Listing your house in Little Rock can take more time and money than most people think. It isn’t always as simple as calling up a realtor and getting your house listed on the MLS. In this post, we will look at several costs home sellers often overlook and get surprised with when listing your house in Little Rock, as well as the alternatives available to home sellers.
Are you thinking about listing and trying to sell your house in Little Rock? While it is a great option for some homeowners, others find that the costs do not justify the rewards or that they just can’t do it because they would not clear enough from the sale to pay the mortgage off, plus pay the realtor fees and closing cost. Just the realtor fees and closing cost add up to almost ten percent of the sales price. Here are just a few of the costs you can expect when listing your house in Little Rock!
1. Cleaning Costs
It is one thing to wipe down the counters and run the vacuum, it is quite another to prepare your house for the MLS. Most homeowners opt for a professional deep cleaning when selling a Little Rock house. This will ensure all of the nooks and crannies are spotless and that you are presenting your home in its best possible condition. You may also want to have the carpets professionally cleaned and the outside of your house power washed.
2. Staging Costs
In order to have your property look its best so you can appeal to the most potential buyers, you’ll want to not only clean but also stage the home too. You can do this yourself with a quick trip to Target or AT Home, or you can enlist the help of a professional stager. No matter how you do it, you’ll want to make sure that your personal items are stored away. Take down family photos and other items that can subconsciously make your potential buyers feel as if they are intruding when coming to visit your home. While it might seem odd living in a bleak property while your home is listed, it can help you to sell faster and give you an edge when it’s time to pack up and move.
3. Additional Marketing Services
When you list your house with a Little Rock area realtor, it’s important to understand what is included. Some agents are full service and will market your property in several ways at no cost to you, such as the MLS, holding open houses and running ads. Other agents offer limited marketing services, leaving the rest up to you. Even if your agent is full-service, you may need to spring for professional photos or professional virtual tours in order to make sure your house gets noticed by as many people as possible, especially at times when there are fewer people out and about driving neighborhoods looking for open houses.
4. Closing Costs
Many home sellers aren’t prepared for all of the costs they will incur at the closing table. In addition to commissions, there are loan payoff fees, attorney fees, title insurance fees, filing fees, wire transfer fees, and more to factor in. It is often the case that the seller has to pay the buyer’s closing cost, in addition to their own, just to get the contract signed. While these costs are deducted from the sale price, all of these expenses will add up fast, chipping away at any potential profits. More than likely the total cost will add up to between eight to ten percent of the selling price! On a $150,000 house that is about $15,000 off the top before the seller gets anything. Plus the mortgage has to be paid too.
5. Commission and Agent Expenses
Most people understand that that will need to pay a commission if they hire an agent to sell their Little Rock house, but they may not realize just how much that commission will be. Let’s say your house sells for $200,000. The average commission on a house at this price is $12,000! Some agents even charge more than 6% which can really affect how much you are walking away with.
6. Holding Costs
When you list your house with a Little Rock area realtor, there is no guarantee when the property will sell or how much you will be offered. Your house could sit on the MLS for months and quite often does. Meanwhile, you are the one stuck paying for all of the bills. Think about what your house really costs you each month you are living there or it is sitting empty. Between the mortgage, utility bills, property taxes, maintenance, repair costs, and homeowners insurance, and lawn service you could find that you are spending thousands each and every month… all for a home you do not want. By selling your house quickly and directly, you have the potential to keep thousands of dollars in your pocket.
7. Negotiated Repairs
In virtually every situation, your buyers will request repairs to be made to the property after the inspections have been completed. While on one hand, most homeowners don’t want to spend more money on the sale than they have to, on the other, it may be the only way to get the house sold at all. Some sellers will go so far as to have an inspection done at their own expense before listing it so they know for certain what they are getting into and how much things are going to cost.
What You Can Do Instead…
Selling your Little Rock house directly to Arkansas Property Buyers LLC will help you avoid all of the aforementioned costs and expenses. You won’t have to worry about cleaning, making repairs, property inspections, or waiting around through the marketing process to find a buyer. Selling your house directly to Arkansas Property Buyers LLC will help you to get a fair and straightforward offer for your house in Little Rock, always closing on the timeframe that works for you.
Thinking about listing your house in Little Rock? Learn about the costs you will need to plan for before the deciding to list it on the MLS! Reach out to our team today to learn more! 501-504-7109
If you owe too much but need to sell, call us now! We can help.