Your agent can prepare an â€œestimated net proceeds worksheetâ€ which will breakdown the commissions and sellers closing costs assuming whatever selling price makes sense.
Unfortunately pricing a home this way seldom works. You may sell too low, leaving money on the table... Good for the buyer. Or price too high strictly based on what you need. Buyers don't care how much you need; they only care about what they need.
Have some agents prepare a comparative market analysis along with the net proceeds worksheet based on their estimates and base your pricing on what the market data indicates and your agent advises.
Here is basically how the NET TO SELLER works:
Seller's Sales Price: $100,000
Amount of Commission @ 6-percent = $6,000
Recording Fees / Attorney Fees: $400 *you need to find out how much you will be charge, this is approximate.
Seller's NET: $93,600.
Seller's Mortgage Payoff: (How much do you owe the bank?) If it is $93,600.
Sellers Final Net: ZERO
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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
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You should also talk to the attorney that you will be using for closing. They will be able to give you a good idea of what the fees that you will be paying for at closing will cost you.
Once you have all this information, you can use the worksheets that others have mentioned. However, I have found some limitations... After you add up your expenses (your closing costs and your mortgage payoff amount), you will need to calculate the commissions that you will pay to both the Listing Agent and the Buyer's Agent (at least take into consideration the cost of a Buyer's Agent since a buyer wanting to see your house might already be working with an agent) and the asking price that you will need to put on your house to breakeven. Since the commissions are based on the selling price, they will change every time your change the selling price. You can get really close by using a formula such as your total expenses divided by 1 plus the commission % for both agents. However, since my background is in accounting, I like to have an exact number... In my case I use a spreadsheet to solve this for me.
As others have mentioned, you will also need to take into consideration the ask/sell ratio for your area as well as the current market value. If your house is worth more than what you need to breakeven, you don't want to price it at the exact amount that you need as chances are that any offers that come in will be below your asking price. However, you also don't want to price it higher than the current market value or your chance of getting any offers is going to be slim.
Best of luck!
An agent should be able to give you this information when you are speaking with them.
Keller Williams Realty