What does it cost home sellers to work with a real estate agent? Some will contend that it costs quite a lot while others will say that it costs very little considering what you get for your money. Just don’t go into it blind. You should have an understanding of how much agent fees/commissions are, who pays them and when, and what you can expect for what you pay. Let’s see, then, if we can arrive at an understanding of the costs of working with a top Northern Virginia real estate agent.
The typical real estate agent fee/commission is about 5% to 6% of the sale price of a property. This is then split 50/50 between the seller’s agent and the buyer’s agent, with each standardly receiving about 3%. And the seller pays both agents’ commissions, that is, the full amount.
So let’s consider the sale of a $400,000 home. The total commission paid by the seller, in this case, is right at $24,000, and each agent receives about $12,000.
But the exact amount you’ll pay in agent commissions varies across the country from state to state. For example, in New Mexico sellers will pay around 6.21%, but in New Hampshire, they’ll pay only about 4.83%. (Be sure to contact a local agent at 202.858.1444 to find out exactly how much you’ll be facing in commissions in Northern Virginia.)
The factors that influence real estate commission are . . .
Now, let’s see what home sellers actually get for the costs of working with a top Northern Virginia real estate agent.
We’ve touched on how much you’ll pay, so now let’s take a look at when you pay when working with a top Northern Virginia real estate agent. Here’s how it typically goes . . .
As with most of the other expenses, related to homeownership, [anagent’s]fee isn’t paid until the sale closes. On that day you’ll encounter plenty of other costs, too, from taxes to legal fees, so it will blend into the landscape of checks you’re making out. Generally, a seller will pay the full [agent]commission, and the other closing costs will be shared between the seller and buyer (with the buyer typically responsible for more of the fees associated with their mortgage).”
Here are a few other points to keep in mind about paying real estate agent fees at closing…
Sometimes home sellers think they’re being fleeced by having to pay upwards of 6% in real estate agent commissions. But that’s hardly the case when you consider how much goes into successfully listing and selling a home at the best price possible. Just some of the things your Northern Virginia real estate agent will do for you include . . .
But that’s not all. “When an offer comes in, the listing agent negotiates on behalf of the seller, often presenting one or more counteroffers. After deducting all the expenses involved, including fees, [an agent] then calculates how much the seller will net.”
Ultimately, when you consider everything a top Northern Virginia agent can and will do for you, you may be inclined to say that they should charge even more to be truly fairly compensated. But not all agents are created equal, and that’s why you should work only with a top agent to get your money’s worth. If you’re ready to sell and want to work with a top Northern Virginia real estate agent, today at 202.858.1444.
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