The idea of selling your Columbia SC home and moving to a new property – whether it's bigger, smaller, newer or simply in a different area altogether – can be an exciting one. However it also brings with it a wide range of costs to bare. Selling your Columbia SC home can be a lot more expensive than you think.
Here we have focused on the main areas you need to be aware of in terms of cost. Being aware of them means you can prepare for them in advance, instead of being surprised by a cost you hadn't even considered.
Fees for Selling Your Columbia SC Home
Fees (aka: commission) are usually charged as a percentage of the sale price of your home. They are usually around five to seven per cent. So if your home sells for $250,000 and your real estate company charges 5%, you can expect to pay them $12,500. However if you sell for $250,000 and your real estate company charges 7%, this fee would go up to $17,500. Find out what fees you will be charged and work out a ballpark figure accordingly, based on the asking price for your home.
Legal Fees for Selling Your Columbia SC Home
Selling your Columbia SC home means you will incur legal fees. The good news is these fees are generally lower than they would be if you were buying a house (although of course if you are moving you will incur these on your new property too). However they can still amount to several hundred dollars, so you should make sure you allocate funds to cover these fees, also known as "closing costs."
Moving Costs When Selling Your Columbia SC Home
Moving costs can vary depending on the distance you'll have to travel to get from your old home to your new one, as well as the amount of furniture and boxes that need to be moved.
Different firms charge different amounts so you should shop around to get some quotes. Be prepared to spend anything from several hundred dollars for a local move, to thousands of dollars, depending on the amount of furniture and boxes you're moving and the distance to your new home. If you're planning to make the move yourself (with a little help from some friends), check on the cost of renting a truck from your old home to your new one.
Add to the cost of the move the time you'll need to take off from work to actually move. This needs to be factored into the costs for your move. In some cases you will need to take more than one day off, depending on what needs to be done and how far you are moving.
Costs To Fix Up Your Home
Not all properties are in ideal selling condition. If your house could do with some TLC, you may wish to invest some money in bringing it up to a reasonable standard before putting it on the market. This is optional, but if you don't invest some money in doing this you will be far less likely to get the selling price you're asking. Furthermore it may take a lot longer to sell your home than it would if it was in better condition.
As you can see there are many costs involved in selling your Columbia SC home. You will have additional costs incurred with buying a new home too, so it makes sense to jot everything down to get a rough figure so nothing comes as a surprise. You may not have much control over the fees and costs incurred with selling your Columbia SC home, but you can at least prepare for them ahead of time.
When you list your Columbia SC home for sale can matter a lot as to how much you get and how quickly it sells.
Sound far-fetched? Last year, homes listed on Fridays sold for 99.1% of the seller’s original asking price. According to an analysis by real estate brokerage Redfin, Friday is the highest percentage day of the week to list your Columbia SC home for sale.
Listing your Columbia SC home for sale on Friday rather than Sunday, which has been tracked to be the worst day to list, could mean a difference of nearly $5,000 on a $500,000 house. Homes listed on Sundays ended up selling for 98.4% of their initial list price, according to Redfin.
Property listed on Friday also sells faster — 81 days on averages, according to the study.
It seems people are more positive and happier on Fridays, an effect that lasts through the weekend. They also tend to report more vitality and energy on the weekends, which may cause them to be more proactive in looking for homes.
Worst Day to List Your Columbia SC Home For Sale
On the other hand, Sunday listings seem to sit around for a few days before people start lining up home tours for the next weekend. By that time, newer listings may make those Sunday listings seem a bit stale already.
Homes listed on a Tuesday garner the most interest for home tours. Tuesdays are also big planning days for many people. Productivity peaks at the beginning and end of the workweek, so some may use Tuesday to nail down their weekend plans for looking at homes.
When you’re in the market to list your Columbia SC home for sale, consider the day of the week you list it for your most likely success in selling it.
For more tips on selling your Columbia SC home, click over to our Columbia SC Home Selling Tips section under the Columbia SC Real Estate Categories to your right.
Hoping to sell your Columbia SC home this spring? You need to lay some groundwork now!
Spring is the most popular season for home sales, but now is the time to make a few late New Year’s resolutions to assure you’re ready for the Spring rush.
Many Columbia SC area real estate agents say 2013 is as good a time as ever to sell, with the housing market slowly recovering from its crash, though it’s still far below the peak.
Why is Spring Such a Popular Time to List Your Columbia SC Home?
Spring is a popular time to list a Columbia SC home for a number of reasons. In the past, corporate executives got their bonus checks in January and began to house hunt, while others received tax refunds. And a spring purchase gives buyers time for the kids to settle down over the summer before heading to a new school in the Fall.
One downside to spring selling is the increase in competition, which can be avoided by listing your home a little earlier, like now.
In reality, the spring market doesn’t actually begin in the spring, it begins right after the holidays. So you’ve already gotten behind by waiting until February to think about selling your Columbia SC home.
Find an agent that’s right for you to help you market your home. As a seller, it’s key for you to interview several agents and ask questions. Ask about the agent’s negotiating skills, experience, and handling situations like bidding wars. Ask for references from some of his or her past clients.
Once you’ve found an agent, it’s time to consider setting your asking price. As a homeowner, you need to be realistic about the asking price. It takes more than an appropriate price tag on a Columbia SC home to sell it — houses need to be ready to be shown.
Walk through every room with your radar out in full force making sure everything is free of clutter, looks bright, smells good, and is well-organized. Don’t overlook little things like replacing burned out light bulbs. Don’t forget the outside. Your yard probably needs a little sprucing up, adding some spring flowers and cleaning out any debris and leaves that may have collected over the winter months.
Consider a pre-sale home inspection. These shortened inspections are for people who are looking to sell and are not as costly or thorough as a final full inspection. Prices will vary based on the size of your Columbia SC home.
Getting a pre-sale home inspection tends to soften the worry of potential buyers looking at your home. What’s important is to make sure your house complies with what’s in a standard real estate contract, like having a working furnace or heat pump, proper plumbing and a sound roof with no leaks.
For more tips on selling your Columbia SC home, click over to the Columbia SC Home Selling Tips section of our website under the Columbia SC Real Estate Categories list to your right.
When selling a Columbia SC home, there are (at least) ten “must do” things you have to cover.
1. Understand that home buyers are looking for a lifestyle as well as a home. Accentuate the lifestyle that your home and neighborhood provide.
2. Understand the real estate market. Check the average number of days homes are on the market before they are sold. When the number rises above 60, it is a buyer’s market. When housing inventory exceeds a 6 month supply, it is a buyer’s market.
3. Know your bottom line. What do you need to net from your home sale?
4. Maximize exposure of your home. Make sure your home is listed on the MLS. Good signage, emotionally appealing advertising and submission to various online home related search engines puts your home out front. Make sure the agent you’re working with is going to give your Columbia SC home maximum exposure online.
5. Get feedback from showings. How are potential buyers viewing your home? Adjust your marketing strategy accordingly.
6. Stage your home. This does not need to be expensive. Cleaning, clearing clutter and painting are excellent tools. Staging may also include adding some furniture, or taking some away if your home appears cluttered.
7. Price your home realistically. A comprehensive Comparative Market Analysis (CMA) is critical to establish a range of good pricing. Asking a few thousand dollars less than closely comparable homes may mean your house sells while others linger on the market.
8. It is not mandatory, but having a home inspection by a certified professional can eliminate unpleasant surprises at a crucial moment in the sales process. A home inspection before marketing your home allows you the opportunity to deal with any problems that may be discovered before they become a deal breaker.
9. Consider all offers. A low offer is not an insult, but the beginning of the negotiation process. Keep the lines of communication open, and make counteroffers. Be creative.
10. Understand that a signed purchase agreement is not the end of the sale. Your agent must keep on top of deadlines such as a mortgage commitment, an appraisal and other essentials, to bring the sale to closing.
If you have any questions about any of these 10 rules for selling a Columbia SC home, leave us your comment or thought below by using the “Comments” box. We’d love to hear from you.
Real Estate Surtax Won’t Affect Many Columbia SC Home Sellers
When the U.S. Supreme Court upheld the health-care law in June, it rekindled an issue that had been relatively quiet for the past year: A 3.8 percent “real estate tax” on Columbia SC home sales beginning in 2013 that is said to be buried away in the legislation.
With major portions of the law scheduled to take effect less than six months from now, questions are being raised again: Is there really a 3.8 percent transfer tax on real estate coming in 2013? Does it preempt the existing capital gains exclusions for Columbia SC home sellers, as some have claimed?
Yes, upper-income individuals face a new 3.8 percent surtax that takes effect Jan. 1 on certain investment income, including some of their real estate transactions. But it’s not a transfer tax and it’s not likely to affect the vast majority of homeowners who sell their primary residences next year.
How The Surtax Could Affect You Selling Your Columbia SC Home Next Year:
The National Association of Realtors’ tax staff provides this example of how the 3.8 percent levy might affect you next year:
Say you and your spouse have adjustable gross income (AGI) of $325,000 and you sell your home at a $525,000 profit. Assuming you qualify, $500,000 of that gain is wiped off the slate for tax purposes. The $25,000 additional gain qualifies as net investment income under the health-care law, giving you a revised AGI of $350,000. Since the law imposes the 3.8 percent surtax on the lesser of either the amount that your revised AGI exceeds the $250,000 threshold for joint filers ($100,000 in this case) or the amount of your taxable gain ($25,000), you end up owing a surtax of $950 ($25,000 times .038).
The 3.8 percent levy can be confusing, and it can bite deeper when your taxable capital gains are far larger or you sell a vacation home or a piece of rental real estate, where all the profits could subject you to the investment surtax.
If you’re wondering if this “hidden surtax” could affect you and your individual tax situation if selling your Columbia SC home next year, definitely talk to a tax professional for advice.