The Real Deal Chicago

What’s the ‘hidden’ cost of selling a home?

Most of the amount comes from agents’ commissions, according to new data
April 03, 2018 03:15PM

Home for sale

The cost of selling a property can really add up.

In Chicago, it adds all the way up to about $18,000 for the average homeowner, Chicago Agent Magazine reported, citing data from Zillow and Thumbtack.

The figure, which is based on the median value of homes in the market, considers factors like the amount spent on prepping a home for a sale and the amount spent in transfer taxes. It also factors in the biggest expense, how much is paid in commissions to real estate agents involved in the deal.

In Chicago, the total of $17,979 includes $12,828 in commissions, $4,800 in prep costs — things like painting, staging, carpet cleaning and more — and $321 in transfer taxes.

That’s right in line with the national average of $18,342, but way below many of the top 35 housing markets in the United States.

Some of the cities where the cost is far higher include New York’s $32,273 ($25,878 in commissions, $4,670 in prep costs, $1,725 in transfer taxes); Los Angeles’ $44,251 ($38,436 in commissions, $5,110 in prep costs, $705 in transfer taxes); and Miami’s $21,722 ($15,996 in commissions, $3,860 in prep costs, $1,866 in transfer taxes)

The highest? That would be $81,507 in San Jose, California. The cost includes $73,578 in commissions. [Chicago Agent]John O’Brien