With high home-selling costs eating away at profits that are much slimmer than they were a few years ago, 89% of sellers have regrets about their sale.
ST. LOUIS, June 18, 2024 /PRNewswire/ -- Home sellers in 2024 spend an average of $54,616 to sell their homes, with 42% reporting that the costs exceeded their expectations, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.
The cost breakdown includes:
- Listing agent commission ($11,136)
- Buyer's agent commission ($10,467)
- Repairs ($10,000)
- Closing costs ($8,000)
- Concessions ($7,200)
- Moving expenses ($3,250)
- Marketing ($2,300)
- Staging ($2,263)
When preparing to sell, 80% of sellers followed their agent's advice, although 67% felt the recommendations were more expensive than they were comfortable with. However, 65% believe their agent's advice resulted in a higher sale price.
In 2024, 89% of sellers compromised on their priorities, with selling above the asking price being the most commonly compromised. Sellers were 87% more likely to sell below asking price compared to 2022, and 34% were dissatisfied with the final sale price. Additionally, 89% made concessions to the buyer, with a median value of $7,200.
A whopping 89% of sellers expressed regrets, with the most common being that they sold too quickly (30%).
If they had known the true cost of selling their home, 89% of sellers would have approached the process differently. Sellers believe that with a different strategy, they could have sold their home for an additional $50,000 on average.
In hindsight, sellers would have:
- Listed their home for a higher amount (36%)
- Waited for more offers (35%)
- Negotiated more with the buyer (32%)
- Waited to sell until home prices increase (31%)
- Negotiated commission with their agent (31%)
Despite the costs, 64% of sellers made a profit at a median of $100,000. Homes sold with an agent fetched $34,000 more on average, leading to 54% of unrepresented sellers regretting not using an agent.
Read the full report at: https://listwithclever.com/research/cost-to-sell-a-home/
About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever's network spans 19,000 agents across all 50 states.
Please contact Nicole Lehman at [email protected] with any questions or to arrange an interview.
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CONTACT: Nicole LehmanClever Real Estate[email protected] 724-719-0406
SOURCE Clever Real Estate
Originally published at https://www.prnewswire.com/news-releases/americans-spend-nearly-55-000-to-sell-a-home-in-2024--302175161.html
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