You may be wondering about the costs to sell a house in New Jersey. Perhaps you feel it’s time to sell and want to inquire before moving forward. If it was me, I’d sure like to know how much my closing costs will be. It’s not a straightforward question to answer but let’s take a look.
In New Jersey, the seller pays the commissions to the real estate agents. All commissions are negotiable but the average is 6%. Why this number? Well, 3% usually goes to the agent who lists your home and the other 3% goes to the agent who brings the buyer. This percentage is calculated by the sales price. If you sell your home for $200,000 then you will pay $12,000 in commissions.
Seller’s Closing Costs
Seller’s closing costs usually fall in the 1% range which covers such items as title insurance, escrow fees, transfer tax, processing fees and prorated property taxes to name a few.
Once you are under contract the buyers have usually investigate their due diligence by having a home inspection performed. After the inspection they are given a detailed report of everything that is wrong with your house. In many cases they would like some items of concerned repaired. This is something to consider in the costs to sell a house in New Jersey. Do you have extra funds before closing to make these repairs? You can always say no but the buyer may then bail on the contract.
Buyers Closing Costs?
Do you know that many buyers will need some financial assistance to close on your home? It is pretty common for a buyer to ask a seller to pay some of their own closing costs. Sometimes all of them! You may get a nice offer and notice the buyer is asking for 3-4% to cover their buyers costs.
So, there are your costs to sell a house in New Jersey. You could look into selling your home without a realtor as well. I am a real estate agent in the South Jersey area and I can assist you in the sale of your home. Contact me on the form below. You can also get a free home valuation.