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How much is your house worth? The simple answer: it’s worth whatever a buyer is willing to pay. In reality, a home’s value depends on market conditions such as supply and demand, interest rates, and the broader economy as well as factors like upgrades, renovations, and general wear and tear. Pricing is also highly local; in fact, two nearly identical homes in the same neighborhood can sell for very different amounts.
How much can I sell my house for right now?
Online home-price calculators can lack nuance, so the place to start is by engaging a qualified listing agent who knows your neighborhood in a way that only a local can. They’ve got to beat on the most desirable streets, the best coffee shop, and when the train running through town makes the most noise. Your agent also has a better idea about the market temperature and regional and seasonal buying customs. Is it better to price lower and expect an auction, or higher and negotiate down? A home that lingers too long on the market for whatever reason lessens the seller’s leverage.Get answers to your home-selling questions with these posts right here:
- Should You Set an Offer Deadline?
- Are Open Houses Necessary for Selling a Home?
- What to Do When You Need to Sell Your Home Fast
How much does it cost to sell my home?
When setting your expectations, you’ll need to factor in all the costs to sell a home, which can range from 5% to 15% of the sale price. Prices and fees will vary by state, but make allowances for:- Commission: (negotiated, up to about 5% to 7%) in our local markets. This is typically the largest expense.
- Seller Closing Costs: These are the fees to finalize the transaction, including transfer taxes, title fees, and prorated property taxes. They generally range from 2.5% to 3.7% of the sale price. (Note: The final percentage is highly dependent on specific county and city taxes in VA, MD, and D.C.).
- Staging: typically returns $23.34 for every dollar spent (anywhere from $1,000 to $10,000, depending on the size of the home, condition, whether it’s vacant or not, how much furniture needs to be moved, etc.)
- Real Estate Attorney: not required in all states. Virginia, Maryland, and Washington, D.C. do not require a real estate lawyer.
- Prorated Property Taxes and HOA Dues: if they haven’t been paid already.
- Cleaning: ($150 on up, depending on condition and local market rates).
- Transfer Taxes: (These fees vary significantly by jurisdiction, often including both state and county/city taxes).
- Recording Fees: (These are charged by the local government to officially record the deed).
- Escrow.
- Mortgage Payoff Fees.
- Any Liens, Back Taxes, or Judgments.
- Repairs: either ones you do before market, or as concessions to buyers.
What about capital gains tax?
The good news is that you don’t owe federal taxes on home-sale profits up to $250,000 for a single person or $500,000 for a married couple, referred to as an exclusion. States, however, are an entirely different matter when it comes to taxing capital gains; some exempt real estate transactions, while others consider profit to be regular income. (To calculate your capital gain, subtract what you paid plus capital improvements from the sales price.) Those whose homes have appreciated by triple digits over decades are more likely to pay capital gains as their profits have ballooned.- Virginia’s capital gains tax is up to 5.75%. Home sale profits after the exclusion are considered regular income. (See official guidance here: Virginia Tax Official Site)
- Maryland’s capital gains tax is up to 5.75%. Profits beyond the federal exemption are taxed like ordinary income. (See official guidance here: Comptroller of Maryland Official Site)
- Washington, D.C., capital gains tax after the exclusion is 4% to 10.75%, depending on your income. (See official guidance here: MyTax.DC.gov)
Here are a few more home-selling blogs you might find interesting next:
- How to Hire a Real Estate Agent to Sell Your Home
- Should You Sell Your Mortgage-Free Home?
- How to Sell Your Home When Life Gets Busy
What are the advantages of an off-market sale? Learn more about Compass Private Exclusives right here.
Ready to Get a True Home Valuation?
While there are many ways to estimate how much you can sell your home for, the only way to truly answer this question is with a personalized, professional evaluation. A local expert from The Goodhart Group can provide a valuation based on real-time market data. Ready to find out what your house is truly worth? If you are thinking about selling or buying this year, we are happy to talk through what this news could mean for your pricing, timing, and strategy. Every situation is unique, and a short call can make the path forward much clearer. Sue Goodhart | sue@thegoodhartgroup.com | 703-362-3221 Allison Goodhart DuShuttle | allison@thegoodhartgroup.com | 703-266-7277 Looking for more real estate insights and the latest listings delivered right to your inbox? Sign up for our newsletter right here.Newsletter Signup
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