Does Virginia no longer feel “right?” Or is life pushing you toward a new place through a job opportunity or family needs? Whatever your reason, selling your house in Roanoke VA or anywhere else in the state is a viable option. Like most big moves, however, selling cannot happen in a snap.
There are steps, decisions, and expenses that come with putting properties on the market. You must be ready for everything! In this post, we break down the payables and walk you through all the key steps.
How Much Does It Cost To Sell Homes?
Every seller thinks about the profit first. Who wouldn’t get excited about a big check? However, before you start daydreaming about what you could do with the funds, understand the costs that will chip away at your bottom line.
- Property Taxes: Whether you live in the property or it’s sitting vacant, you’re still responsible for the property taxes until the day ownership officially transfers. Many sellers forget and fall apart when the closing statement shows prorated taxes.
- HOA Dues: If you’re in a neighborhood with a homeowners’ association, stay current on your dues.
- Title Search and Insurance Policy: A title search ensures there are no hidden claims, liens, or ownership disputes tied to your house, while insurance protects the buyer should something surface later.
- Escrow Fees: You might need an escrow company to act as a neutral third party and handle funds and documents. These services are not free and are usually split between buyer and seller.
- Legal Fees: In Virginia, you are not required to hire a real estate attorney, but you may do so for peace of mind.
- Concessions: These financial sweeteners help secure a buyer. They cost you money, but they keep the sale moving.
- Transfer Taxes: In Virginia, the buyer typically bears the majority of transfer taxes, while sellers are responsible for the grantor’s tax. The latter is calculated at $0.50 for every $500 of the purchase price.
- Agent Commissions: The average commission rate in the state is around 5.19%. It is a significant sum, but a good agent can help you sell faster and for a higher price.
The last thing you want is to walk away with an amount lower than expected after a sale. As such, learn the expenses ahead of time and budget realistically.
How To Sell Properties
Besides a budget, every seller should have patience and persistence. Even in a hot market, it might take weeks or months to go from “For Sale” to “Sold.” Here is the actual process of selling houses in Virginia.
Step 1: Set a Timeline
Maybe you’re trying to avoid foreclosure, and speed is critical. Or perhaps you are relocating for a new job but want to stay put until the end of the year. Map out your priorities to know when to list and accept an offer, and how flexible you can be with buyers.
Step 2: Hire an Agent
An experienced agent in Virginia is almost always worth it. These experts know the local market, average prices, and effective marketing! Find the right one by interviewing at least two, asking about their recent sales in your area, and evaluating their communication styles. Choose your partner wisely!
Step 3: Determine and Complete Upgrades
Some upgrades are cosmetic, like fresh paint or new fixtures, while others are dealbreakers if ignored. For instance, you have code violations that demand fixing before listing. In extreme cases, a condemned house might be sellable, but it will fetch a much lower price unless major repairs are made.
Step 4: Set a Realistic Price
It’s tempting to aim high, especially if you’ve invested in improvements, but overpricing can backfire and leave your home unsold for an extended period.
Imagine listing at $500,000 when comparable homes are going for $400,000. You will scare buyers away! Your agent should strike the right balance between profit and market reality.
Step 5: List Your Place
Once you get through the enhancements and price tags, start marketing. The MLS (multiple listing service) is the primary hub agents use, but feel free to spread the word on social media with high-quality photos and videos. Virtual tours and open houses also create buzz.
Step 6: Receive and Review Offers
A buyer might offer your asking price but request $5,000 in concessions. Another might offer less cash upfront but can close in two weeks. Every offer has trade-offs, so consider what matters most to you.
Step 7: Prepare for Closing
Review contracts, ensure completion of agreed-upon repairs, and cover closing costs. This step is all about paperwork and tying up loose ends. Please note that missing details may delay the entire process. Double-check or triple-check!
Step 8: Close the Deal
At closing, all the signatures are collected, funds are transferred, and the keys are handed over. Sometimes, it is a big celebratory moment; other times, it is a quiet, swift signing. Either way, your responsibilities as a homeowner officially end after.
How To Calculate Closing Costs
Unfortunately, there is no exact number for closing costs in Virginia. The figure depends on your location, property value, and the terms you negotiate with the buyer. For example, when selling a home in a smaller town, your costs might be significantly lower than those of someone selling in an area with steeper fees and taxes.
That is why, instead of waiting until you’re days away from closing, set aside a budget from the beginning. Figure out which outlays are yours and use online calculators that factor in local rates. Better yet, sit down with a real estate agent or attorney for a ballpark estimate. Whenever possible, avoid reaching a point where it is too late to adjust.
How To Save Money When Selling
Everywhere you turn when selling in Virginia, there is another bill to cover. The good news? You do not have to drown in payables. Here are some strategies that can lighten the financial load:
- Compare Rates. Try not to go with the first title company, lawyer, or escrow service you find. Different service providers charge different fees! Be wise and obtain estimates before making a commitment.
- Negotiate Fees. Some expenses are not carved in stone; many are negotiable if you ask. A polite conversation with service providers and buyers may translate into serious savings.
- Consider a FSBO (For Sale By Owner) listing. Going the “For Sale By Owner” route removes an agent’s commission from your to-pay list. The tradeoff? You must wear the realtor hat and do the heavy lifting.
- Sell As-Is. Cash homebuying companies in Virginia, like Quick Fix Real Estate, purchase properties in any condition. You don’t have to spend money on renovations and commissions, or clean the place to perfection.
Again, go back to your goals as a seller. Then, determine what you can and cannot afford, and contemplate your other resources. There is always a solution!
Save More With Quick Fix Real Estate
At Quick Fix Real Estate, we believe sellers shouldn’t feel like they’re running a never-ending marathon. Our promise? You save not just money but also time and effort.
We are a team of cash buyers, helping individuals sell their properties in North Carolina and Virginia for over a decade. Never mind if you have a brand-new residence or a bad investment property; we will take a look and make the sale happen.
Quick Fix Real Estate is not a real estate agent. We buy directly from you in cash and work around your schedule. Remember, the median number of days on the market in Virginia recently was about 36 days. We will not make you wait that long if you do not want to!
Our process is straightforward, starting with a call at (540) 324-4346 or submitting your info online. The team stops by, assesses your place, and presents a fair cash offer.
If you like it, we handle the closing. If not, no problem!
Let us make selling your Virginia home easier and more affordable than you ever thought possible. Request a free cash offer from Quick Fix Real Estate today.
Frequently Asked Questions
Learn more about your journey as a seller in Virginia!
How Much Does It Cost to Sell a Property?
It depends. The exact amount ultimately depends on the values of properties, locations, and the terms negotiated with buyers. Expect to cover taxes, HOA dues, title search and insurance, escrow fees, legal help, concessions, and the big one — agent commissions. Never let these outlays sneak up on you!
How Do I Sell a Home?
You have at least three options. First is the traditional method, which involves listing with an agent. Another path is FSBO (For Sale By Owner), where you take on the tasks of a realtor yourself. Finally, you can sell as-is to a cash buyer in Roanoke.
Can You Sell Houses Without a Realtor?
Yes. You can go the FSBO route or work directly with a homebuying company. Note that selling on your own means you are responsible for everything from pricing to paperwork. Conversely, a cash buyer handles most of the details for you.
Do I Need a Lawyer?
No, but many sellers still hire an attorney. If you’re selling an inherited property, dealing with multiple owners, or just want an expert to check contracts, a lawyer can be an investment.