How Much Does it Cost to Sell a Home in Florida?

Wondering how much it costs to sell a home in Florida? If you’ve never sold a home before, you may not know all the costs associated with selling a home. As the home seller, you’ll be responsible for paying the bulk of closing costs, including commissions for both parties’ realtors. 

In addition, you’ll have to pay the necessary expenses to prepare your home for sale. With all these costs it’s crucial to create a budget for the home-selling process, so you aren’t surprised by any unexpected costs.

In this post, our realtors at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will answer some of the most common questions home sellers have about the costs of selling a home.

What Are the Average Costs Associated With Selling a Home in Florida?

First, home sellers will have to deal with costs associated with preparing their homes for sale. This includes paying for: 

• A pre-inspection
• A cleaning service and landscaper
• General contractors to fix necessary repairs
• Renovations and upgrades
• A professional home stager
• A professional photographer

The next chunk of costs is closing costs, which are typically around eight to ten percent of the home’s sale price. Closing costs may include the following:

• Real estate agent commission fees for both the listing and buyer agents
• Title insurance fees
• Transfer taxes
• Escrow fees
• Prorated property taxes 
• Utility bills
• HOA fees
• Attorney’s fees

It’s important to note that closing costs can vary depending on the exact terms you negotiate with the buyer. For example, you might arrange a deal with the buyer to include seller concessions, where you’d pay some of the closing costs the buyer usually pays. You might do this as an incentive to close the deal faster. 

How Do Real Estate Commission Fees Work in Florida When Selling a Home?

You’ll pay real estate commission once the transaction closes. Real estate commission is usually a percentage, and it typically ranges between five to six percent of the final sales price. 

This amount is split evenly between the buyer’s agent and the listing agent, so each agent receives 2.5 to three percent. In Florida, the average realtor commission is 5.4%.

What is the Impact of Property Taxes on the Cost of Selling a Home in Florida?

Property taxes can impact the cost of selling a home in Florida in a few ways. When a home is sold, the property taxes for that year are prorated based on the date of sale. 

This means that the seller is responsible for paying property taxes up until the date of the sale, while the buyer is responsible for paying property taxes from the date of the sale forward.

In addition, property taxes can impact the value of a home and, consequently, its selling price. If a home has high property taxes, it may be less attractive to buyers, and the seller may need to lower the price or offer incentives to make the home more appealing. 

Conversely, if a home has low property taxes, it may be more attractive to buyers, and the seller may be able to ask for a higher price.

Are There Any Legal Fees Involved in Selling a Home in Florida?

Yes, there could potentially be legal fees involved when you sell a home in Florida, but only if you choose to hire a real estate attorney. A real estate attorney minimizes the chances of something going wrong in the transaction. 

They’ll handle all the legal aspects of the transaction, including preparing and reviewing contracts, conducting title searches, and ensuring the transfer of ownership is completed correctly. The attorney’s fees can vary depending on the complexity of the transaction and the attorney’s hourly rate. 

It isn’t necessary to hire a real estate attorney, as your realtor will also make sure that all the paperwork is handled correctly. However, an attorney can provide another layer of protection.

Are There Any Closing Costs That Home Sellers in Florida Should Be Aware of?

There aren’t any closing costs unique to selling a home in Florida. Home sellers can expect to pay standard closing costs, such as title search fees, title insurance fees, recording fees, transfer taxes, and real estate agent commissions. 

The exact closing costs you’ll pay will vary depending on the county and location you’re in, so do your research to determine exactly how much you can expect to pay.

How Does the Cost of Selling a Home in Florida Compare to Other States in the U.S.?

The exact costs of selling a home in Florida will vary depending on the size of your home, its final sale price, and where exactly you’re selling in Florida. But based on the average home value in Florida of $406,988, closing costs in the state are $5,789 and realtor fees are $21,977. 

This brings the total average cost of selling a home in Florida to $27,767, on top of the costs you paid to repair and renovate your home. Overall, the cost to sell a home in Florida is slightly higher than in other states.

Are Costs to Sell a Home Tax Deductible?

Yes, you can deduct the costs to sell a home from your taxes. As long as the home you’re selling is your primary residence, you can deduct any of the costs associated with the sale. 

However, these aren’t handled like typical deductions. Instead, you’ll subtract these costs from the sale price of your home to lower the amount of capital gains tax on the sale.

Itemized deductions for a home sale include mortgage interest, property taxes, and the costs of home repairs and improvements that were made within 90 days of the transaction closing.

How Much Does it Cost to Sell a Home on Zillow?

There is no cost to list your home on Zillow, whether through a realtor or you choose to sell for sale by owner (FSBO).

How Much Does it Cost to Sell a Home For Sale by Owner?

On average, selling a home without a realtor costs seven percent of the final sale price, which is slightly less than the average cost of eight to ten percent associated with working with a realtor. Of course, both of these amounts depend on your location and the size, location, and features of your home. 

However, it’s important to consider the benefits a realtor can bring to a home sale. FSBO homes tend to sit on the market longer and sell for less money compared to homes sold by a realtor. This is because the home seller will be responsible for planning and paying for the marketing and advertising plan. 

If you’re inexperienced with marketing a home, it can result in your home spending longer on the market, which is a bad sign to prospective buyers. As a result, you may find that you have to end up lowering your asking price and risk losing thousands in potential profits.

Sell a Home in Florida With Our Realtors – Guaranteed!

If you need to sell a home in Florida, reach out to Phil Aitken and Your Home Sold Guaranteed Realty - Phil Aitken Home Team. Our realtors have been serving Jacksonville and the JAX metropolitan area for years. During that time, we’ve built a reputation for our exceptional selling speed. 

On average we sell homes four times faster and for 2.7% more money than other realtors in Jacksonville.

On top of that, we offer unique seller guarantees, such as our Guaranteed Sale Program. With this guarantee, your home will sell within your desired time frame– no matter what. If not, we’ll buy it ourselves.

To learn more about working with our team, give us a call at (904) 544-5252. You can also fill out the form below for more information.