Many first-time sellers calculate their profits simply by subtracting their remaining mortgage from the sale price. It’s critical to educate them on the “hidden” costs of selling a home, which typically total 8% to 10% of the final sale price. These deductions include:
- Real estate agent commissions.
- Seller closing costs (transfer taxes, escrow fees, title insurance).
- Home inspection repair concessions.
- Staging and preparation expenses.