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average cost to sell a home? Net gain percentage?

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May 14 - Wilmington
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Tricia: You write "take the amount you owe on your home (mortgage) and multiply it by 1.075.  The number you get in this scenario would be your break even number."  Your calculation suggested implies that commission and transfer tax are only paid on the amount owed on the mortgage.   You may wish to check your formulas and present a more accurate calculation.
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May 14
The average cost to sell a home varies from state to state and market to market.  When you list your home for sale, discuss with your realtor the commission rate on your home as well as the transfer tax costs in your state. 

For example, in Delaware, transfer taxes are 3% of the sales price, split equally with the buyer and seller.  Commission rates vary from agent to agent, but a good estimate is 6%.

So, if you calculate 6% commission, plus 1.5% transfer taxes, your total selling costs would be 7.5%.

Take the amount you owe on your home (mortgage) and multiply it by 1.075.  The number you get in this scenario would be your break even number.  Selling higher than that number, will result in you receiving money at closing.

Please let me know if you have any additional questions, and remember to check your state for information on transfer taxes!
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