Almost four million existing homes were sold in the United States in 2023 alone, according to the National Association of Realtors.
Are you wondering, “How much does it cost to sell a home in Memphis?” From agent commissions to closing fees, the expenses of a Memphis home sale can add up.
For sellers who want to maximize their profit and avoid unnecessary costs, these details are essential. Continue reading to learn about common home-selling fees and expenses Memphis homeowners should expect. You’ll also learn how working with trusted home buyers like WeBuyHouses.com Memphis can make all the difference.
How Much Does It Cost to Sell a Home?
One of the most substantial home-selling fees in Memphis is the real estate commission. The cost tends to fall between 5% and 6% of your home’s final sale price.
The commission is often divided between the listing agent and the buyer’s agent, though as the seller, you cover the full amount. For example, if you sell your house for $300,000, you could end up paying $18,000 in real estate commission alone.
Some homeowners attempt to avoid this expense by selling their homes without an agent, but this often results in lower sale prices, longer time on the market, and legal missteps. Another option is to skip this fee by selling to a home-buying company like WeBuyHouses.com, which doesn’t charge commissions or involve real estate agents.
Considering Closing Costs in Memphis
Sellers in Memphis often pay closing costs of around 1% to 3% of the sale price. It includes the following:
- Title insurance
- Escrow fees
- Transfer taxes
- Document preparation charges
- Prorated property taxes
Depending on the specifics of your sale, attorney fees may also be part of the closing costs in Memphis.
If you are selling a $300,000 home, you might expect closing costs to total between $3,000 and $9,000. Also, buyers often negotiate for sellers to cover a portion of their own closing costs, especially in a competitive market. It could push your total even higher.
Sellers working with home buyers like WeBuyHouses.com often find that these companies cover all or most closing costs. Doing this saves sellers thousands of dollars.
Taking Stock of Repairs and Pre-Sale Updates
Before listing a home for sale in Memphis, most homeowners invest in repairs and cosmetic updates. It can range from little things to more extensive work, such as:
- Replacing an outdated roof
- Repairing an HVAC system, painting
- Updating fixtures
- Remodeling kitchens and bathrooms
Even modest upgrades can add up fast.
Many sellers end up spending between $5,000 and $15,000 to get their homes market-ready. Homes in need of significant repairs may require even more. For sellers who don’t have the budget or time to manage improvements, this can be a major source of stress.
The good news is that companies like WeBuyHouses.com buy properties as-is. It means sellers can avoid repair bills altogether and still walk away with a fair cash offer.
The Staples of Staging, Photography, and Marketing
To attract serious buyers and competitive offers, many sellers pay for professional staging and photography. Staging helps present your home in the best possible light by highlighting its layout and potential, while professional photography ensures high-quality visuals for online listings.
In Memphis, professional staging might cost between $1,000 and $2,500, depending on the size of your home and how long it remains staged. Professional photography can range from $200 to $500. While optional, these services can shorten your listing time and improve your sale price.
With a traditional sale, staging, and marketing efforts are part of doing business. If you want to skip these expenses and time-consuming preparations, working with home buyers like WeBuyHouses.com lets you bypass showings and marketing altogether.
Holding Costs While Waiting for a Sale
Another often-overlooked category of home selling fees is holding costs. It consists of the ongoing expenses you continue to pay while your home sits on the market. Holding costs include your mortgage payments, property taxes, homeowner’s insurance, utility bills, and any HOA fees.
If your home remains unsold for two or three months, these recurring costs can take a big bite out of your profits. For example, if your monthly mortgage, utilities, and taxes total $2,000, three months of holding time adds $6,000 in expenses. It doesn’t even include the cost of lost time or missed opportunities elsewhere.
Choosing to sell your home to a company that pays cash, such as WeBuyHouses.com, eliminates these carrying costs. Since they close fast, often within days, you avoid ongoing month-to-month bills and get your money sooner.
Highlighting Seller Concessions and Incentives
Seller concessions are often requested by buyers during negotiations. It might include the following:
- Covering a part of the buyer’s closing costs
- Offering credit for needed repairs
- Including appliances in the sale
While concessions are negotiable, sellers often agree to them in order to keep the deal moving forward.
In Memphis, seller concessions can total $1,000 to $5,000 or more, depending on the buyer’s requests and the outcome of the home inspection. Such concessions can reduce the seller’s net proceeds. They’re another reason why some homeowners explore alternatives to traditional sales.
When you work with WeBuyHouses.com, there are no buyer concessions, no back-and-forth negotiation, and no pressure to give anything away. You get a straightforward cash offer with no surprise deductions.
Miscellaneous Home Sale Expenses
A few smaller expenses may come into play during the home-selling process. Some sellers order a pre-listing home inspection to avoid surprises, which can cost around $300 to $500.
Others provide a home warranty to the buyer, which may cost $400 to $600, as an incentive to close the deal. Don’t forget moving expenses, which can run you anything from $500 to over $2,500 depending on the distance and how much help you need.
While each of these items may seem small on their own, together they add up and further reduce your final profit.
What Does It All Add Up To?
For a typical $300,000 home sale in Memphis, here’s what the total costs might look like once everything is accounted for. Most sellers pay a 6% real estate commission, which would be $18,000. Closing costs may total around 2%, or $6,000.
Repairs and updates can add another $10,000, while staging and photography could cost $2,000. Holding costs over a few months might come to $6,000, and seller concessions could cost an additional $3,000. Throw in inspection, moving, and warranty expenses at around $1,500, and the total estimated costs could reach $46,500.
That means after all expenses are deducted, a seller may walk away with around $253,500 on a $300,000 sale, and that doesn’t include any mortgage payoff or taxes owed.
Simplify Everything and Sell House for Cash With WeBuyHouses.com
If you’re thinking, “I want to sell my house fast without the headaches,” you’re not alone. More homeowners are skipping the traditional sales route and turning to trusted local home buyers like WeBuyHouses.com Memphis.
WeBuyHouses.com offers sellers a faster and more convenient way to close. There are no agent commissions, showings, or repair costs.
Best of all, they often cover the closing fees. You can sell houses for cash fast and avoid many of the expenses outlined in this guide.
They specialize in helping people sell under any circumstances. Whether you’re behind on payments, facing divorce, or simply want to sell without delays.
Their professional team evaluates your home and provides a no-obligation cash offer. If you accept, they can close on your schedule and let you move on without stress.
We Both Buy Ugly Houses and Beautiful Ones
You may have heard the phrase we buy ugly houses, but WeBuyHouses.com doesn’t just buy distressed homes. They purchase homes in all conditions, from outdated properties to well-maintained ones. Whether your house needs a full renovation or is move-in ready, they are interested in buying and can make the process easy for you.
If your goal is to sell your house fast without investing more money into it, they offer one of the most straightforward options available.
Sell My House Today and Keep More of the Profit
When you understand the full picture of home selling fees and expenses, it’s easy to see why many homeowners in Memphis are looking for ways to keep more of their home’s value. Traditional real estate transactions come with plenty of costs, delays, and complications.
If you’re thinking, “I want to sell my house today,” WeBuyHouses.com is ready to help. You can avoid real estate commissions, reduce closing costs in Memphis, skip repairs and staging, and sell your home for cash.
The process is simple, fast, and proven. Best of all, you deal with experienced local professionals who are committed to giving you a fair deal without hidden fees or long delays.
It’s Time to Streamline the Home-Selling Process
Has anyone ever asked you, “How much does it cost to sell a home?” With the details above, you can reduce the cost and maximize your earnings.
WeBuyHouses.com has been the leading seller and buyer of Memphis homes for decades. We make it easy for you to get quick cash for your home instead of allowing it to sit on the market.
Are you ready to make money and offload your old home? If so, don’t wait to touch base with the property selling team at WeBuyHouses.com.
