Selling a house: 6 Costs to Anticipate for your Big Move

How much does it cost to sell a house? If you’re thinking about selling your house, your mind is probably spinning with the to-do list. With the decluttering, packing, choosing a new home, it’s a huge investment both in time, money, and in overall energy.

After you get through all of the work to choose a home, you want to be prepared and understand all the costs involved. Let’s talk about costs you can expect if you live in the OKC Metro area, and are planning to sell your home.

What are the costs associated with selling a home in Oklahoma?

1. Packing and Moving 
2. Renovation or major home repair costs 
3. Inspection 
4. Concessions to the buyer
5. Real estate agent commissions 
6. Closing costs 

While this list of 6 doesn’t cover every single cost you may experience when selling your home, these are typically the common ones we see. The average home sale price in Edmond, Oklahoma is $275,000. Of that sale price, there are costs that need to be considered.

A breakdown of what home sellers typically spend to sell their home is below.

These are rough estimates on what a seller might pay when selling a $275,000 home. Let’s dive into each category to understand what they are. 

Packing and Moving Fees

Packing and moving your home is one of the most labor intensive parts of the selling process. There are many ways to move, including doing all of the packing and moving yourself, recruiting friends to help (good luck!) or hiring a packing & moving company to help. 

Hiring a company to help you move can take a lot of stress out of the process. Fees are typically figured hourly, so check with your local moving company. Packing and moving are typically figured separately. The costs will also vary whether you are moving locally or out of state. 

For a rough time estimate on what to expect for a professional mover, 

• Homes less than 1,200 sq. ft are typically 2-4 hours of labor

• Homes up to 1,500 sq. ft are typically 4-6 hours of labor

• Homes 2,000-3,000 sq. ft are typically 6-8 hours of labor 

Of course, this also depends on the amount of boxes and large items you have in your home to move. 

How to Prepare for Movers 

Kye Keefe, owner at Thunder Moving in Edmond, Oklahoma has recommendations he shared with us to make the moving process as simple and stress-free as possible. 

“The most important factor is preparation. 

✓ Begin packing less-used items as far in advance as possible, whether on your own or with the help of a moving company. 

✓ Have an idea of exactly what needs to be moved and formulate a game plan with your company representative. 

✓ Many moves involve complex time coordination due to situations such as same-day closings. Having the guidance of a moving company that deals with these situations daily is a huge advantage and helps make one of the most stressful days a person can have a lot smoother.”

How do I know if I should hire a mover? 

Kye recommends, “When trying to decide whether or not you should hire a moving company, there are several factors to consider. 

• Budget

• Amount to be moved

• Distance involved

• Physical limitations, etc. 

In regards to budget, most of our customers are surprised at how affordable moving can be. We always factor in the budget a customer has to work with and make a plan from there.  

For example, Thunder Moving often comes in and only moves the larger items that customers are unable to move themselves, leaving boxes and smaller items for customers to transport on their own. 

This helps to keep costs down and minimizes any risk for injury or damage to larger, harder to maneuver household items. We hear from customers quite often that they wish they had hired a moving company sooner after experiencing the convenience and lack of stress we can provide!”

Renovation or Home Repair Costs when Selling

Depending on what is needed to get your home in top selling condition, major home repairs can vary widely. Needed repairs could be discovered during the pre-inspection, or could be recommended by your realtor to be competitive in your market. Be prepared, because home repair could easily be the largest portion of total costs when selling. HomeAdvisor states that home repairs typically cost in the range of $4,000-$20,000. 

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Renovation could be as simple as painting the walls, or could include a full kitchen renovation. In 2019, 73% of sellers made at least one improvement, with the top focus being on landscaping the yard, bathrooms and kitchen updates. 

In addition to your home inspection report, your realtor will be able to offer recommendations if any additional repairs or modifications would help your home be more attractive in the current market. 

Inspection Costs 

Inspection report costs are typically paid by the buyer, to ensure they’re getting a fair and accurate report. The reason we’re including inspection costs in the selling portion however, is something could come up in the inspection report that a seller will need to take care of. 

Sellers can also choose to perform a Pre-Listing Inspection, in order to better prepare their home when it comes time to sell. Time is of the essence when you’re selling, and you don’t want another thing on your to-do list to fix before closing.

A proper inspection report should ensure the following are functioning properly: 

✓ Structural systems

✓ Roofing

✓ Electrical systems

✓ Plumbing

✓ Heat, ventilation and air condition systems

✓ Appliances

Jimmy Hardesty, owner and Inspector at Highpoint Inspections in Oklahoma City wants home owners to know that even a well maintained home will have some items come up in a home inspection. A property does not ‘pass’ or ‘fail’ a general home inspection.

He shared with us that a few of the more common common things he finds during home inspections are:

• Improperly secured electrical connections in the attic

• Inoperable or damaged windows

• Clogged dryer ventilation

• Sealant maintenance at the exterior windows and trim

How do I prepare for a home inspection?

If the home is vacant, ensure the water and gas utilities are on. If the home is furnished, within reason provide access to:

• Utility closets for appliances (water heater, furnace etc.)

• Any electrical panels

• Access doors/panels to areas such as the attic or crawlspace if applicable

• Windows (especially bedroom windows)

• Electrical receptacles

When preparing to move, it’s common to have a lot of boxes stacked throughout the house. Scott Price at Home Run Inspections recommends that the inspection process will go smoother if there is clear access to all of the systems, such as water heaters, electrical boxes, etc.

Concessions to the Buyer 

One advantage of using a realtor to sell your home is to utilize their additional resources. Your real estate agent will have access to the full list of concessions that home sellers in your area made.

This information to make an informed decision on whether concessions are needed to help your home sell faster. During times where there is low housing inventory, sellers often find that they can sell their home without concessions at all. 

Concessions in general are fairly common, however.  Around 81% of home sales include some type of concession. The top 3 most common are: 

1. Including appliances
2. Lowering the sales price
3. Pay some or all of the closing costs 

Realtor Commissions

What is typical real estate commission?

Commission for the listing realtor are typically a percentage of the home selling price. The exception here is if you are represented by a Flat Fee agreement in which typically the seller pays the agent up-front when listing the home.

Beginning in 2024, the laws around real estate commissions began changing. In prior years, the seller of the home paid the commission of both the listing and buying agent. However, now the home buyer and their agent must agree and sign a Buyer Broker Agreement before showing any homes. This outlines the services to be rendered as well as the mechanism for compensation.

According to the National Association of Realtors, over half of buyers find their own home online. This means that your best chance of selling your home is online, and with a licensed realtor representing you.

JMR Realty will bring to the table market insight, professional signage and photographs, list your home professionally on the major home selling sites, and negotiate on your behalf. 

You get with JMR Realty’s full service 1% listing commission package:  

✓ Initial consultation and recommendations

✓ Comparative Market Analysis (CMA)

✓ Home listing on MLS

✓ Home listing on all major real estate websites 

✓ Professional photography 

✓ Digital marketing of your property 

✓ Professional yard signage 

✓ Electronic lock boxes 

✓ Coordination for home showing requests

✓ Present during home inspections

✓ Negotiation with the buyer’s agent (offers and counter offers)

✓ We represent you through closing + review closing documents

Closing Costs for Sellers in Oklahoma

Closing costs cover all of the miscellaneous fees that are part of the transaction. Buyers tend to pay a majority of the total closing costs, as many of them are associated with the home loan. 

However, the seller is typically responsible for: 

• A closing fee, paid to the title insurance company or attorney’s office where everyone meets to close on the home

• Taxes on the home sale

• A fee for an attorney, if the home seller has one

• A fee for transferring the title to the new owner

Your agent will provide you with a sheet that shows the estimated cost breakdown that you can expect. The seller will also need to consider: transfer taxes, escrow expenses, and notary fees.

You’ll also pay at closing any outstanding property taxes, a prorated share of the water and sewage bills, and the remainder of your mortgage.

Reach out to Jimmy at JMR Realty today to get started!