as the survey cost and attorney fees.
The process of selling a home encompasses multiple steps that have legal ramifications and may require assistance from real estate professionals who know the contract inside and out and understand the ins and outs of selling a home, the market, buyer sentiment and financial outlooks. Therefore, understanding the cost of selling a house before putting it up for sale is crucial. Contact your expert at Visit Vegas Homes to learn more about selling your home in Las Vegas.