How much does it cost to sell a home in Central Ohio? If you’re thinking about selling a home, you are probably wondering how much the closing costs will be and what other fees you may have to pay.
Here, we will break down the general costs when selling a home in Columbus so that you have an idea of what to expect. Keep in mind, the expenses listed here are estimates. It is impossible for me to tell you exactly how much it will cost to sell your home in Central Ohio within a blog post. Your expense will vary depending on your home, which companies you use, and how the purchase offer is negotiated.
In Columbus, as in most places, selling a home entails more than finding a buyer, getting paid, and handing over keys. The market in Central Ohio is competitive, and it takes the help of an expert in home selling and marketing to successfully sell a home.
Use the list of costs below to navigate to a specific expense.
- How Much Are Agent Commissions?
- How Much Will it Cost to Stage my Home?
- How Much Are Home Inspections?
- How Much Are Appraisals?
- How Much Will Closing Costs Be?
- What Other Costs Should I Consider?
How Much Does It Cost To Hire A Real Estate Agent in Columbus?
In Columbus, Ohio, the standard real estate agent commission is 6%. This number is negotiable and may range from 1% for a discount listing service to 10% for a specialty agent.
The commission covers a lot more than just paying the agent that lists your home. The commission may cover consultation with a professional home stager, professional photography of your home, marketing your home, listing your home on the MLS, promoting your home on Social Media, a professional For Sale sign, lockbox, and the tools the agent needs to manage your listing such as a scheduling service for showings.
The 6% commission also includes the commission paid to the buyer’s agent. Typically, the home seller pays the entire commission from the sale of the home. The cost of commission will be paid when the home closes, so this is not an upfront fee to be paid to the listing agent. The agent gets paid when the home is sold.
Even though the 6% commission is negotiable, keep in mind that you often get what you pay for in this case. A cut rate listing service is going to do the bare minimum, which may only include listing the home on the MLS and putting a basic sign in the yard.
Time is money when selling a home in Columbus, because homes that sit on the market make buyers ask, “Why?” and wonder what is wrong with the home. A home that doesn’t sell will also become a target for buyers hoping to pay less than market value.
If you hire an agent or listing service based solely on commission, you may find out too late that they aren’t doing all they can to sell your home, which will cost more money in the end.
How Much Does It Cost to Stage a Home in Columbus?
Most home sellers want to sell as quickly as possible for as much money as possible. One of the biggest factors for how well your home performs on the market is its first impression to potential buyers.
Modern home buyers generally prefer move-in ready homes, and they find it difficult to look past dirt, disrepair, and clutter. Because of this, sellers may want to hire professionals to declutter, clean, repair, and stage their home. The cost of this will depend on the condition of your home and whether you hire pros or go the DIY route. If you choose professional home staging, the average cost for a home stager in Columbus is between $500 and $2,000+.
Depending on the Realtor you choose, a home staging consultation may be included in their listing service. I provide my home sellers with a one-hour consultation with a professional home stager. This helps us better prepare the home for market.
How Much Are Home Inspections in Columbus, OH?
It may be prudent for you as the home seller to have a pre-listing home inspection done. This will help you get ahead of any costly surprises that could be deal breakers for buyers and help you have an idea of what needs to be fixed. The cost of a General Home Inspection in Columbus ranges from $250 to $500. If you decide to have a pre-listing inspection, you pay the home inspector up front.
During the Due Diligence period, the home buyer will most likely have a General Home Inspection and a Pest Inspection done. Other inspections the buyer may want include HVAC, mold, radon, septic, or well testing if you have well water. These inspections are usually paid for by the home buyer, but the seller will pay for repairs that may result from the buyer’s home inspections. This is when it is important to have a strong negotiator in your corner as the home seller. Otherwise, you could end up paying for thousands of dollars in repairs.
How Much Are Appraisal Fees in Columbus Ohio?
The appraisal is paid for by the home buyer, but I included it here for any home sellers who may be under the impression that they must pay for the appraisal. An appraisal will be required by the home buyer’s lender. The appraiser determines how much it is worth in current market conditions. The lender wants to ensure that the home is worth at least the amount of the home loan. To give you an idea of the cost, the average appraisal fee in Columbus Ohio is $450.
How Much Are Closing Costs in Columbus, Ohio?
The home sale happens at closing. The actual amount paid for closing costs varies, and how much are paid for by the buyer or seller is negotiable. Because of this, it is important that you as the seller have an experienced listing agent negotiating on your behalf.
Here are some of the things that may be included in Closing Costs:
Recording Fee: This is the cost of recording a new deed with the county. This cost is typically split between the buyer and seller. In Columbus Ohio the recording fee will be about $75.
Escrow Fee: This fee pays for escrow company services. This can vary depending on the company, but for this example it is about $300.
Tax Service: This is a one time fee charged by the lender for setting up tax payments. This may be about $100.
Title Insurance Fee: This fee ensures the seller is giving the buyer a clear title to the property. The exact amount paid depends on the home price, but to give you an idea of the cost it will be around $1,300-$2,000 for a home in the $200k-$300k price range.
Ohio Transfer Tax / Conveyance Fees: This is state and county specific and there are variables that will dictate exactly how much you will have to pay. To give you an idea of the cost, if you are selling a $250k home, your Conveyance Fees may be around $500. The Franklin County Auditor has a calculator tool on their website that can help you determine this fee.
Re-conveyance Fee: This is a fee of $156 paid by the seller to clear the title of the lien and reestablish the deed of trust to the home seller.
Home Warranty Plan: This is a negotiable item and does not have to be offered by the seller. A seller may offer a home warranty if they are selling an older home or simply to give buyers more peace of mind. For instance, if the appliances are 10 years old and the buyer is nervous about the reliability of older appliances, the home seller can offer to pay for a home warranty for the buyers rather than replace appliances.
The cost of a home warranty plan is only about $625.
Form 1099: This is required by the IRS to report the property sale and costs $50.
Courier Fees: There’s a lot of paperwork involved in the home closing process in Columbus. There may be a courier fee between $50 and $250. This service will get the required documents where they need to go (county, lender, title company, escrow firm).
Other Costs When Selling a Home
Other costs a home seller needs to consider are not part of Closing Costs, but may be part of the expense of selling a home (especially if you want to sell quickly). These include:
- Pre-listing inspection to help you better prepare your home for market. This can help eliminate costly surprises later.
- Repairs you do to the home before you list it or that you may need to have completed after the home inspection.
- Storing items in a storage unit after you declutter and stage your home.
- Hiring a cleaning service to keep the home clean and ready for showings.
Ask Rita – Your Columbus Real Estate Expert
There may be other fees negotiated to be paid for by the seller. A home seller may agree to pay any or all of the closing costs. For this reason, it is extremely important for a home seller to hire a real estate agent that knows the closing process and can negotiate the best outcome for the seller.
You need a local professional who knows how to sell a home in Central Ohio and what the local rules, regulations, and fees are. With my help, you are more likely to sell your Columbus home quickly for as much money as possible.
Need more details about the cost of selling your home in Central Ohio? Contact me, Realtor Rita Boswell at 614-830-9767 and ask away! I love helping homeowners navigate a successful home sale.