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Americans Spend Nearly $55,000 to Sell a Home in 2024

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.

Sold a home in the last 5 years?

The experts at Clever Real Estate want to hear your story. Answer a few quick questions for the chance to win a $250 Amazon gift card. (Bonus: If you also bought a home recently, leave a second review for that experience to get two entries.)

CONTACT:                                                                                                                                    
Nicole Lehman
Clever 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
Images courtesy of https://pixabay.com

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