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With home values rising in the Silver State — the median sale price has gone up more than 7 percent in the past year alone, per Redfin data — many Nevada home sellers are seeing dollar signs. That’s understandable, but it’s important to remember that selling a house isn’t free. There are plenty of associated fees and expenses to take into account. So what’s the cost to sell a house in Nevada? Let’s break it down.
Sellers’ closing costs
When you sell a house, you’re responsible for a variety of closing costs. Sellers’ closing costs are a little different than buyers’ closing costs, which are largely related to the mortgage loan. Here’s what home sellers can expect to pay in Nevada:
- Transfer tax: Nevada’s levies a Real Property Transfer Tax when ownership of a home changes hands, and the seller usually pays it. The rate is $1.95 for every $500 of value — for a $400,000 home, that comes to $1,560. Washoe, Churchill and Clark counties charge additional fees.
- Title fees: Title insurance costs for the buyer are also usually covered by the seller in Nevada, though this can be negotiated.
- Escrow fees: If an escrow account is used to hold funds during the closing process, you may need to cover or split the cost of maintaining the account.
- Property tax and HOA fees: You will continue to be responsible for all taxes and fees associated with the property until the transaction closes. This includes property taxes and, if you’re part of a homeowners association, HOA fees as well.
- Legal fees: Unlike some states, Nevada does not require home sellers to hire a real estate attorney. However, doing so anyway can go a long way toward protecting your interests in the deal. Legal fees can vary widely depending on the deal.
- Seller concessions: If you agree to any seller concessions, such as offering to pay for a needed repair, the amount will be due at closing. Such negotiations are common.
Real estate agent commissions
If you use a real estate agent in your home sale, you’ll be on the hook to pay for the agent’s commission fee. Typically this runs between 2.5 and 3 percent of the home’s sale price — given that the median home sale price in Nevada was around $458,000 in May, according to Redfin, a 2.5 percent commission would be $11,450.
Obviously, the commission amount can vary quite a bit with the price of the home. In Nevada’s housing market, for example, the median price in Reno is higher than the statewide median at $578,250; 2.5 percent of that would come to $14,456. And in Glenbrook, on the shores of Lake Tahoe, it’s much higher at $715,000; a 2.5 percent commission on a home of that price would run nearly $18,000.
Note that, up until very recently, a home seller would have been responsible for paying their buyer’s agent’s fee as well as their own, effectively doubling that cost. However, due to the settlement of a recent lawsuit, buyers may soon be responsible for paying their own agents. Whether you pay one agent or both will depend on the details of your specific deal.
Preparing your home for sale and moving
Before you even list your house on the market, there is typically a lot of work to do to get it ready for buyers. Some prep work can make a big difference in its appeal:
- Make important repairs: A leaky faucet or damaged floor can make a bad impression on a buyer — take care of these more obvious things before you list. Your agent can help you decide what issues to address and which ones don’t matter as much.
- Consider curb appeal: First impressions matter, and how your property looks from the outside can make or break buyer interest. Make sure the lawn is mowed and the landscaping looks tidy, and freshening up the front entry with some bright flowers or fresh paint couldn’t hurt either.
- Stage the interior: Professional staging is another way to make a good impression on buyers, particularly if the home is overstuffed from years of living there or empty because you’ve already moved out.
- Take great photos: For your listing to pop online, high-quality photographs are important. Some listing agents include pro photography as a part of their services, so discuss the cost with your agent.
- Remember moving costs: Finally, think about how much it will cost to move. The average cost to hire pros for a local move in the U.S. is $1,695, according to HomeAdvisor — but if you’re moving long-distance it could cost much more.
How much do I get from selling my house?
If your home still has a mortgage on it, you’ll have to pay that off at closing — the amount will likely be wired directly to your lender, potentially with interest and a wire transfer charge added. Once you settle that and all the other expenses that come with selling your home, such as closing costs and Realtor fees, whatever funds are left are your net proceeds. Ideally, you’ll see a nice profit, but bear in mind that in some cases you might owe capital gains taxes on those earnings.
Reducing costs
Selling your home can be expensive, but there are ways to cut costs:
- If you’re relatively handy, use your skills to do straightforward repairs on your own.
- When a pro’s help is required, get quotes from several contractors or repairmen to make sure you’re getting a good price.
- If your property is in need a lot of repairs, consider selling as-is — this puts the burden of repair costs on the buyer instead of you.
- Have friends or family who might be willing to help you pack up and move? If so, buy everyone some pizza and save the cost of a moving company.
- Remember that Realtor fees are negotiable. Discuss the commission fee upfront before you hire an agent — even a small discount can mean big savings, especially on a higher-priced home.
Alternatives
If you don’t want to go through the traditional listing process, consider other options:
- Cash homebuyer or iBuyer: Cash homebuying companies make quick cash offers and can close with amazing speed; they also usually purchase homes in as-is condition so you don’t have to make any repairs. If you’re in the Las Vegas area specifically, the large iBuyers Opendoor and Offerpad offer similarly speedy cash deals. However, both these types of companies will pay less for your home than you’d likely make if you listed it.
- For sale by owner: Selling your home on your own means forgoing hiring an agent, and therefore saving on a listing agent’s fee. But it’s a lot of work to do yourself, and you may still need to pay your buyer’s agent’s fee.
- Home equity: If you need cash but would rather not sell your home, you might be able to leverage the equity you’ve built with a home equity loan or line of credit.
- Rent: If you don’t need the cash from a sale right away, consider renting out your home instead. This can be lucrative: Nevada houses rent for a median price of $2,370 per month, according to Zillow Rental Manager.
Next steps
Ready to sell your Nevada property? Unless you’re selling in a non-traditional way, your next step should be to find a knowledgeable local real estate agent. Make a plan to sell your property and save money where you can. An agent will know the market well and be able to advise you on when to list, how to price your home and which repairs to prioritize.
FAQs
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Closing costs will vary depending on each individual transaction, but according to Assurance, the average closing costs in Nevada come to 1.7 percent of the home’s sale price. For a median-priced $578,250 home, that comes to $9,830. But that cost will be shared between the buyer and the seller, so you don’t have to pay the full amount yourself.
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Yes, it is possible to sell your home without a Realtor in any state. One way is via a for sale by owner (or FSBO) transaction, in which you as the owner handle all the tasks of an agent yourself. Another way to avoid an agent is to sell to an iBuyer or cash-homebuying company; these companies buy directly from the owner and typically do not charge commission fees.
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