Sellers in Greater Boston spend about $10,000 more to prep and sell their home than the typical US homeowner, according to a recent study.
Here, the costs of selling a typical home (worth $466,000) add up to $35,580, according to an analysis by the Zillow real estate site and Thumbtack, a site that matches owners with home improvement professionals. This includes closing costs, but also the improvements and other projects made when people are preparing their homes for sale. The majority (79 percent) of sellers complete at least one home improvement project before putting the home on the market, and sellers who make improvements to their homes are more likely to sell for over the asking price than those who don’t — 22 percent versus 16 percent, according to the Zillow Group Consumer Housing Trends Report.
Sellers who hire professional help for common home prep projects tend to spend, based on a national average, $6,570 on improvements like interior and exterior painting, staging, and carpet cleaning, as well as local moving costs to their new home. But with the cost of labor varying by market, sellers in different areas could see significantly varied costs. Sellers in Sacramento can spend about $7,800 preparing their home for sale, compared with Phoenix sellers, who could spend about $4,000 for the same projects.
Closing costs are another big expense for home sellers, including agent commissions and transfer or sales taxes. Nationally, these can add up to $14,281, on average, but because they are based on the home’s sale price, sellers in the nation’s priciest markets pay much more. In the San Jose metro, sellers pay $76,015 on average in closing costs, the highest of the metros analyzed. By comparison, sellers in Cleveland spend the least — $9,046.