The expenses from house repairs, together with closing costs and real estate commissions, can quickly accumulate into a substantial amount if you really think about it. Learn how to sell your home in San Diego for more money and maximize profits. According to a survey from Clever Real Estate, homeowners spent approximately $54,616 during the home sales process, and based on the survey, 42% of them found this amount quite surprising. Based on the computations and the data, the majority of home sellers (64%) were able to generate profits from their home sales with an average profit of $100,000 despite the costs of selling.
This goes to show that the right approach will help you achieve maximum profits while reducing post-sale regrets. The research also revealed that real estate agents helped sellers obtain an additional $34,000 compared to those who sold their properties independently or just on their own. The benefits of professional representation become clear when you consider this amount.
The following sections are what we will explore in this article:
- The expenses associated with selling a home
- Regrets home sellers experienced during the home sale process
- The steps you should take to prevent typical errors
The Cost of Selling a Home and How to Maximize Profits
The process of selling your home for the maximum price requires multiple expenses that you should know about. Survey participants reported spending an average of the following amounts for their home sale below:
- Listing agent commission: $11,136
- Buyer’s agent commission: $10,467
- Repairs: $10,000
- Closing costs: $8,000 -$10,000
- Concessions: $7,200
- Moving expenses: $3,250
- Marketing: $2,300
- Staging: $2,263
Please keep in mind that each real estate transaction has its unique characteristics, as agent commission rates are typically negotiated, and certain expenses apply only to specific properties. Additionally, home conditions can affect costs, which vary according to the market conditions of your home.
Common Regrets of Home Sellers
The survey results showed that 89% of home sellers experienced regret after selling their property, and 92% of agent-less sellers felt this way.
The majority of participants in the survey expressed post-sale regrets about their home-selling process for the following reasons:
- Selling too quickly (30%)
- They miss their old home (29%)
- Not selling for enough money (28%)
- Not selling their property at the right time (26%)
- Making too many concessions (26%)
- Failing to stage the home (25%)
The following section explores the regrets home sellers experienced regarding their real estate agents, which we find particularly interesting. Half of those surveyed said that their agent “failed them” in some way. The choice of agent and finding the right team that works best for you becomes crucial as a result.
The survey participants provided the following feedback about their real estate agents:
- Agent’s advice let them down (57%)
- The agent committed errors during the listing process (53%)
- The agent didn’t communicate enough (50%)
These regrets indicate the need for strategies that prevent such mistakes from occurring to you.
How to Maximize Your Home Sale Profits
Your home sale success begins with selecting the right real estate agent because agents help homeowners earn approximately an extra $34,000 from their home sales. Homeowners should conduct interviews with at least two to three agents since selecting the right professional becomes essential when selling their most valuable asset. It is essential for homebuyers to consult with multiple mortgage lenders as well. When interviewing agents, look for the following:
- When selecting a real estate agent, you should choose someone or a team that demonstrates expertise in local markets and possesses excellent negotiation skills and effective marketing strategies.
- Before choosing an agent, you should request references and evaluate their online reviews to confirm their ability to satisfy clients.
- Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients.
- Your agent needs to grasp your sale objectives, together with your main priorities regarding the real estate transaction. The communication plan should also be discussed during the conversation.
- A qualified agent should implement a complete marketing approach to find potential buyers through online listings combined with social media promotion and professional photography.
- Understand Commission Structure: Discuss the commission upfront to avoid any surprises later.
After selecting a real estate agent whom you trust, you should work with them to determine which repairs and staging techniques will bring the most value. The agent will guide you through the process, highlighting the essential factors that matter most to buyers.
The Bottom Line on Your Home Sale Profits
The process of selling your home requires multiple important choices. Your real estate agent functions as your process partner to deliver expertise which produces tens of thousands of dollars in your pocket.