Kristy Snyder, Author at Semya-Moya

How to Sell a House By Owner in Oklahoma (2023 Update)

Kristy Snyder — Wed, 12 Jul 2023 20:42:45 +0000

Why trust us: To create this guide, we surveyed and interviewed Oklahoma real estate agents, studied Oklahoma real estate law, and researched more than 20 FSBO companies and alternatives. Learn more about why you can trust our advice.

In Oklahoma, the average realtor commission rate is 4.68% to 6.49%. If you sell a house worth $196,800 — the median home value in Oklahoma — that’s over $6,400, which is a huge chunk of your potential profits.

Selling without a realtor, known as listing For Sale By Owner (FSBO), is a viable option for experienced home sellers who are willing to put in the time and effort.

However, selling FSBO has risks. Research shows that FSBO homes typically sell for about 6% less than those listed with agents AND you'll still usually be on the hook for offering a competitive buyer's agent commission. FSBO homes also often take longer to sell and are more likely to fall out of contract after accepting an offer.

If saving money on realtor commission is what you’re after, it’s worth looking into real estate agents who’ll work at a lower-than-typical commission. Semya-Moya matches sellers in Oklahoma with experienced, local agents who offer traditional service for just 1.5%. You can save money and the headache of handling the entire selling process all on your own.

In addition to looking into FSBO, reach out to Clever to connect with multiple agents in your area. You can interview agents and get a free home valuation so you’ll know you’ve explored all of your options.

Connect with top, local agents in Oklahoma!

What FSBO sellers in Oklahoma need to know

🔑 Key benefits of selling FSBO

Direct control over how your home is sold, including the pricing strategy, showing schedule, and negotiation process.
No listing commission, which could save you 2.76%, based on the Oklahoma average.
FSBO sellers who find a buyer without a realtor save an additional 2.83%, the average buyer's agent commission rate in Oklahoma.

Real estate laws, the selling process, and trends vary greatly across the country. Understanding the details of your market and getting accurate information can make a FSBO sale complicated.

We'll go into more details about what you need to do in Oklahoma, but here's an overview of the state's laws and regulations.

Oklahoma FSBO overview

Real estate attorney required?	No
Required state disclosures? (learn more)	Property Condition Disclosure Statement for Known Defects Flood Zone Statement Lead-Based Paint Disclosure Property Condition Disclaimer Statement No Known Defects
FSBO yard sign allowed?	Yes
Competitive Buyer's Agent Commission (learn more)	2.37% to 3.28%

Additionally, you'll need to know and understand all of your responsibilities as a FSBO seller, which include:

Preparing your home by making necessary repairs, cleaning, and staging your home.
Accurately and competitively pricing your home.
Marketing your home by writing a listing description, taking high-quality photos, posting the listing on different sites (free and/or paid), and promoting your home on social media, in print ads, and via word of mouth.
Vetting buyers to ensure they're qualified, from a financial perspective. Accepting an offer from an unqualified buyer will cause your sale to fall through.
Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase and sale agreement.
Properly filling out all necessary paperwork for a real estate transaction in Oklahoma.

Clever gives you the savings of FSBO without the added stress!

If you're thinking about listing your home for sale by owner, you probably don't want to pay high real estate fees. We get it. That's why we started Clever.

Clever connects you with a top agent that will provide a full-service listing for a 1.5% fee — half the typical rate!

Listing with Clever gets you the benefits of a top agent and maximizes your sales price while saving you thousands in commission.

It's free to meet with an agent, and if you decide FSBO's a better fit, you can still use the professional price analysis the agent provides.

How to price your home

Pricing strategy is often make-or-break for FSBO sellers. List your home for too little and you leave money on the table. Price it too high and the listing goes stale, forcing a price drop that could make buyers wary of the home.

To get an accurate idea of what your house is worth, look at comparable listings in your area.

For example, if you live in Oklahoma City and think your house is worth about $226,000, search Zillow for active listings that are about $50,000 more and less than that. Analyze details about the houses and how they compare to yours. Ask yourself:

Is the school district better or worse?
Does it have the same number of bedrooms and bathrooms?
Has the house been renovated more recently than yours?
How do the neighborhoods and nearby amenities compare?

Answering these questions honestly will help you see if your price is in the right ballpark.

Without a realtor, be realistic about what pricing strategy will lead to higher offers. Here are some key pricing metrics that will help you decide the best listing price for your home and market:

State of the Oklahoma real estate market

Median Home Value*	$196,774
Median Listing Price⁺	$299,900
Listing Price per sqft⁺	$158
% of Homes with Price Reduction⁺	17.1%
Pricing Advice: Homeowners are over estimating how much their houses will sell for. Even if buyer demand is high in your area, by setting your initial price a little lower, you'll attract more buyers and hopefully receive multiple offers.
_{*Based on data from Zillow (November 2023) ⁺Based on data from Realtor.com (November 2023)}

How to list your Oklahoma home for sale by owner

Once you've decided on a price, it's time to write a listing description that speaks to local buyers. Understanding their priorities will help you identify what features of your property to highlight in your listing and attract more interest.

Top buyer priorities in Oklahoma

Oklahoma Buyer Priorities	Advice for FSBO Sellers
1. School Districts	Include appealing information about school districts in your listing description, such as its GreatSchools rating, graduation rates, parental reviews, or state accolades.
2. Architectural Style of Home	In your listing description, talk about any unique architectural features that could set your home apart. If your home was built by a known architect, has original flooring or doors, or has any historical value, be sure to mention it. Also, point out what takes your house to the next level. For example, older homes can be beautiful, but energy inefficient. Highlight upgrades you made like new windows that will save buyers hundreds in heating costs.
3. Listing Price	Be honest about your list price. Look at recent sales data in your area on Zillow or other real estate sites to find an accurate price point for homes of comparable size and condition to yours. Many real estate companies will also conduct an analysis for little to no charge.
_{Based on a 2024 Clever survey}

When it comes to advertising and posting your listing, you have several options when selling without a realtor. Each choice has its own pros and cons as well as costs:

For Sale By Owner yard sign: You can buy a FSBO sign from most hardware stores or online for $20-$50. Be sure to choose one that allows you to add your phone numbers so interested buyers can contact you for property information and showings.
Craigslist: Posting your home on Craigslist is free and simple. Just go to the Oklahoma page, find your city, and create a "real estate — by owner" listing.
FSBO websites: There are multiple FSBO listing websites that allow you to post your home for free or a few hundred dollars. But each differs in how many photos you can include, how long the listing is live, and the changes you can make — do your research before choosing a for sale by owner site.
Flat fee MLS companies: Flat fee MLS services are for sellers working without a realtor. They'll list your house on your local Multiple Listing Service (MLS) for significantly less than a realtor. However, they provide few additional services unless you opt for their most expensive packages, which often cost more than using a discount brokerage.

If you choose to use a flat fee MLS company, you'll have to offer a buyer's agent commission. The MLS is how real estate agents find homes for their clients, and typically a buyer's agent commission is included to incentivize these realtors to show the house to their clients.

List with a top agent for just $3,000 or 1.5%.

Sell your home for top dollar and save on commission.

How realtor commissions work in Oklahoma

Traditionally, both the buyer's agent and the listing agent are paid a commission by the homeowner. When sellers work with a realtor, they negotiate a commission as part of the listing agreement.

Based on the average commission rates in Oklahoma, this typically ranges from 2.31% to 3.21% of the sale price.

In a typical sale, the seller also agrees to a commission rate for the realtor who brings the buyer to the table, which runs between 2.37% to 3.28%.

	Average Range in Oklahoma*	Average Amount⁺
Listing Commission	2.31% to 3.21%	$4,576 to $6,359
Buyer Agent's Commission	2.37% to 3.28%	$4,695 to $6,498
_{*Based on the average commission rates from a 2022 Clever survey of 630 real estate agents ⁺Based on the median home value in Oklahoma (Zillow.com, November 2023)}

As a FSBO seller, you automatically avoid paying a listing commission. However, there is a solid argument for offering a buyer's agent commission.

A buyer’s agent's commission is an incentive for realtors to show your house to their clients. If you don't offer a commission that is competitive compared to similar homes in your area, then your home could be shown less. Agents may prioritize taking buyers to homes with a commission.

The best way to avoid paying any commission fees is to sell to an unrepresented buyer. However, know that nearly 87% of buyers work with a realtor. If you decide not to offer a buyer's agent commission, you may severely restrict your pool of buyers.

Further, if you list FSBO, you'll likely receive multiple calls from agents offering to connect you with their buyers...if you pay them a competitive buyer's agent commission (typically 2.83% in Oklahoma).

» LEARN: How real estate commissions work

How commission costs break down in Oklahoma

When you sell your home, there are four common scenarios when it comes to commissions:

List FSBO and sell to a buyer without a realtor: Pay no commission
List FSBO and sell to a represented buyer: Cover the buyer's agent commission
List with a traditional agent and sell to a represented buyer: Cover both agents' commissions
List with a discount agent and sell to a represented buyer: Cover the buyer's agent commission, but save on the listing commission.

The table below shows how this could break down in Oklahoma:

	Represented Buyer	Unrepresented Buyer	Listing Agent	Clever Agent
Sale Price*	$184,968	$184,968	$196,774	$196,774
Listing Commission⁺	$0	$0	$5,431	$3,000
Buyer Commission⁺	$5,235	$0	$5,569	$5,569
Total Profit	$179,733	$184,968	$185,774	$188,205
_{Based on the median home vallue in Oklahoma (Zillow.com, November 2023) and that FSBO homes sell for 6% less (}_{Collateral Analytics}*_{, 2017) +Based on the average commission rates from a 2024 Clever survey of 630 real estate agents}

Paperwork to sell a house by owner in Oklahoma

Once you find a buyer for your house, it's time to start the closing process. In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. As a FSBO seller, you'll have to navigate the paperwork by yourself.

This selling process varies by state — here’s a quick breakdown of Oklahoma’s requirements.

Required for all Oklahoma real estate sales

2 Forms of ID	In most cases, a valid passport, driver's license, or other form of Oklahoma-issued ID.
Copy of Purchase and Sale Agreement and Any Addendums	Copy of the original, signed sales agreement as well as any agreed upon changes.
Closing Statement	A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company.
Signed Deed	To legally transfer your property, you'll need the deed that proves you're the rightful owner. At closing, you'll sign the deed over to the buyer.
Bill of Sale	This is basically a receipt that includes both your information and the buyer's. It will also list the final price of the home and what was included in the sale.
Affidavit of Title	A notarized document that states you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else, etc.

Possible additional documents

Earnest Money Form	If you're collecting earnest money from the buyer, use this form.
Seller's Counteroffer	If a potential buyer makes an offer that you want to counteroffer, you'll use this form to do so.
Loan Payoff Information	If you have a mortgage on your home, you'll need documentation of exactly how much you still owe and any payoff fees. If you've already paid your mortgage in full, you'll need documentation proving that.
HOA Forms and Guidelines	If your home is part of an HOA, you'll need to give the buyer documentation on the HOA's Covenants, Codes, and Restrictions, financial history, required fees, approval process, etc.
Survey Results or Survey Affidavits	A survey (or an affidavit verifying a previous survey) proves exactly where the property lines are.
Home Inspection Results	If you had a pre-sale inspection, you'll want the results to compare to the buyer's inspection. If having a buyer inspection was part of the sales agreement, you should receive a copy of the results before closing.
Proof of Repairs or Renovations	Documentation proving any major repairs or changes to the house help verify its fair market value. These receipts also provide the buyer with information about who to contact if they discover issues with the repairs in the future.
Home Warranty Information	The home warranty service agreement will explain what is covered, for how long, and any costs associated with the policy.
Copies of Relevant Wills, Trusts, or Power of Attorney Letters	If you are selling an inherited property, you'll need copies of all legal documents that passed ownership to you.
Relevant Affidavits (Name Affidavits, Non-Foreign Affidavit Under IRC 1445, etc.)	You may need additional affidavits like a name affidavit (which lists all of your or the buyer's previous names) or an affidavit proving you are not a foreign citizen and therefore exempt from certain property sales taxes.
Closing Disclosure	If your buyer is taking out a mortgage and you agreed to certain seller's concessions, you may need a copy of their closing disclosure to verify the lender approved your concessions.
Correction Statement and Agreement	In the event forms are lost or errors are discovered in the future, a correction statement and agreement requires you, the buyer, or their lender, to replace or fix those documents if need be.

Oklahoma disclosure forms

Property Condition Disclosure Statement for Known Defects (Appendix A and Appendix B)	The seller disclosure statement details any known issues with your home and its major appliances and systems.
Disclosure Exemption Form	It's rare, but there are times you might not need to make disclosures. If so, you'll need this form.
Acknowledge and Confirmation of Disclosures	You'll want the buyer to sign this form so they legally confirm they've received all disclosures.
Flood Zone Statement	With some mortgages (like federally backed ones), your buyer's lender might require information of the property's flood risk.
Lead-Based Paint Disclosure	Federal law requires that if your home was built before 1978, you disclose information about the dangers of lead-based paint to your buyer.

If you need any more forms for selling without a realtor, you might be able to find them at the Oklahoma Real Estate Commission website.

Many closing documents are legally binding agreements. Any errors can derail your sale and cost you thousands in fees or in costs to re-list your house.

To avoid an expensive mistake, consider working with a low commission realtor instead.

💰 Incredible savings, none of the DIY

Selling your home is time-consuming, and fraught with potential legal issues.

There's a better option. Clever pre-negotiates lower listing fees with top agents in your area. You still save on commission, while getting the support of a full-service agent.

Clever partner agents offer full-service support for half the typical cost: a pre-negotiated 1.5% listing fee
Clever sellers save an average of $7,000 on commission AND they get offers 2.8x faster than the national average

Ready to find real estate agents who can help you save thousands on your sale? Enter your zip code below to get started!

FSBO alternatives to consider

If saving money is your main reason for selling your home by owner, there are alternatives.

Semya-Moya

Clever is a nationwide real estate service that connects sellers with top, local agents. You pay Clever nothing and only pay your full-service agent 1.5% if and when your home sells.

Semya-Moya

Get Started

💲 Listing Fee

1.5% ($3,000 min.)

💰 Buyer Savings

Cash back after closing

⭐ Avg. Customer Rating

5/5 (2,735 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Clever is a quick, easy, and free way to find a top-rated local agent. And, unlike many similar companies, Clever pre-negotiates big discounts on your behalf, so you can save thousands without sacrificing on service.

Try Clever for free — save thousands on commission!

Clever is a free, nationwide agent matching service that partners with full-service local agents from conventional brokerages like Keller Williams, Century 21, and RE/MAX.
You get multiple agent matches so you can interview several, compare marketing plans, and choose the best fit.
Clever pre-negotiates low rates on your behalf — you get full service for just a 1.5% listing fee ($3,000 minimum).
If you buy with Clever, you can get cash back to help pay for your move.

You may not get matched with an agent from your preferred real estate brokerage.
Agents may not provide premium services like drone photography and professional home staging.

As of 11/6/2023, Clever has a 5.0 out of 5 rating on Trustpilot, based on 2,589 reviews.

Read reviews from real Clever customers here.

Clever has pre-negotiated low commission rates with top agents in all 50 states and Washington, DC.

Discount real estate services in Oklahoma

While pricing and services vary, discount real estate companies will help you sell your house for less than a traditional realtor. In most cases, you'll still need to offer a competitive buyer's agent commission, but you'll save on listing fees.

Redfin

Full Review

💲 Listing Fee

1.5% (min. fees vary)

💰 Avg. Savings

$5,550

⭐ Avg. Customer Rating

2.9/5 (331 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Redfin offers real savings and is a proven brand. But sellers could compromise on service — especially agent experience and availability.

Read the full Redfin review.

If you buy and sell with Redfin, you'll get a 0.5% listing fee discount.
Redfin gives its listings premium placement in its popular home search app.

If finding the right agent is a top priority, you'll have limited options — Redfin only has a few agents in each of its markets.
Redfin agents handle more customers at once than the average realtor, so they may not be able to provide as much personalized service.

Redfin has a 2.9 out of 5 rating (331 reviews) across popular review sites like Google and Yelp.

Read reviews from real Redfin customers here.

Redfin is available in 80+ U.S. markets (see all locations).

» LEARN: About discount real estate services

Flat fee MLS services in Oklahoma

As mentioned before, a flat fee MLS company will post your listing on the local MLS, usually for a low, upfront fee. In Oklahoma, this will typically cost you a couple hundred dollars.

Here are some Oklahoma flat fee MLS companies to compare:

OK By Owner

Best For

Sellers who aren't in a rush to sell their home.

Price Range

$0-399

Pros & Cons

Pros:

There's no listing duration - every listing is hosted until sold.
Every listing comes with a basic property report with photos and market statistics - even the completely free listings.
Premium packages include professional photography and video services in addition to realtor support.

Cons:

Only the paid packages include contracts, disclosures and mandatory forms.
Contract review and negotiation assistance always carries additional fees, regardless of the service package purchased.

Trinity Properties

Best For

Sellers who are focused on designing an attractive and marketable listing.

Price Range

$199-399

Pros & Cons

Pros:

Seller-hosted open houses can be listed for free at any time, and there's no limit on how many are allowed.
All listings include at least 36 photos and additional marketing materials to help your home sell quickly.

Cons:

Trinity Properties does not offer additional a la carte services, such as signpost rental and installation.
It's unclear what exactly is offered by Trinity's special marketing packages, so you won't necessarily know ahead of time what you're getting.

Flat Fee Realty

Best For

Budget-conscious sellers who need a simple, affordable listing.

Price Range

$249

Pros & Cons

Pros:

Your listing comes with all the state seller's disclosures that you'll need.
You can pay a little more to post up to 25 photos on the MLS instead of the standard six.

Cons:

Flat Fee Realty doesn't offer any pricing or contract assistance.
The company won't be your listing broker. Instead, they'll refer you to a Montana-based broker who will list your property. If you have problems or questions, you'll end up talking to two companies instead of just one.

» LEARN: About flat fee MLS services in Oklahoma

5 tips for selling your home without a realtor in Oklahoma

Pulling off a FSBO sale successfully is a difficult feat to accomplish. Here are some helpful tips from Clever CEO and real estate investor Ben Mizes, who has experience listing homes without a realtor.

1. Make minor repairs

Small upgrades and repairs can do a lot to sway potential buyers. The key is knowing how and where to spend your money to get higher offers. Simple DIY projects like a fresh coat of paint or new cabinet pulls have a high return on investment, whereas pricier improvements like adding a new bedroom may not.

Overall, the most important factor is knowing where the line is between necessary and over-the-top. You want your house to meet buyers' expectations.

"If your kitchen is a disaster, spending more money on a remodel to get it in solid condition will pay off in the end," said Mizes. "But spending money on high-end features to take it from good to extravagant will be a waste."

Also, consider how valuable specific repairs are to buyers in your area. Focus on upgrades that have a higher cost recuperation in your region.

Home repairs with highest resale value in Oklahoma

Top Upgrades	Avg. Repair Cost	Avg. Resale Value	Cost Recouped
Garage Door Replacement	3997	3697	0.925
Manufactured Stone Veneer	10800	9741	0.902
Minor Kitchen Remodel \| Midrange	26443	18094	0.684
_{Based on regional data from Remodeling}

Note: A resale value of more than 100% indicates a profitable repair.

2. Price your Oklahoma home competitively

In order to sell a home without a realtor, you'll need to price it competitively. Set too high of a listing price, and you'll limit your buyer pool. But if you price it too low, you'll leave money on the table.

Conduct research on Zillow or Neighborhood Scout to find out the prices of homes recently sold in your area. Compare their information, such as whether or not they had a garage or central air, to your homes, and try to assign a fair market value to the features your house possesses and lacks. Essentially, you're trying to pull together the information in a comparative market analysis, which is what agents use to competitively price a home. Without a realtor, you have to do this yourself.

You'll also need to look at how long comparable homes stayed on the market or if they had to drop the price. This will help you determine where the line is for pricing too high in your area.

Bonus tip: A pre-sale appraisal house gives you a more accurate starting point for pricing your home.

Based on our research, in Oklahoma, appraisals average $370 to $450, but help you walk away with thousands more once your home is sold.

3. Stage and market your home

To show their house to its best advantage, many home sellers use staging companies. Realtors hire them to supply furniture and decorations that are possibly in better condition than your own. The goal is to present your home at its best. Some staging companies will work with FSBO sellers, or you can try to do it yourself.

High-quality photos could help your home sell faster, so think about hiring a professional photographer. Homes with more photos sell faster, spending less time on the market than houses with only one or two pictures. Many realtors include professional photography in their services, but you'll have to find, hire, and pay someone yourself.

Emphasize your property's pluses in the listing description you write. Is it within walking distance of a park? Mention features which appeal to buyers in your neighborhood, whether they're millennials or first-time home buyers, and then post your listing description online and in advertising forums. Monitor those listings and stay on top of answering any questions.

» LEARN: How much it costs to stage a home

Bonus tip: Hiring a professional stager can help alleviate some of the stress FSBO sellers go through. They know your local market and ensure your home is ready to impress, giving you one less thing to worry about.

Shop around to find out which local stagers offer reasonable rates and have a proven record of getting homes ready for sale.

4. Prepare for showings

Organization is key when showing your home to potential buyers. You'll need a good system for scheduling showings and saving buyers' and agents’ contact information. You'll want to be flexible and try to show your house at buyers’ convenience.

Keep the home clean and decluttered at all times. The last thing you want is to scramble around with a vacuum after a buyer calls for a last-minute showing.

Also, focus on creating a homey atmosphere for buyers. You want to make a great first impression on as many buyers as possible, so add little touches that speak to most people.

"Bake cookies or light scented candles before a showing," advises Mizes. "Smell plays a huge part in how buyers will perceive and remember your house. Use comforting scents to your advantage so they feel at home the moment they walk through the door."

5. Negotiate for the best possible price

Negotiations are about deciding more than the final sale price. You and the buyer (or their agent) will also have to agree upon contract contingencies, how closing costs are divided, the timeline, and more.

To gain the upper hand, get creative with the seller concessions you offer a buyer. While they might cost you a little more at closing, concessions sweeten the deal for buyers and could lead to a higher final sale price.

The most popular concessions vary from market to market. Knowing what works with buyers in your area will help you strengthen your offer.

For example, a Clever survey of local real estate professionals found that in Oklahoma, sellers often cover 1.10% to 1.70% of buyers' closing costs. On a home of median value, that equates to $2,165 to $3,345, but can help you close the deal sooner and for more money.

You should also consider offering these popular seller concessions:

Most common seller concessions in Oklahoma

Concession	Benefits of Offering Concession
Repair Credits	Repair credits are win-wins for buyers and sellers. You'll credit the buyer a set amount to cover the cost of repairs. Once the deal closes, the buyer can personally oversee the project to their liking and you don't have to worry about repairs going over budget.
Home Warranty	If your home has major appliances or systems that are on their last leg, a home warranty can give buyers peace of mind. A warranty will cover possible issues and is typically less expensive than paying for the repairs (or accepting a lower offer from a wary buyer).
Property Taxes	Often, you have to share past tax information about the property before closing a sale and many first-time home buyers are shocked by how much property taxes actually are. By covering some of those costs, you can offer these buyers some financial relief and make them more inclined to close on the sale.

If you'd like some professional guidance with no strings attached, Clever can help. Fill out your basic info below to connect with a top, local realtor for a no-obligation consultation.

Get a free professional pricing consultation!

Interview top local agents, get free advice, no obligation to sign.

Additional resources for Oklahoma home sellers

The post How to Sell a House By Owner in Oklahoma (2023 Update) appeared first on Semya-Moya.

How to Sell a House By Owner in Michigan (2023 Update)

Kristy Snyder — Wed, 12 Jul 2023 20:41:08 +0000

Why trust us: To create this guide, we surveyed and interviewed Michigan real estate agents, studied Michigan real estate law, and researched more than 20 FSBO companies and alternatives. Learn more about why you can trust our advice.

In Michigan, the average realtor commission rate is 4.93% to 6.36%. If you sell a house worth $232,400 — the median home value in Michigan — that’s over $7,300, which is a huge chunk of your potential profits.

Selling without a realtor, known as listing for sale by owner (FSBO), is a viable option for experienced home sellers who are willing to put in the time and effort during the selling process.

If saving money on realtor commission is what you’re after, it’s worth looking into real estate agents who’ll work at a lower-than-typical commission. Semya-Moya matches sellers in Michigan with experienced, local agents who offer traditional service for just 1.5%. You can save money and the headache of doing it all on your own.

Connect with top, local agents in Michigan!

What FSBO sellers in Michigan need to know

🔑 Key benefits of selling FSBO

Direct control over how your home is sold, including the pricing strategy, showing schedule, and negotiation process.
No listing commission, which could save you 2.77%, based on the Michigan average.
FSBO sellers who find a buyer without a realtor, save an additional 2.88%, the average buyer's agent commission rate in Michigan.

Real estate laws, the selling process, and trends vary greatly across the country. Understanding the details of your market and getting accurate information can make a FSBO sale complicated, especially without a realtor to guide you.

We'll go into more details about what you need to do in Michigan, but here's an overview of the state's laws and regulations.

Michigan FSBO overview

Real estate attorney required?	No
Required state disclosures?	Seller's Property Disclosure Statement Flood Zone Statement Lead-Based Paint Disclosure
FSBO yard sign allowed?	Yes
Competitive Buyer's Agent Commission	2.52% to 3.23%

Additionally, you'll need to know and understand all of your responsibilities as a FSBO seller throughout the selling process, which include:

Preparing your home by making necessary repairs, cleaning, and staging your home.
Accurately and competitively pricing your home.
Marketing your home by writing a listing description, taking high-quality photos, posting the listing on different sites (free and/or paid), and promoting your home on social media, in print ads, and via word of mouth.
Vetting buyers to ensure they're qualified, from a financial perspective. Accepting an offer from an unqualified buyer will cause your sale to fall through.
Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase and sale agreement without a realtor.
Properly filling out all necessary paperwork for a real estate transaction in Michigan.

👋 Skip the DIY: Get a better agent AND bigger savings

Why do all the work of selling FSBO only to end up with less money than you would have with an agent? Clever offers you bigger savings without sacrificing the service you expect from a traditional realtor.

With Clever:

✅ You'll only pay 1.5% to list your home

✅ You'll work with a full-service realtor from a top broker

✅ It's free, with zero obligation — you can walk away at any time

Saving on realtor fees doesn't have to mean sacrificing service. Find a top local agent today!

How to price your home

To get an accurate idea of the fair market value of your home, look at comparable listings in your area.

For example, if you live in Grand Rapids and think your house is worth about $304,000, search Zillow for active listings that are about $50,000 more and less than that. Analyze details about the houses and how they compare to yours. Ask yourself:

Is the school district better or worse?
Does it have the same number of bedrooms and bathrooms?
Has the house been renovated more recently than yours?
How do the neighborhoods and nearby amenities compare?

Answering these questions honestly will help you see if your price is fair market value.

From there, be realistic about what pricing strategy will lead to higher offers. Here are some key pricing metrics that will help you decide the best listing price for your home and market:

State of the Michigan real estate market

Median Home Value*	$232,380
Median Listing Price⁺	$252,450
Listing Price per sqft⁺	$159
% of Homes with Price Reduction⁺	16.8%
Pricing Advice: Homeowners are over estimating how much their houses will sell for. Even if buyer demand is high in your area, by setting your initial price a little lower, you'll attract more buyers and hopefully receive multiple offers.
_{*Based on data from Zillow (November 2023) ⁺Based on data from Realtor.com (November 2023)}

How to list your Michigan home for sale by owner

Top buyer priorities in Michigan

Michigan Buyer Priorities	Advice for FSBO Sellers
1. Listing Price	Be honest about your list price. Look at recent sales data in your area on Zillow or other real estate sites to find an accurate price point for homes of comparable size and condition to yours. Many real estate companies will also conduct an analysis for little to no charge.
2. Architectural Style of Home	In your listing description, talk about any unique architectural features that could set your home apart. If your home was built by a known architect, has original flooring or doors, or has any historical value, be sure to mention it. Also, point out what takes your house to the next level. For example, older homes can be beautiful, but energy inefficient. Highlight upgrades you made like new windows that will save buyers hundreds in heating costs.
3. School Districts	Include appealing information about school districts in your listing description, such as its GreatSchools rating, graduation rates, parental reviews, or state accolades.
_{Based on a 2024 Clever survey}

When it comes to advertising and posting your listing, you have several options as a FSBO seller. Each choice has its own pros and cons as well as costs:

For Sale By Owner yard sign: You can buy a FSBO sign from most hardware stores or online for $20-$50. Be sure to choose one that allows you to add your phone numbers so interested buyers can contact you for property information and showings.
Craigslist: Posting your home on Craigslist is free and simple. Just go to the Michigan page, find your city, and create a "real estate — by owner" listing.
FSBO websites: There are multiple FSBO listing websites that allow you to post your home for free or a few hundred dollars. But each differs in how many photos you can include, how long the listing is live, and the changes you can make — do your research before choosing a for sale by owner site.
Flat fee MLS companies: A flat fee MLS company will list your house on your local Multiple Listing Service (MLS) for significantly less than a realtor. However, they provide few additional services unless you opt for their most expensive packages, which often cost more than using a discount brokerage.

List with a top agent for just 1.5%

Sell your home for top dollar and save on commission.

How realtor commissions work in Michigan

Traditionally, both the buyer's agent and the listing agent are paid a commission by the homeowner. When sellers work with a realtor, they negotiate a commission as part of the listing agreement.

Based on the average commission rates in Michigan, this typically ranges from 2.41% to 3.13% of the sale price.

In a typical sale, the seller also agrees to a commission rate for the realtor who brings the buyer to the table, which runs between 2.52% to 3.23%.

	Average Range in Michigan*	Average Amount⁺
Listing Commission	2.41% to 3.13%	$5,636 to $7,320
Buyer Agent's Commission	2.52% to 3.23%	$5,893 to $7,554
_{*Based on the average commission rates from a 2024 Clever survey of 630 real estate agents ⁺Based on the median home value in Michigan (Zillow.com, November 2023)}

As a FSBO seller, you automatically avoid paying a listing commission. However, there is a solid argument for offering a buyer's agent commission.

» LEARN: How real estate commissions work

How commission costs break down in Michigan

When you sell your home, there are four common scenarios when it comes to commissions:

List FSBO and sell to a buyer without a realtor: Pay no commission
List FSBO and sell to a represented buyer: Cover the buyer's agent commission
List with a traditional agent and sell to a represented buyer: Cover both agents' commissions
List with a discount agent and sell to a represented buyer: Cover the buyer's agent commission, but save on the listing commission.

The table below shows how this could break down in Michigan:

	Represented Buyer	Unrepresented Buyer	Listing Agent
Sale Price*	$218,437	$218,437	$232,380
Listing Commission⁺	$0	$0	$6,437
Buyer Commission⁺	$6,291	$0	$6,693
Total Profit	$212,146	$218,437	$219,251
_{Based on the median home vallue in Michigan (Zillow.com, November 2023) and that FSBO homes sell for 6% less (}_{Collateral Analytics}*_{, 2017) +Based on the average commission rates from a 2024 Clever survey of 630 real estate agents}

Paperwork to sell a house by owner in Michigan

Once you find a buyer for your house, it's time to start the closing process. In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. As a FSBO seller who's selling without a realtor, you'll have to navigate the paperwork by yourself.

This process varies by state — here’s a quick breakdown of Michigan’s requirements.

Required for all Michigan real estate sales

2 Forms of ID	In most cases, a valid passport, driver's license, or other form of Michigan-issued ID.
Copy of Purchase and Sale Agreement and Any Addendums	Copy of the original, signed sales agreement as well as any agreed upon changes.
Closing Statement	A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company.
Signed Deed	To legally transfer your property, you'll need the deed that proves you're the rightful owner. At closing, you'll sign the deed over to the buyer.
Bill of Sale	This is basically a receipt that includes both your information and the buyer's. It will also list the final price of the home and what was included in the sale.
Affidavit of Title (or Release of Claim of Lien)	A notarized document that states you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else, etc.
Property Transfer Affidavit	You need to fill out this form for all transfers of real property.
Form 2705, Real Estate Transfer Tax Valuation	A form you must file with the Register of Deeds for the county where your home is located.

Possible additional documents

Loan Payoff Information	If you have a mortgage on your home, you'll need documentation of exactly how much you still owe and any payoff fees. If you've already paid your mortgage in full, you'll need documentation proving that.
HOA Forms and Guidelines	If your home is part of an HOA, you'll need to give the buyer documentation on the HOA's Covenants, Codes, and Restrictions, financial history, required fees, approval process, etc.
Survey Results or Survey Affidavits	A survey (or an affidavit verifying a previous survey) proves exactly where the property lines are.
Home Inspection Results	If you had a pre-sale inspection, you'll want the results to compare to the buyer's inspection. If having a buyer inspection was part of the sales agreement, you should receive a copy of the results before closing.
Proof of Repairs or Renovations	Documentation proving any major repairs or changes to the house help verify its value. These receipts also provide the buyer with information about who to contact if they discover issues with the repairs in the future.
Home Warranty Information	The home warranty service agreement will explain what is covered, for how long, and any costs associated with the policy.
Copies of Relevant Wills, Trusts, or Power of Attorney Letters	If you are selling an inherited property, you'll need copies of all legal documents that passed ownership to you.
Relevant Affidavits (Name Affidavits, Residence Exemption Affidavit, Non-Foreign Affidavit Under IRC 1445, etc.)	You may need additional affidavits like a name affidavit (which lists all of your or the buyer's previous names) or an affidavit proving you are not a foreign citizen and therefore exempt from certain property sales taxes.
Closing Disclosure	If your buyer is taking out a mortgage and you agreed to certain seller's concessions, you may need a copy of their closing disclosure to verify the lender approved your concessions.
Correction Statement and Agreement	In the event forms are lost or errors are discovered in the future, a correction statement and agreement requires you, the buyer, or their lender, to replace or fix those documents if need be.

Michigan disclosure forms

Seller's Property Disclosure Statement	The seller disclosure statement details any known issues with your home and its major appliances and systems.
Flood Zone Statement	With some mortgages (like federally backed ones), your buyer's lender might require information of the property's flood risk.
Lead-Based Paint Disclosure	Federal law requires that if your home was built before 1978, you disclose information about the dangers of lead-based paint to your buyer.

Many closing documents are legally binding agreements. Any errors can derail your sale and cost you thousands in fees or in costs to re-list your house.

To avoid an expensive mistake, consider working with a low commission realtor instead.

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Selling your home is time-consuming, and fraught with potential legal issues.

There's a better option. Clever pre-negotiates lower listing fees with top agents in your area. You still save on commission, while getting the support of a full-service agent.

Clever partner agents offer full-service support for a fraction of the traditional cost: a 1.5% listing fee instead of the typical 2.5-3%
Choose from the best local agents representing top regional and national brokerages, like Keller Williams and Century 21

Ready to find real estate agents who can help you save thousands on your sale? Enter your zip code below to get started!

FSBO alternatives to consider

If saving money is your main reason for selling your home by owner, there are alternatives.

Semya-Moya

Clever is a nationwide real estate service that connects sellers with top, local agents. You pay Clever nothing and only pay your full-service agent 1.5% if and when your home sells. It's more than you'd pay without a realtor, but the guidance and experience you'll get is more than worth it for most home sellers.

Semya-Moya

Learn More

💲 Listing Fee

1.5% (min. $3,000 fee)

💰 Buyer Savings

Up to $500 cash back

⭐ Avg. Customer Rating

5.0/5 (2,940 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Try Clever for free — save thousands on commission

Free, nationwide agent-matching service that partners with full-service local agents from conventional brokerages like Keller Williams, Century 21, and RE/MAX
Provides multiple agent matches so you can interview, compare marketing plans, and choose the best fit
Pre-negotiates low rates on your behalf — you get full service for a 1.5% listing fee vs. the typical 2.5-3% rate
If you buy with Clever, you can get cash back rewards after closing

You may not get matched with an agent from your preferred real estate brokerage.
Agents may not provide premium services like drone photography and professional home staging.

As of 11/6/2023, Clever has a 5.0 out of 5 rating on Trustpilot, based on 2,589 reviews.

Read reviews from real Clever customers here.

Clever has pre-negotiated low commission rates with top agents in all 50 states and Washington, DC.

Discount real estate services in Michigan

Redfin

Full Review

💲 Listing Fee

1.5% (min. fees vary)

💰 Avg. Savings

$5,550

⭐ Avg. Customer Rating

2.9/5 (331 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Redfin offers real savings and is a proven brand. But sellers could compromise on service — especially agent experience and availability.

Read the full Redfin review.

If you buy and sell with Redfin, you'll get a 0.5% listing fee discount.
Redfin gives its listings premium placement in its popular home search app.

If finding the right agent is a top priority, you'll have limited options — Redfin only has a few agents in each of its markets.
Redfin agents handle more customers at once than the average realtor, so they may not be able to provide as much personalized service.

Redfin has a 2.9 out of 5 rating (331 reviews) across popular review sites like Google and Yelp.

Read reviews from real Redfin customers here.

Redfin is available in 80+ U.S. markets (see all locations).

» LEARN: About discount real estate services

Flat fee MLS services in Michigan

As mentioned before, a flat fee MLS service will post your listing on the local MLS, usually for a low, upfront fee. In Michigan, this will typically cost you a couple hundred dollars.

Here are some Michigan flat fee MLS companies to compare:

Flat Fee Pros

Best For

Inexperienced sellers who need extra guidance

Price Range

$349-1,499

Pros & Cons

Pros:

You'll get a yard sign and a key lock box with every listing package. Most companies make you pay extra for those.
With every package except the Basic listing, you'll get a comparative market analysis to help you price your home.

Cons:

You have to pay extra for contracts, addendums, and disclosures.
The basic plan doesn't come with any phone or email support.

Kermath Realty

Best For

Experienced sellers looking for a simple MLS listing

Price Range

$299-998

Pros & Cons

Pros:

All listings come with a color flyer than you print out for people at open houses or put in a flyer box on your yard sign.
If you go with the Deluxe listing package, you'll get a key lock box and access to ShowingTime, a software agents use to coordinate showings.

Cons:

You won't get any additional support from the broker unless you sign up for a full-service plan.
They aren't clear if you can make changes to your listing after it's on the MLS.

Modern Way Realty

Best For

Sellers who expect their home to take longer than six months to sell

Price Range

$395-695

Pros & Cons

Pros:

The basic listing term is 12 months.
You'll receive and sign all your paperwork digitally so you don't have to worry about mailing, faxing, or hand delivering your documents to the agent.
Buyers can schedule showings and submit offers online.

Cons:

The basic package doesn't include a comparative market analysis or any other kind of pricing assistance.
You have to upgrade to full-service to be able to add open houses to your MLS listing.

» LEARN: About flat fee MLS services in Michigan

5 tips for selling your home without a realtor in Michigan

1. Make minor repairs

Overall, the most important factor is knowing where the line is between necessary and over-the-top. You want your house to meet buyers' expectations.

Also, consider how valuable specific repairs are to buyers in your area. Focus on upgrades that have a higher cost recuperation in your region.

Home repairs with highest resale value in Michigan

Top Upgrades	Avg. Repair Cost	Avg. Resale Value	Cost Recouped
Garage Door Replacement	4046	3801	0.939
Manufactured Stone Veneer	11008	9923	0.901
Siding Replacement \| Vinyl	19008	13096	0.689
_{Based on regional data from Remodeling}

Note: A resale value of more than 100% indicates a profitable repair.

2. Price your Michigan home competitively

Part of the art of selling real estate without a realtor is setting a price on the home that isn't too high or too low for the local market.

Currently, Michigan real estate is very hot. You might want to take advantage of this trend to sell your home now. But city-level trends will have a big impact on how you list your home.

For example, in Lansing, the median sales price ($96,900) is higher than the median list price ($95,000). This is a good indication that if you list slightly lower, you can attract more buyers and get multiple offers that drive up the price.

But in Grand Rapids, the median sales price is over $20,000 under the list price. Listing slightly under other homes in your area will help you stand out from other homes on the market.

Bonus tip: A pre-sale appraisal house gives you a more accurate starting point for pricing your home.

Based on our research, in Michigan, appraisals average $270 to $320, but help you walk away with thousands more once your home is sold.

3. Stage and market your home

It pays to do a little home staging prior to listing your home on the market. A little staging can help to make the rooms feel bigger, remove traces of personalization, and add "homey" touches that make your home stand out. The goal of home staging is to help the buyers picture themselves living in the home.

Investing in professional photography can help your home staging efforts to shine in photos. This is especially important if you plan on using popular websites like Zillow or Trulia to market your home, since listings on these sites tend to be photo-heavy.

What's in your listing is just as important as the way it looks. A powerful description not only talks about the home, but also sells a vision. Talk about your home's best features that matter to Michigan residents, like energy-efficient windows to keep out the winter cold.

Shop around to find out which local stagers offer reasonable rates and have a proven record of getting homes ready for sale.

4. Prepare for showings

Keep the home clean and decluttered at all times. The last thing you want is to scramble around with a vacuum after a buyer calls for a last-minute showing.

Also, focus on creating a homey atmosphere for buyers. You want to make a great first impression on as many buyers as possible, so add little touches that speak to most people.

5. Negotiate for the best possible price

The most popular concessions vary from market to market. Knowing what works with buyers in your area will help you strengthen your offer.

For example, a Clever survey of local real estate professionals found that in Michigan, sellers often cover 2.00% to 2.90% of buyers' closing costs. On a home of median value, that equates to $4,648 to $6,739, but can help you close the deal sooner and for more money.

You should also consider offering these popular seller concessions:

Most common seller concessions in Michigan

Concession	Benefits of Offering Concession
Mortgage Discount Points	While the cost varies between lenders, mortgage points lower a buyer's interest rate and can save them thousands over the years. If you offer to buy mortgage discount points, it can seal the deal for some buyers — especially with buyers who don't plan to move again for several years.
Home Warranty	If your home has major appliances or systems that are on their last leg, a home warranty can give buyers peace of mind. A warranty will cover possible issues and is typically less expensive than paying for the repairs (or accepting a lower offer from a wary buyer).
Repair Credits	Repair credits are win-wins for buyers and sellers. You'll credit the buyer a set amount to cover the cost of repairs. Once the deal closes, the buyer can personally oversee the project to their liking and you don't have to worry about repairs going over budget.

If you'd like some professional guidance with no strings attached, Clever can help. Fill out your basic info below to connect with a top, local realtor for a no-obligation consultation.

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Additional resources for Michigan home sellers

The post How to Sell a House By Owner in Michigan (2023 Update) appeared first on Semya-Moya.

How to Buy Someone Out of a House (Plus a Divorce Buyout Calculator)

Kristy Snyder — Fri, 21 Apr 2023 17:14:21 +0000

After a divorce, deciding how to deal with a shared home can be tricky, especially if you're no longer on good terms with your ex-spouse.

One option is to buy out the remaining amount on the mortgage from your ex-spouse. This is called a house buyout, and though it's common, it's just one of several options.

What are my options with our house after a divorce?

After a divorce, you have a few options when it comes to splitting up your home.

Buy out your ex-spouse's equity

If you and your ex-spouse owned the home together, you'll likely both have equity in the home. If you bought the house together, you'll typically split the equity equally. When you buy out their equity, you'll pay your ex for their portion of the home.

Your ex-spouse's equity might depend on what state you live in and whether you owned the house before you got married. Consult a divorce attorney to help you sort this out.

If you're considering a house buyout in a divorce, it's a good idea to talk to an experienced local real estate agent before making a decision. An expert realtor can help you explore all your options.

To find a realtor with the right type of experience, we recommend trying a free agent matching service like Semya-Moya. Clever can help you find a great local realtor with experience helping divorced couples — and it offers additional benefits, like built-in savings on realtor fees when you sell.

💰 Connect with local realtors, get expert advice

Refinance the mortgage to buy out their portion of the home

If you don't have the money to buy out your ex-spouse, you may be able to refinance the mortgage. By refinancing, you can cash out the equity you've built up and use it to buy out your ex-spouse's portion of the house.

Refinancing also eliminates your ex-spouse's name from the mortgage, meaning they won't be held legally responsible for making payments. This is why you'll often want to refinance even if you have the money ready to buy out their equity.

If you refinance, you'll need to show the mortgage lender that your income alone is high enough to qualify for the mortgage. If your income isn't, you'll probably have to sell the home, unless you can't come to another arrangement.

Even if you do qualify for a new loan, don't forget to calculate the cost of maintaining the home. While things like cutting the grass and paying the utilities might seem inexpensive, they add up, especially when you're paying for them yourself.

Sell the home and split the proceeds

If neither you nor your ex-spouse has an attachment to the property or the capital to buy each other out, it's often best to sell. That way, you can divide the net equity and enjoy a cleaner split.

Even if you don't want to sell, if you can't agree on how to split up the house, the court may order you to sell it as a factor in your divorce proceedings. This is especially common in a community property state, where it's the law to split everything 50/50.

Steps to take with your home after a divorce

Determine the best way to sell

If you and the property’s co-owner decide to sell the house, you have several options. If you have to sell quickly (in a week or less), a cash buyer is often the fastest option. But we still recommend consulting a real estate agent.

A realtor will work with you to appraise your property and determine how much it could sell for on the open market. If you're pressed for time, you can ask your agent to present you only with cash offers from vetted, local buyers.

You'll likely sell for a higher price when you work with an agent, and as long as you're up front about what you need, they can help you in your specific situation. Get matched with top realtors in your area today.

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Get a professional home valuation

Whatever path you and your attorney decide on, your first step will likely be to get a professional home valuation from an independent real estate agent or home appraiser. This gives you an idea of your house's market value, which makes it easier to calculate how much you may owe your ex-spouse if you buy them out or sell and split the proceeds.

Learn the laws in your state

What you do with the house may also depend on if you live in a community property or equitable distribution state.

Community property state: In general, all assets and debts accrued during your marriage are divided 50/50. This means that if you bought the house before you got married, it might be excluded — but you'll have to figure this out with your attorney.
Equitable distribution state: If you can't agree with your ex-spouse and their legal counsel outside of court, a judge will decide on the equitable distribution of your property.

Currently, only nine states are community property states. See if yours is by checking out this map:

Once you know how much your house is worth and know the laws in your state, you can decide whether it makes sense to buy out your ex-partner's equity, refinance, or sell.

How is a home buyout calculated in a divorce?

To buy out your ex’s equity, you need to figure out how much they have.

Start by getting your home appraised with the help of a professional appraiser. This will give you a very accurate estimate of the home’s fair market value that you and your lawyer can use in your calculations. An online home value estimate tool can give you a general idea of what your house is worth, but this won't be exact.

Once you’ve determined the value of your home, subtract the amount you owe on your mortgage from your home’s value and divide the result by two. This will tell you how much equity each of you probably has. Let’s look at an example to make this clearer.

Home's appraised value	$400,000
What you owe on mortgage	$200,000
Total equity for both spouses	$200,000
Equity for each spouse	$100,000

To determine how much you must pay to buy out the house, add your ex's equity to the amount you still owe on your mortgage.

Using the same example, you’d need to pay $300,000 ($200,000 remaining mortgage balance + $100,000 ex-spouse equity) to buy out your ex’s equity and become the house’s sole owner.

Divorce buyout calculator

Want to see how calculating your divorce house buyout would work in your specific situation? Use our divorce buyout calculator below to get an estimate — but consult with your lawyer for a more accurate number.

Mortgage balance: How much is left to pay on your mortgage.

Appraised value: How much your home is worth according to a professional real estate appraiser.

If you're not sure what to put here, try an online home value estimator to get a rough estimate of your home's market value. For a more accurate idea of your home's value, request a free comparative market analysis (CMA) from a top local realtor from a trusted brand like Keller Williams or RE/MAX.

How do you buy out a house in a divorce?

With a house buyout, you have two main options: paying the remaining balance and equity in full in cash, or refinancing your mortgage and using the equity to buy out your ex-spouse.

You can buy your ex’s share of the equity straight out if you have enough cash on hand. Using the earlier example, you'd need to have $100,000. Then, you'd be able to keep your old mortgage (with their name removed, of course).

Since most people don't have enough assets to buy out their ex-spouse outright, they often refinance. Continuing with the example above, this would mean you’d need to take out a $300,000 loan.

Keep in mind, this isn't all of the money involved with buying out a home. Even though you won't need to pay commission fees when you're just transferring a title, you'll have to pay title transfer taxes, appraisal fees, and possibly more.

It's a good idea to come up with a plan to divide these transfer costs equally so you don't get stuck paying more than your share.

How to buy out a house and then sell it

Buying out your ex-spouse and then selling the house on your own isn't always the best plan. That's because selling comes with a lot of fees, usually around 10% of the purchase price.

Some states do allow the buying spouse to collect half of a broker's fee from the selling spouse when taking over their equity. But if you don't live in a state like that, once the house is solely in your name, you'll be responsible for all closing costs and selling fees.

If you sell together with your ex-spouse before buying them out, you'll likely be able to split these costs so you don't have to pay them all yourself.

How to buy someone out of a house when kids are involved

If you have kids, buying out a home becomes a lot trickier. While this varies greatly depending on your situation and where you live, most courts will typically allow the parent with custody of the kids to stay at the house without needing to buy out the other spouse.

Then, as a form of child support, the other spouse can pay for some of the costs of the house. Of course, figuring out parenting time and child support is all something you'll need to discuss with your lawyer.

If you're not the one caring for the kids, your situation may be less easy to navigate.

You may need to wait months or years (often determined by a judge) before you can buy out the house or sell it, as your ex-spouse and the kids will need to find a new place to live first.

Next steps

The process for buying out your ex-spouse will vary depending on where you live. Each state has slightly different rules when it comes to divorce, making it tricky to provide general advice.

For the best outcome, find a great divorce attorney. They can help you come up with a plan so you and your ex-spouse get an equitable outcome.

If you decide that a sale rather than a home buyout is your best option, a knowledgeable real estate agent can help you navigate the selling process.

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Clever's service is 100% free, with zero obligation. Interview as many agents as you like until you find the perfect fit — or walk away at any time.

FAQ about divorce buyouts

What can we do with the house after a divorce?

Typically, you can buy out your ex-spouse, rent the house, or sell the house and split the proceeds. A house buyout will require you to pay your ex-spouse for their equity, while renting can provide passive income if you're on good terms with your ex. Selling is best if you want to get out quick and move on with your life. If you decide to sell, listing with one of the best low commission real estate agents can help you save on realtor fees.

Should I keep the house after a divorce?

Whether or not to keep the house is a personal decision, and it all depends on your circumstances. Many people choose to move because there are too many memories involved and they want to cut all ties with their ex. If this is what you want to do, using a house buyout calculator can help you figure out what assets you'll need to buy out your ex-spouse.

How Much Does It Cost to Buy a House in Illinois?

Kristy Snyder — Fri, 07 Apr 2023 20:54:49 +0000

Costs to buy a house in Illinois | Illinois closing costs | Illinois house buying calculator | Homeownership costs | How to save when buying a home in Illinois

The average home buyer in Illinois spends between $22,798 and $77,128 when purchasing a $267,383 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

Luckily, Semya-Moya can help make buying a home more affordable. Working with a Clever agent means you'll not only get great service from start to finish, but you could also be eligible for up to 0.5% cash back after closing. That's about $1,337 back on an average-priced home in Illinois!

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

✅ Work with a full-service realtor from a top broker

✅ Eligible buyers can get cash back

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Average cost to buy a house in Illinois

Expense	Amount
Earnest money deposit (1-3%)	$2,674 to $8,021
Down payment (3.5-20%)	$9,358 to $53,477
Cash reserves	$2,448 to $3,672
Closing costs (2.50%)	$6,690
Inspection	$190
Appraisal	$188
Moving	$1,250 to $4,890
Total	$22,798 to $77,128

Buyer closing costs in Illinois

While the other costs to buy a house in Illinois are pretty transparent, Illinois closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Illinois closing costs you'll likely pay when buying a home.

Closing cost	Amount
Closing fee	$267
Recording fee	$134
Title service fees	$1,668
Origination fee	$1,337
Underwriting fee	$600
Discount points	$2,139 per point
Lender's title insurance	$544
Owner's title insurance	Typically paid by seller
Prorated property tax	Varies
Transfer tax	Typically paid by seller
Total	$6,690

Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.

Cost to buy a house in Illinois calculator

Ongoing costs of homeownership in Illinois

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Expense	Average monthly cost
Mortgage (principle and interest)	$1,224
Homeowners insurance	$113
Taxes	Varies but averages $499 statewide
Maintenance	$222
Utilities	$377
Total	$2,435
Note: All numbers are estimates based on state averages and a median home value of $267,383 and a down payment of 20%.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Illinois homeowner, this is between $116 to $394 a month.
Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Illinois

1. Look into better financing options

Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.

You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.

2. Participate in home buyer programs Illinois

Home buyers in Illinois have several options to choose from to make purchasing a home more affordable. The Federal Home Loan Bank of Chicago offers two down payment assistance programs — the Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) — to income-eligible buyers depending on the source of their financing.

The Illinois Housing Development Authority (IHDA) also provides several loan options depending on your need. The Illinois HUD page lists programs based on where you buy, as well as a number of resources to help you through your house buying journey.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

The Top 10 Cheapest States to Buy a House in 2021

Kristy Snyder — Sat, 04 Mar 2023 04:10:57 +0000

What’s driving the cheapest real estate? | Best states to buy a home | Complete cheap home rankings | Sources and methodology | FAQs

The housing market is expensive in 2021. Fierce demand and competition are creating a seller’s market, driving up home prices and making it harder to find a cheap house.

But it's still possible to find good deals in certain locations. We crunched the numbers and identified the 10 cheapest states to buy a house.

The best states to buy a home in 2021 if you’re looking for a bargain are:

West Virginia
Iowa
Kansas
Illinois
Oklahoma
Mississippi
Ohio
Kentucky
North Dakota
Louisiana

While these states are experiencing rising home prices, they’re still way more affordable than most other places. We’ll go over just how affordable homes in these states are below.

If you’re looking to save even more money on a home purchase, you’ll want to use an agent matching service like Clever to get access to a top-rated agent and Clever Cash Back.

» LEARN: How to get cash back

What’s driving the cheapest real estate in the U.S. in 2021?

The average home value in the U.S. is $346,048 as of November 30, 2023, which is up 13.2% from the same time last year. Home values do typically rise every year, but the pandemic caused a larger-than-usual spike in average home prices.

Unfortunately for buyers, this trend will likely continue. Experts predict home values will rise 14.9% by May 2022.

So what’s driving this sudden demand? Mainly, low interest rates.

The average interest rate for a mortgage dropped as low as 2.65% nationally in January 2021. That’s nearly a 2% decrease from what rates were in 2018. Rates have risen slightly in 2021, but they're still near historic lows.

Thanks to these record-low rates, even with higher home prices, people can still afford to spend more. The money they save in interest allows them to splurge on a property.

Even if you don’t want to buy in one of the cheapest places on this list, lower interest rates may still allow you to get more home for your money.

And if you're looking in one of the best low-cost states to buy a home? You’ll be primed for an extremely affordable property without paying a ton in interest.

» LEARN: The State of Retirement Finances: 2022 Edition

Best states to buy a home in 2021

We noticed a clear trend in the data — the cheapest states to buy a home are in the Midwest and South. In most cases, the further north, east, or west you go, the more expensive it gets.

Check out this interactive map to see the differences among states:

To learn more about the area you’re looking at to buy a home, partner with a top agent.

💰 Make a cheap home even more affordable with cash back

Why pay full price for a home? Clever can connect you with one of the top real estate agents in your area and put cash back in your pocket.

With Clever:

✅ You'll work with a full-service realtor from a top broker.

✅ You'll earn cash back on qualifying homes.

✅ It's free, with zero obligation — you can walk away at any time.

Fill out the form below to get started!

1. West Virginia

Median household income: $48,037.00
Average home value: $157,272
Estimated monthly mortgage payment: $1,047.39 (26.2% of monthly income)

West Virginia residents' monthly mortgage payments are about three times less than their neighbors in Virginia, who spend an average of $1,367 each month. The numbers explain why so many West Virginians in the northeast part of the state take advantage of the state’s affordability while commuting to work in Virginia, Maryland, and even Washington D.C.

» READ: The Average West Virginia Real Estate Commission (2021)
» READ: 8 Definitive Steps to Buying a House in West Virginia

2. Iowa

Median household income: $61,836.00
Average home value: $207,215
Estimated monthly mortgage payment: $1,355.03 (26.3% of monthly income)

If you picture Iowa as a state of rolling farmland, you’re not entirely wrong — the Hawkeye State ranks first for producing a wealth of agricultural products. But Iowa has plenty to offer urbanites, too. In recent years, Iowa’s capital city of Des Moines has earned national recognition for its growing tech sector, arts scene, farmers' markets, and more. Best of all, on average you’ll pay around $65,000 less than you would for a home in neighboring Illinois.

» READ: What's The Average Iowa Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Iowa

3. Kansas

Median household income: $61,091.00
Average home value: $214,772
Estimated monthly mortgage payment: $1,413.05 (27.8% of monthly income)

If you want to see your home’s appreciation skyrocket, look no further than Kansas. According to the most recent Zillow data, the Sunflower State’s home values have climbed 10.5% since May 2020. Despite its rural splendor, Kansas is also paving the way for a cleaner future as one of the top wind-energy producers in the country.

» READ: What's The Average Kansas Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Kansas

4. Illinois

Median household income: $68,428.00
Average home value: $249,224
Estimated monthly mortgage payment: $1,643.06 (28.8% of monthly income)

» READ: What's The Average Illinois Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Illinois

5. Oklahoma

Median household income: $53,840.00
Average home value: $196,774
Estimated monthly mortgage payment: $1,311.79 (29.2% of monthly income)

Oklahoma offers affordable homes for budget-conscious buyers — plus a sweet deal for those relocating from out of state. Remote workers who relocate to Tulsa may be eligible for a $10,000 grant, as long as they stay for at least a year. Once you arrive in Oklahoma, you’ll find plenty of reasons to stick around: The state offers around 200 lakes, sweeping plains, and even an annual Bigfoot Festival.

» READ: What's The Average Oklahoma Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Oklahoma

🏡 Looking for a great buyer's agent?

Find top local agents through Clever, qualify for cash back after closing! Clever's matching service is 100% free to use with no obligation. View agents in your area now.

6. Mississippi

Median household income: $46,511.00
Average home value: $171,440
Estimated monthly mortgage payment: $1,144.05 (29.5% of monthly income)

If you're looking for a quieter life, Mississippi could be home sweet home: The entire state has fewer than 3 million people. Mild winters and diverse waterways — including access to lakes, rivers, and the Gulf of Mexico — encourage fishing and outdoor recreational activities year round. Plus, most people save around $300 a month in mortgage payments compared to their neighbors in Tennessee.

» READ: The Average Mississippi Real Estate Commission (2021)
» READ: 8 Definitive Steps to Buying a House in Mississippi

7. Ohio

Median household income: $58,116.00
Average home value: $216,115
Estimated monthly mortgage payment: $1,430.57 (29.5% of monthly income)

Ohio has a reputation for being affordable, especially when you compare it to next-door neighbor Pennsylvania. You could save over $200 a month in mortgage payments by living in the Buckeye State. If you enjoy spending time in nature, you can explore Ohio’s 83 state parks or the 293-mile scenic byway that traces the coast of Lake Erie. Cleveland’s tech and startup scene has revitalized the famed Ohio city, attracting millions of dollars' worth of investments in innovative new ventures.

» READ: What's The Average Ohio Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Ohio

8. Kentucky

Median household income: $52,238.00
Average home value: $196,580
Estimated monthly mortgage payment: $1,297.31 (29.8% of monthly income)

Along with an affordable cost of living, the Bluegrass State offers plenty of local charm including the world-famous Churchill Downs racetrack, its signature bourbon, and a vibrant circuit of music festivals. Home values are around $45,000 less in Kentucky on average, compared to neighboring Tennessee — which is good news if you’re looking for a home you can afford.

» READ: What's The Average Kentucky Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Kentucky

9. North Dakota

Median household income: $65,315.00
Average home value: $250,248
Estimated monthly mortgage payment: $1,656.51 (30.4% of monthly income)

» READ: The Average North Dakota Real Estate Commission (2021)
» READ: 8 Definitive Steps to Buying a House in North Dakota

10. Louisiana

Median household income: $50,800.00
Average home value: $195,356
Estimated monthly mortgage payment: $1,302.33 (30.8% of monthly income)

» READ: What's The Average Louisiana Real Estate Commission In 2021?
» READ: 8 Definitive Steps to Buying a House in Louisiana

Next Steps: Talk to an expert!

If you're looking to buy a house and save, Clever can help!

Our fully licensed Concierge Team is standing by to answer your questions and match you with top-rated buyer’s agents who offer built-in commission rebates — no negotiations required!

Ready to get started?

Give us a call at 1-833-2-CLEVER or enter some basic info about your purchase below. Our Concierge Team will be in touch shortly to help!

Remember, this service is 100% free and there’s never any obligation.

Complete cheap home rankings for 2021

Where does your state rank among the cheapest states to buy a home? Here’s how all 50 states stack up. (See our sources and methodology below)

Rank	State	Median Home Value	Median Household Income	Average 30-Year Fixed Mortgage Rate	Average Monthly Mortgage Payment	% of Income Spent on Mortgage
1	West Virginia	$157,272	$48,037.00	7.01%	$1,047.39	26.2%
2	Iowa	$207,215	$61,836.00	6.83%	$1,355.03	26.3%
3	Kansas	$214,772	$61,091.00	6.89%	$1,413.05	27.8%
4	Illinois	$249,224	$68,428.00	6.91%	$1,643.06	28.8%
5	Oklahoma	$196,774	$53,840.00	7.02%	$1,311.79	29.2%
6	Mississippi	$171,440	$46,511.00	7.03%	$1,144.05	29.5%
7	Ohio	$216,115	$58,116.00	6.95%	$1,430.57	29.5%
8	Kentucky	$196,580	$52,238.00	6.92%	$1,297.31	29.8%
9	North Dakota	$250,248	$65,315.00	6.95%	$1,656.51	30.4%
10	Louisiana	$195,356	$50,800.00	7.02%	$1,302.33	30.8%
11	Indiana	$228,879	$58,235.00	6.84%	$1,498.22	30.9%
12	Michigan	$232,380	$59,234.00	6.95%	$1,538.23	31.2%
13	Nebraska	$249,135	$63,015.00	6.96%	$1,650.81	31.4%
14	Pennsylvania	$254,802	$63,627.00	6.93%	$1,683.24	31.7%
15	Arkansas	$197,411	$49,475.00	7.02%	$1,316.03	31.9%
16	Missouri	$235,844	$57,290.00	6.95%	$1,561.16	32.7%
17	Alabama	$221,428	$52,035.00	7.06%	$1,482.10	34.2%
18	Minnesota	$324,215	$73,382.00	6.94%	$2,143.96	35.1%
19	Wisconsin	$286,787	$63,293.00	6.87%	$1,883.03	35.7%
20	Alaska	$349,231	$77,790.00	7.06%	$2,337.53	36.1%
21	Maryland	$402,625	$87,063.00	7.05%	$2,692.21	37.1%
22	Texas	$296,127	$63,826.00	7.03%	$1,976.11	37.2%
23	Connecticut	$381,620	$79,855.00	6.84%	$2,498.05	37.5%
24	South Dakota	$291,081	$59,896.00	6.96%	$1,928.76	38.6%
25	Virginia	$372,801	$76,398.00	7.06%	$2,495.29	39.2%
26	Wyoming	$335,160	$65,304.00	6.98%	$2,225.33	40.9%
27	Georgia	$319,158	$61,224.00	7.00%	$2,123.37	41.6%
28	South Carolina	$287,063	$54,864.00	7.08%	$1,925.29	42.1%
29	Delaware	$375,165	$69,110.00	6.85%	$2,458.30	42.7%
30	North Carolina	$320,716	$56,642.00	7.02%	$2,138.04	45.3%
31	Tennessee	$309,913	$54,833.00	7.05%	$2,072.28	45.4%
32	New Mexico	$291,722	$51,243.00	7.01%	$1,942.79	45.5%
33	New Hampshire	$447,215	$77,923.00	7.01%	$2,978.34	45.9%
34	New Jersey	$495,469	$85,245.00	6.95%	$3,279.75	46.2%
35	Vermont	$385,968	$63,477.00	7.05%	$2,580.83	48.8%
36	Rhode Island	$435,415	$70,305.00	7.03%	$2,905.60	49.6%
37	New York	$450,466	$71,117.00	6.94%	$2,978.83	50.3%
38	Maine	$385,019	$59,489.00	7.04%	$2,571.89	51.9%
39	Nevada	$418,583	$62,043.00	6.95%	$2,770.80	53.6%
40	Florida	$391,213	$57,703.00	7.02%	$2,608.01	54.2%
41	Utah	$502,647	$74,197.00	7.03%	$3,354.26	54.2%
42	Massachusetts	$588,621	$84,385.00	6.84%	$3,853.07	54.8%
43	Arizona	$422,243	$61,529.00	7.03%	$2,817.71	55.0%
44	Colorado	$528,285	$75,231.00	7.03%	$3,525.34	56.2%
45	Washington	$566,052	$77,006.00	6.92%	$3,735.59	58.2%
46	Oregon	$483,939	$65,667.00	7.03%	$3,229.41	59.0%
47	Idaho	$434,224	$58,915.00	7.06%	$2,906.42	59.2%
48	Montana	$446,483	$56,539.00	7.05%	$2,985.47	63.4%
49	California	$746,055	$78,672.00	7.00%	$4,963.52	75.7%
50	Hawaii	$840,748	$83,173.00	6.78%	$5,469.85	78.9%
Overall	United States	$346,048	$64,529	6.98%	$2,296.69	42.7%

^{*U.S. Census Bureau’s 2019 American Housing Survey
**Most recent Zillow data
***Est. mortgage payment assumes 20% down for a 30-year mortgage, excluding insurance and property taxes}

How we ranked the best states to buy a house: Sources and methodology

Clever ranked states according to their overall cost of living and affordability.

We analyzed the most recent publicly available data from:

Zillow’s Home Value Index All Homes (average home value by state)
U.S. Census Bureau (median income by state)
Business Insider (average mortgage interest rate by state)

Then, we used this data to calculate the percentage of income state residents typically spend on their monthly mortgage. This allowed us to rank all 50 states from least to most expensive.

FAQs about the cheapest real estate in the U.S.

What state has the cheapest houses?

West Virginia is the state with the cheapest houses. The median house value is just $116,778. You may be able to pay less than that with a home buyer rebate. West Virginia is one of 42 states (plus Washington, D.C.) that allows home buyer rebates. Learn more about how home buyer rebates can help you pay even less for a cheap home.

Where are the cheapest houses?

The cheapest houses in the U.S. are primarily in the Midwest and South. All of the 10 cheapest states to buy a home are in these regions. Generally, the farther north, east, or west you go, the more expensive homes become. West Virginia is the cheapest state to buy a home. Check out our guide to buying a home in West Virginia to maximize your savings.

How can I find the cheapest houses?

Finding the cheapest houses requires closely following the market. Set up notifications from home buying sites so you can see when new homes are listed. We’ve created a list of the top 20 home buying sites here. Also keep an eye out for fixer uppers, foreclosures, or short sales, as you might be able to get a great deal.

How Much Does It Cost to Buy a House in Connecticut?

Kristy Snyder — Mon, 06 Feb 2023 22:16:42 +0000

Costs to buy a house in Connecticut | Connecticut closing costs | Connecticut house buying calculator | Homeownership costs | How to save when buying a home in Connecticut

The average home buyer in Connecticut spends between $29,133 and $101,128 when purchasing a $360,650 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

✅ Work with a full-service realtor from a top broker

✅ Eligible buyers can get cash back

✅ Clever is 100% free, with zero obligation

Average cost to buy a house in Connecticut

Expense	Amount
Earnest money deposit (1-3%)	$3,607 to $10,820
Down payment (3.5-20%)	$12,623 to $72,130
Cash reserves	$3,269 to $4,904
Closing costs (2.24%)	$8,077
Inspection	$215
Appraisal	$92
Moving	$1,250 to $4,890
Total	$29,133 to $101,128

Buyer closing costs in Connecticut

While the other costs to buy a house in Connecticut are pretty transparent, Connecticut closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Connecticut closing costs you'll likely pay when buying a home.

Closing cost	Amount
Closing fee	$361
Recording fee	$134
Title service fees	$1,000
Origination fee	$1,803
Underwriting fee	$600
Discount points	$2,885 per point
Lender's title insurance	$910
Owner's title insurance	$385
Prorated property tax	Varies
Conveyance tax	Typically paid by seller
Total	$8,077

Cost to buy a house in Connecticut calculator

Ongoing costs of homeownership in Connecticut

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Expense	Average monthly cost
Mortgage (principle and interest)	$1,635
Homeowners insurance	$135
Taxes	Varies but averages $641 statewide
Maintenance	$300
Utilities	$463
Total	$3,173
Note: All numbers are estimates based on state averages and a median home value of $360,650 and a down payment of 20%.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Connecticut homeowner, this is between $157 to $531 a month.
Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Connecticut

1. Look into better financing options

2. Participate in home buyer programs Connecticut

Connecticut has a few state-wide programs that can make purchasing a house more affordable. For instance, the Connecticut Housing Finance Authority (CHFA) offers several favorable-term mortgage programs for eligible low-income buyers. Their programs can help make getting a loan more affordable or help with down payment costs, depending on your needs.

Meanwhile, the Housing Development Fund, Inc. (HDF) has its SmartMove Connecticut program for first-time home buyers. It helps borrowers get a second mortgage to use for down payment and closing costs when buying in select areas. The Connecticut HUD page also lists several city-specific programs that you may be eligible for.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

How Much Does It Cost to Buy a House in Ohio?

Kristy Snyder — Mon, 06 Feb 2023 17:58:15 +0000

Costs to buy a house in Ohio | Ohio closing costs | Ohio house buying calculator | Homeownership costs | How to save when buying a home in Ohio

The average home buyer in Ohio spends between $19,352 and $64,080 when purchasing a $216,746 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

✅ Work with a full-service realtor from a top broker

✅ Eligible buyers can get cash back

✅ Clever is 100% free, with zero obligation

Average cost to buy a house in Ohio

Expense	Amount
Earnest money deposit (1-3%)	$2,167 to $6,502
Down payment (3.5-20%)	$7,586 to $43,349
Cash reserves	$1,980 to $2,970
Closing costs (2.74%)	$5,949
Inspection	$213
Appraisal	$206
Moving	$1,250 to $4,890
Total	$19,352 to $64,080

Buyer closing costs in Ohio

While the other costs to buy a house in Ohio are pretty transparent, Ohio closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Ohio closing costs you'll likely pay when buying a home.

Closing cost	Amount
Closing fee	$217
Recording fee	$171
Title service fees	$572
Origination fee	$1,084
Underwriting fee	$600
Discount points	$1,734 per point
Lender's title insurance	$108
Owner's title insurance	$1,464
Prorated property tax	Varies
Transfer tax	Typically paid by seller
Total	$5,949

Cost to buy a house in Ohio calculator

Ongoing costs of homeownership in Ohio

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Expense	Average monthly cost
Mortgage (principle and interest)	$990
Homeowners insurance	$108
Taxes	Varies but averages $277 statewide
Maintenance	$180
Utilities	$387
Total	$1,942
Note: All numbers are estimates based on state averages and a median home value of $216,746 and a down payment of 20%.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Ohio homeowner, this is between $94 to $319 a month.
Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Ohio

1. Look into better financing options

2. Participate in home buyer programs Ohio

Ohio has a number of programs that can make buying a home more affordable. The Ohio Housing Finance Agency offers favorable lending options, down payment assistance, or a tax credit to different eligible buyer audiences — fresh graduates, first-time buyers, and veterans.

There is also the Ohio Community Development Corporation, which offers Individual Development Accounts (IDAs) to help low- to moderate-income buyers to afford a home. The HUD also lists a number of local city- and county-specific programs that you may be eligible for.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

How to Sell a House By Owner in Nevada (2023 Update)

Kristy Snyder — Wed, 25 Jan 2023 23:22:42 +0000

Why trust us: To create this guide, we surveyed and interviewed Nevada real estate agents, studied Nevada real estate law, and researched more than 20 FBSO companies and alternatives. Learn more about why you can trust our advice.

In Nevada, the average realtor commission rate is 4.25% to 5.79%. If you sell a house worth $418,600 — the median home value in Nevada — that’s over $12,000, which is a huge chunk of your potential profits.

Selling without a realtor, known as listing For Sale By Owner (FSBO), is a viable option for experienced home sellers who are willing to put time and effort into the selling process.

If saving money on realtor commission is what you’re after, it’s worth looking into real estate agents who’ll work at a lower-than-typical commission. Semya-Moya matches sellers in Nevada with experienced, local agents who offer traditional service for just 1.5%. You can save money and the headache of doing it all on your own.

Connect with top, local agents in Nevada!

What FSBO sellers in Nevada need to know

🔑 Key benefits of selling FSBO

Direct control over the selling process, including the pricing strategy, showing schedule, and negotiation process.
No listing commission, which could save you 2.48%, based on the Nevada average.
FSBO sellers who find a buyer without a realtor, save an additional 2.54%, the average buyer's agent commission rate in Nevada.

Real estate laws, the selling process, and trends vary greatly across the country. Understanding the details of your market and getting accurate information can make a FSBO sale complicated.

We'll go into more details about what you need to do in Nevada, but here's an overview of the state's laws and regulations.

Nevada FSBO overview

Real estate attorney required?	No
Required state disclosures? (learn more)	Seller’s Real Property Disclosure Form Flood Zone Statement Lead-Based Paint Disclosure
FSBO yard sign allowed?	Yes
Competitive Buyer's Agent Commission (learn more)	2.15% to 2.92%

Additionally, you'll need to know and understand all of your responsibilities as a FSBO seller, which include:

Preparing your home by making necessary repairs, cleaning, and staging your home.
Accurately and competitively pricing your home.
Marketing your home by writing a listing description, taking high-quality photos, posting the listing on different sites (free and/or paid), and promoting your home on social media, in print ads, and via word of mouth.
Vetting buyers to ensure they're qualified, from a financial perspective. Accepting an offer from an unqualified buyer will cause your sale to fall through.
Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase and sale agreement.
Properly filling out all necessary paperwork for a real estate transaction in Nevada.

Clever gives you the savings of FSBO without the added stress!

How to price your home

To get an accurate idea of your home's fair market value, look at comparable listings in your area.

For example, if you live in Las Vegas and think your house is worth about $406,000, search Zillow for active listings that are about $50,000 more and less than that. Analyze details about the houses and how they compare to yours. Ask yourself:

Is the school district better or worse?
Does it have the same number of bedrooms and bathrooms?
Has the house been renovated more recently than yours?
How do the neighborhoods and nearby amenities compare?

Answering these questions honestly will help you see if your price is in the right ballpark.

From there, be realistic about what pricing strategy will lead to higher offers. Here are some key pricing metrics that will help you decide the best listing price for your home and market:

State of the Nevada real estate market

How to list your Nevada home for sale by owner

Top buyer priorities in Nevada

Nevada Buyer Priorities	Advice for FSBO Sellers
1. Listing Price	Be honest about your list price. Look at recent sales data in your area on Zillow or other real estate sites to find an accurate price point for homes of comparable size and condition to yours. Many real estate companies will also conduct an analysis for little to no charge.
2. Recent Renovations	Be specific about large updates you’ve made in the last 5 years, such as rewiring electric, putting in a new roof, or installing a new furnace. List exactly when the renovation was done, roughly how much it cost, and what its current condition is today. This will give buyers peace of mind that they won't have to worry about big issues any time soon
3. Architectural Style of Home	In your listing description, talk about any unique architectural features that could set your home apart. If your home was built by a known architect, has original flooring or doors, or has any historical value, be sure to mention it. Also, point out what takes your house to the next level. For example, older homes can be beautiful, but energy inefficient. Highlight upgrades you made like new windows that will save buyers hundreds in heating costs.
_{Based on a 2024 Clever survey}

When it comes to advertising and posting your listing, you have several options as a FSBO seller. Each choice has its own pros and cons as well as costs:

For Sale By Owner yard sign: You can buy a FSBO sign from most hardware stores or online for $20-$50. Be sure to choose one that allows you to add your phone numbers so interested buyers can contact you for property information and showings.
Craigslist: Posting your home on Craigslist is free and simple. Just go to the Nevada page, find your city, and create a "real estate — by owner" listing.
FSBO websites: There are multiple FSBO listing websites that allow you to post your home for free or a few hundred dollars. But each differs in how many photos you can include, how long the listing is live, and the changes you can make — do your research before choosing a for sale by owner site.
Flat fee MLS companies: Flat fee MLS services will list your house on your local Multiple Listing Service (MLS) for significantly less than a realtor. However, they provide few additional services unless you opt for their most expensive packages, which often cost more than using a discount brokerage.

List with a top agent for just 1.5%.

Sell your home for top dollar and save on commission.

How realtor commissions work in Nevada

Traditionally, both the buyer's agent and the listing agent are paid a commission by the homeowner. When sellers work with a realtor, they negotiate a commission as part of the listing agreement.

Based on the average commission rates in Nevada, this typically ranges from 2.10% to 2.87% of the sale price.

In a typical sale, the seller also agrees to a commission rate for the realtor who brings the buyer to the table, which runs between 2.15% to 2.92%.

	Average Range in Nevada*	Average Amount⁺
Listing Commission	2.10% to 2.87%	$8,798 to $12,024
Buyer Agent's Commission	2.15% to 2.92%	$9,008 to $12,234
_{*Based on the average commission rates from a 2022 Clever survey of 630 real estate agents ⁺Based on the median home value in Nevada (Zillow.com, November 2023)}

As a FSBO seller, you automatically avoid paying a listing commission. However, there is a solid argument for offering a buyer's agent commission.

» LEARN: How real estate commissions work

How commission costs break down in Nevada

Whether you sell your home with or without a realtor, there are four common commission scenarios:

List FSBO and sell to a buyer without a realtor: Pay no commission
List FSBO and sell to a represented buyer: Cover the buyer's agent commission
List with a traditional agent and sell to a represented buyer: Cover both agents' commissions
List with a discount agent and sell to a represented buyer: Cover the buyer's agent commission, but save on the listing commission.

The table below shows how this could break down in Nevada:

	Represented Buyer	Unrepresented Buyer	Listing Agent	Clever Agent
Sale Price*	$393,468	$393,468	$418,583	$418,583
Listing Commission⁺	$0	$0	$10,381	$4,186
Buyer Commission⁺	$9,994	$0	$10,632	$10,632
Total Profit	$383,474	$393,468	$397,570	$403,765
_{Based on the median home vallue in Nevada (Zillow.com, November 2023) and that FSBO homes sell for 6% less (}_{Collateral Analytics}*_{, 2017) +Based on the average commission rates from a 2024 Clever survey of 630 real estate agents}

Paperwork to sell a house by owner in Nevada

This process varies by state — here’s a quick breakdown of Nevada’s requirements.

Required for all Nevada real estate sales

2 Forms of ID	In most cases, a valid passport, driver's license, or other form of Nevada-issued ID.
Copy of Purchase and Sale Agreement and Any Addendums	Copy of the original, signed sales agreement as well as any agreed upon changes.
Closing Statement	A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company.
Signed Deed	To legally transfer your property, you'll need the deed that proves you're the rightful owner. At closing, you'll sign the deed over to the buyer.
Bill of Sale	This is basically a receipt that includes both your information and the buyer's. It will also list the final price of the home and what was included in the sale.
Affidavit of Title	A notarized document that states you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else, etc.

Possible additional documents

Loan Payoff Information	If you have a mortgage on your home, you'll need documentation of exactly how much you still owe and any payoff fees. If you've already paid your mortgage in full, you'll need documentation proving that.
HOA Forms and Guidelines	If your home is part of an HOA, you'll need to give the buyer documentation on the HOA's Covenants, Codes, and Restrictions, financial history, required fees, approval process, etc.
Survey Results or Survey Affidavits	A survey (or an affidavit verifying a previous survey) proves exactly where the property lines are.
Home Inspection Results	If you had a pre-sale inspection, you'll want the results to compare to the buyer's inspection. If having a buyer inspection was part of the sales agreement, you should receive a copy of the results before closing.
Proof of Repairs or Renovations	Documentation proving any major repairs or changes to the house help verify its fair market value. These receipts also provide the buyer with information about who to contact if they discover issues with the repairs in the future.
Home Warranty Information	The home warranty service agreement will explain what is covered, for how long, and any costs associated with the policy.
Copies of Relevant Wills, Trusts, or Power of Attorney Letters	If you are selling an inherited property, you'll need copies of all legal documents that passed ownership to you.
Relevant Affidavits (Name Affidavits, Non-Foreign Affidavit Under IRC 1445, etc.)	You may need additional affidavits like a name affidavit (which lists all of your or the buyer's previous names) or an affidavit proving you are not a foreign citizen and therefore exempt from certain property sales taxes.
Closing Disclosure	If your buyer is taking out a mortgage and you agreed to certain seller's concessions, you may need a copy of their closing disclosure to verify the lender approved your concessions.
Correction Statement and Agreement	In the event forms are lost or errors are discovered in the future, a correction statement and agreement requires you, the buyer, or their lender, to replace or fix those documents if need be.

Nevada disclosure forms

Seller’s Real Property Disclosure Form	The seller disclosure statement details any known issues with your home and its major appliances and systems.
Flood Zone Statement	With some mortgages (like federally backed ones), your buyer's lender might require information of the property's flood risk.
Lead-Based Paint Disclosure	Federal law requires that if your home was built before 1978, you disclose information about the dangers of lead-based paint to your buyer.

Many closing documents are legally binding agreements. Any errors can derail your sale and cost you thousands in fees or in costs to re-list your house.

To avoid an expensive mistake, consider working with a low commission realtor instead.

💰 Incredible savings, none of the DIY

Selling your home is time-consuming, and fraught with potential legal issues.

There's a better option. Clever pre-negotiates lower listing fees with top agents in your area. You still save on commission, while getting the support of a full-service agent.

Clever partner agents offer full-service support for half the typical cost: a pre-negotiated 1.5% listing fee
Clever sellers save an average of $7,000 on commission AND they get offers 2.8x faster than the national average

Ready to find real estate agents who can help you save thousands on your sale? Enter your zip code below to get started!

FSBO alternatives to consider

If saving money is your main reason for selling your home by owner, there are alternatives.

Semya-Moya

Clever is a nationwide real estate service that connects sellers with top, local agents. You pay Clever nothing and only pay your full-service agent 1.5% if and when your home sells.

Semya-Moya

Get Started

💲 Listing Fee

1.5% ($3,000 min.)

💰 Buyer Savings

Cash back after closing

⭐ Avg. Customer Rating

5/5 (2,735 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Try Clever for free — save thousands on commission!

Clever is a free, nationwide agent matching service that partners with full-service local agents from conventional brokerages like Keller Williams, Century 21, and RE/MAX.
You get multiple agent matches so you can interview several, compare marketing plans, and choose the best fit.
Clever pre-negotiates low rates on your behalf — you get full service for just a 1.5% listing fee ($3,000 minimum).
If you buy with Clever, you can get cash back to help pay for your move.

You may not get matched with an agent from your preferred real estate brokerage.
Agents may not provide premium services like drone photography and professional home staging.

As of 11/6/2023, Clever has a 5.0 out of 5 rating on Trustpilot, based on 2,589 reviews.

Read reviews from real Clever customers here.

Clever has pre-negotiated low commission rates with top agents in all 50 states and Washington, DC.

Discount real estate services in Nevada

Redfin

Full Review

💲 Listing Fee

1.5% (min. fees vary)

💰 Avg. Savings

$5,550

⭐ Avg. Customer Rating

2.9/5 (331 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Redfin offers real savings and is a proven brand. But sellers could compromise on service — especially agent experience and availability.

Read the full Redfin review.

If you buy and sell with Redfin, you'll get a 0.5% listing fee discount.
Redfin gives its listings premium placement in its popular home search app.

If finding the right agent is a top priority, you'll have limited options — Redfin only has a few agents in each of its markets.
Redfin agents handle more customers at once than the average realtor, so they may not be able to provide as much personalized service.

Redfin has a 2.9 out of 5 rating (331 reviews) across popular review sites like Google and Yelp.

Read reviews from real Redfin customers here.

Redfin is available in 80+ U.S. markets (see all locations).

Homie

Full Review

💲 Listing Fee

$3,500

💰 Avg. Savings

$8,500

⭐ Avg. Customer Rating

4.3/5 (1,317 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

Homie offers legit flat-fee savings — but may provide less personalized service than a traditional agent.

Read the full Homie review.

The flat-fee pricing model offers big commission savings on higher-priced homes.
The self-service listing process lets you get your home on the market quickly.

Homie agents provide no in-person services or support.
Agents juggle up to 10 times as many customers at once, which increases the risk you'll have a bad experience.

Homie has a 4.3 out of 5 rating (1,317 reviews) across popular review sites like Google and Yelp.

Read reviews from real Homie customers here.

Homie is available in the following areas: AZ, CO, ID, NV, UT.

REX Real Estate

Full Review

💲 Listing Fee

2.5% ($9,000 min.)

💰 Avg. Savings

-$325

⭐ Avg. Customer Rating

4.7/5 (1,041 reviews)

✍️ Editor's Take

Pros

Cons

Reviews

Locations

REX’s promise of huge savings is misleading. Its advertising misrepresents the significant risks of its pricing model and marketing approach. And its high minimum fees mean that many sellers won't save anything.

Read the full REX Real Estate review.

REX's approach is incredibly risky — but if the gamble pays off, you could save about 50% on realtor fees
Like other full-service brokerages, REX agents provide in-person services and support

REX's 2.5% listing fee doesn't save you much — many full-price agents charge similar rates
REX doesn't list your home on the MLS, so up to 90% of buyers may not even know it's for sale
This risky marketing strategy seems likely to fail, so you may not save anything on commission

REX has a 4.7 out of 5 rating (1,041 reviews) across popular review sites like Google and Zillow.

Read reviews from real REX customers here.

REX is available in the following areas: AZ, CA, CO, FL, GA, MD, NV, NJ, OR, PA, TX, WA, DC.

» LEARN: About discount real estate services

Flat fee MLS services in Nevada

As mentioned before, a flat fee MLS company will post your listing on the local MLS, usually for a low, upfront fee. In Nevada, this will typically cost you a couple hundred dollars.

Here are some Nevada flat fee MLS companies to compare:

Resolution Realty

Best For

Sellers looking for a premium experience at a premium price.

Price Range

$995-3995

Pros & Cons

Pros:

You'll recieve a vast array of services comparable to working with an agent, including professional photography, relocation rentals, direct mail campaigns and more.
Premium packages offer vastly more data than most MLS listing packages provide.

Cons:

The price range is much higher than a standard discount MLS listing, so it won't be accessible to all sellers.
The basic package has very little compared to the premium packages, and doesn't provide a strong value for the price,

Vegas Flat Fee

Best For

Sellers who want to test the waters before investing in a paid listing.

Price Range

$0-2399

Pros & Cons

Pros:

You can list your property and recieve a personalized website with six pictures for free.
It's easy to upgrade to a higher-service package or extend your listing - you only pay the difference.
The paid premium packages include pricing guidance, contract assistance and unlimited access to brokerage support.

Cons:

There is an additional $695-895 transaction fee at closing.

Flat Fee Group

Best For

Sellers who only need basic guidance and are willing to sell their home primarily on their own.

Price Range

$99-1499

Pros & Cons

Pros:

All necessary contracts, addendums and disclosures will be provided by the brokerage.
Packages are paid many different ways - some upfront and some at closing - allowing almost any seller to find a payment plan that works for them.

Cons:

Services are not available in all areas equally.
An additional settlement fee or % of the sales price will be assessed at closing.

» LEARN: About flat fee MLS services in Nevada

iBuyers

iBuyers will buy qualifying homes for cash, meaning you avoid realtor fees — and the stress of listing on the open market entirely. While these companies make fair-market offers, they will deduct any required repairs after an on-site visit. They also charge a service fee typically ranging between 6-14%.

» LEARN: How to sell to an iBuyer

5 tips for selling your home without a realtor in Nevada

Pulling off a FSBO sale without a realtor is a difficult feat to accomplish. Here are some helpful tips from Clever CEO and real estate investor Ben Mizes, who has experience listing homes without a realtor.

1. Make minor repairs

Overall, the most important factor is knowing where the line is between necessary and over-the-top. You want your house to meet buyers' expectations.

Also, consider how valuable specific repairs are to buyers in your area. Focus on upgrades that have a higher cost recuperation in your region.

Home repairs with highest resale value in Nevada

Top Upgrades	Avg. Repair Cost	Avg. Resale Value	Cost Recouped
Garage Door Replacement	4001	3724	0.931
Manufactured Stone Veneer	10794	9855	0.913
Siding Replacement \| Vinyl	17514	12701	0.725
_{Based on regional data from Remodeling}

Note: A resale value of more than 100% indicates a profitable repair.

2. Price your Nevada home competitively

When setting a price for your home, be sure to prepare well in advance. You'll need to do in-depth research about your specific part of Nevada to get a general range of what's a good price for a home. Also, look at the sales of homes that are similar to your house. This will help you narrow down what price will help you sell quickly.

Remember that a higher initial listing price does not necessarily lead to more profit in the end. Pricing lower may bring in multiple buyers and potentially start a bidding war, leading to a higher take despite a lower initial price. At the same time, pricing too low may make buyers believe there is something wrong with your home. Finding a balance is crucial to ensuring a quick and successful sale.

Bonus tip: A pre-listing appraisal house gives you a more accurate starting point for pricing your home. And you can get one without a realtor.

Based on our research, in Nevada, appraisals average $300 to $370, but help you walk away with thousands more once your home is sold.

3. Stage and market your home

Creating the right listing is one of the most important parts of selling your home. In the age of internet real estate listings, staging and photo quality matter. Listings with high-quality photos stand out.

First, you need to make sure every part of your home is clean and tidy. Next, you need to stage your property. When staging your home, you want the furniture and decor to be minimalist. It should help prospective buyers picture themselves in your home. Your furniture and decorative style may be perfect for you and your family, but that doesn't necessarily make your house more appealing to potential buyers.

Once your home is staged, you'll want to take your listing photos. A key part of selling a property is getting the right photographs for your listing. Make sure you have photos that give prospective buyers a thorough view of your home while emphasizing all of its best points.

Even if you have a great property in a good location, if the photos aren't flattering, it's going to be hard to get people out to see your home in person.

A good listing will emphasize all of the great things about your home and the area your property is located. Consider the types of features your local audience is interested in and emphasize those.

Shop around to find out which local stagers offer reasonable rates and have a proven record of getting homes ready for sale.

4. Prepare for showings

Organization is key when showing your home to potential buyers. Without a realtor's help, you'll need a good system for scheduling showings and saving buyers' and agents’ contact information. You'll want to be flexible and try to show your house at buyers’ convenience.

Keep the home clean and decluttered at all times. The last thing you want is to scramble around with a vacuum after a buyer calls for a last-minute showing.

Also, focus on creating a homey atmosphere for buyers. You want to make a great first impression on as many buyers as possible, so add little touches that speak to most people.

5. Negotiate for the best possible price

To gain the upper hand without a realtor, get creative with the seller concessions you offer a buyer. While they might cost you a little more at closing, concessions sweeten the deal for buyers and could lead to a higher final sale price.

The most popular concessions vary from market to market. Knowing what works with buyers in your area will help you strengthen your offer.

For example, a Clever survey of local real estate professionals found that in Nevada, sellers often cover 1.30% to 2.00% of buyers' closing costs. On a home of median value, that equates to $5,442 to $8,372, but can help you close the deal sooner and for more money.

You should also consider offering these popular seller concessions:

Most common seller concessions in Nevada

Concession	Benefits of Offering Concession
Attorney Fees	Some buyers want an attorney to help them review the contracts — especially if they don't have a realtor. By offering to pay for the attorney’s fee, you can sweeten the deal for your buyer because a professional will be looking out for their interests.
Appraisal Costs	Most mortgage lenders require an appraisal before finalizing a buyer's financing. This can be a costly, upfront cost for the buyer, so offering a credit for the appraisal gives the buyer funds to cover other buying costs.
Mortgage Discount Points	While the cost varies between lenders, mortgage points lower a buyer's interest rate and can save them thousands over the years. If you offer to buy mortgage discount points, it can seal the deal for some buyers — especially with buyers who don't plan to move again for several years.

If you'd like some professional guidance with no strings attached, Clever can help. Fill out your basic info below to connect with a top, local realtor for a no-obligation consultation.

Get a free professional pricing consultation!

Interview top local agents, get free advice, no obligation to sign.

Additional resources for Nevada home sellers

The post How to Sell a House By Owner in Nevada (2023 Update) appeared first on Semya-Moya.

Guide to Selling Your House After Just One Year

Kristy Snyder — Mon, 23 Jan 2023 19:34:09 +0000

While it's not generally a good idea to sell your home after owning it for one year, there are times when you don't have any other choice.

If you're facing a career change, family issue, or dangerous location, you may be forced to seek a new home ASAP.

The best way to minimize your losses is to get a professional home valuation from a top realtor in your area.

A realtor can help you create a marketing plan to sell your home for top dollar — capitalizing on any home appreciation and ultimately keeping more of your hard-earned equity in your pocket. Get a free home valuation report from an agent near you!

👋 Get a free comparative market analysis!

Match with top-rated agents from brand-name brokerages, like Keller Williams and RE/MAX, and request a free CMA today! Sellers will save thousands in realtor commissions with pre-negotiated 1.5% listing fees.

Clever's service is 100% free with zero obligation. Interview as many agents as you like until you find the perfect fit — or walk away at any time.

What are the drawbacks of selling your house after one year?

For the most part, the challenges you'll face when selling your home after just one year will be financial. (Beyond the stress of having to move twice!) Let's take a look at some of these financial risks.

1. You'll face capital gains taxes

Capital gains taxes are charged on the profit you make when selling your house. Calculate your profit by subtracting your original purchase price from the new sale price. This profit is the amount that the government may tax.

How much you'll pay on capital gains taxes is influenced by:

Total profit, if selling before two years
Your income
How long you've owned your home

People with a higher income are in a higher capital gains tax bracket than people with lower incomes, just like with regular income taxes.

If you've owned a home for less than one year, you'll pay short-term 10–37% taxes on your profit. Capital gains taxes after one year go down a bit. You'll pay 0–20% taxes on the profit. This tax is referred to as long-term capital gains.

Here's an example of how capital gains tax works on a home you're selling after one year.

Original purchase price	$300,000
Sale price 1 year later	$320,000
Total profit x capital gains tax rate	$20,000 x 20%
Total capital gains taxes	$4,000

If you can wait to sell after two years, you won't pay any capital gains taxes on profits less than $250,000. You're unlikely to get that much of a profit in such a short span, so that's why we recommend waiting to sell after two years if you can.

✍️ Editor's note: Historically, home values have increased from 4% to 8% on an annual basis. This appreciation rate means selling a $300,000 after one year might net you $312,000–$324,000 depending on the market. Even two years in, most sellers will be far below $250,000 in profits!

2. You'll pay closing costs… again

Any time a property changes hands, there are closing costs involved. When you bought your home, you likely had to pay for a portion of the closing costs.

But, closing costs are lower for buyers because they don't usually pay for agent commission. You probably paid 3-5% of the sale price for things like lender fees and title and escrow charges.

Now that you're selling, you'll have to pay agent commission. Real estate commission averages about 6%: 3% to the buyer's agent and 3% to the seller's agent.

That's not counting an additional 1-3% in other closing costs, like transfer taxes and prorated property taxes. All in all, seller closing costs add up to around 10% of your home's sale price.

Let's see how closing costs can eat into your profit.

	Buying your home	Selling 1 year later
Purchase price	$300,000	$320,000
Closing costs	~5% = $15,000	~10% = $32,000
Total cost	$315,000	$288,000
Final profit	-$27,000

Even though your house went up $20,000 in value, you're still losing $27,000!

Usually, you'll earn back those costs in home equity over time, but if you're selling your home after just a year, you won't have built up enough equity to cover the losses.

While you can't get your closing costs down to nothing, one way to lower them a bit is by using a free low commission service like Clever. In this case, you'd save over $6,000 in realtor fees!

💰 Offset your costs with incredible savings!

Using a great full-service realtor can help you get top dollar for your home to offset capital gains taxes and closing costs. Clever helps you find the best realtors in your area AND negotiates lower commission rates with them.

With Clever:

✅ You'll only pay 1.5% to list your home

✅ You'll work with a full-service realtor from a top broker

✅ It's free, with zero obligation — you can walk away at any time

Ready to move but want to keep as much cash in your pocket as possible? Clever's partner agents help you sell for the best possible price at a discount.

3. You'll pay moving costs… again

The logistics and costs of moving again after less than a year can be daunting.

A local move might be a few hundred dollars if you're lucky. Estimates can range anywhere from $550 to $2,000 depending on your local market and the size of your move.

Local moving costs are tame compared to a cross-state or cross-country move. It could cost you thousands for truck or pod rental and labor. In total, expect somewhere between $2,000 to $7,500, again depending on your circumstances.

These moving costs don't even include things like storage costs, packaging supplies, and house cleaning. While these are smaller fees, they all add up to one big bill.

» MORE: How Much Does It Cost to Sell a House?

4. You'll be out a lot on interest

When you buy a house, you aren't just paying for the house — you're also usually paying interest on your mortgage. This is the fee the bank is charging you for giving you a loan.

Unfortunately, most loans are front-loaded with interest payments because the balance of your loan is higher. As you pay off more of your principal, your interest payments also decrease.

Because of this front-loaded structure, in the first year, you actually pay more in interest, not really reducing the principal balance you owe. In fact, most of your money is going straight into your lender's pocket.

For example, if you took out a $240,000 mortgage with a 4% interest rate, you'd pay around $13,000 on your mortgage in your first year. But in those first 12 months, you'd only reduce your actual debt by just over $4,000 — the other $9,000 goes toward interest! That means you'd still owe $236,000 on your loan.

Over 30 years, your interest rates eventually balance out, and more of your payments go toward paying off your house. But by selling so close to when you bought the house, you're basically just giving your money to the bank for little equity.

✍️ Editor's note: Some mortgages also come with a prepayment penalty, meaning you'll get hit with fees for paying it off early. Always check your loan's terms and conditions!

Interest rates can be confusing, but you can find more information about your loan payment terms in your mortgage's amortization schedule. Not sure where to find this? Contact your lender and they should be able to help.

Is it worth it to sell a house after one year or less?

In general, we don't recommend selling your house after just a year because you'll almost certainly lose money. The only exception is if you're a seasoned house flipper who's made substantial improvements to the home or your local housing market is seeing a huge spike in prices.

To illustrate why you'll likely lose money, let's use all of the information we mentioned above for a calculation. To make it simple, we'll assume an original home purchase price of $300,000 and a new sale price of $320,000. And for the capital gains tax, we'll go with the 20% tax rate.

Closing costs and moving costs can vary greatly, so we'll use some average numbers here as well.

The recommended down payment for a home is 20%, so let's assume you paid that for your original purchase. That would make your original loan $240,000, and after a year of payments, your remaining balance would be about $235,800, which you'd need to pay off from the sale of your home.

Here's how all of that would add up:

Capital gains tax (20%)	$4,000
Closing costs (10% of $320K)	$32,000
Moving costs	$2,000
Remaining mortgage balance	~$235,800
Total costs from original purchase (5% of $300K)	$15,000
Original down payment (20% of $300K)	$60,000
Total expenses for buying and selling	$349,800
Total loss	-$28,800

Obviously, these numbers aren't great, but sometimes life happens. You can't always predict how quickly you'll need to move out of a house.

And luckily, you don't need to settle for losing this much money. With a little effort, there are ways to reduce some of these costs so you don't have to take such a heavy hit.

Can you sell your house after a year and still make a profit?

In most cases, you probably won't make a profit when selling your house after a year. That said, it's possible in some circumstances if you budget right and take certain steps. At the very least, you can offset some of these costs. Here are some of the approaches you can try.

1. Increase the value of your home with small projects and upgrades

Projects like updating your entry door, adding a new coat of paint, replacing your garage door, and replacing windows all have a high return on investment that can help you earn more on the sale of your home.

Just don't get sucked into money-draining projects like a full bathroom or kitchen remodel, as these typically don't have a huge return on investment.

If you're not sure where to get started, reach out to a local realtor. They'll be able to tell you how much your home is worth and advise you on the best projects to improve your property's value. Get a free home valuation report from an agent in your area!

💰 Find out how much your home is really worth!

Connect with the best agents from top brokerages in your area, and receive a free home valuation! In addition, when you list with Clever you'll also get:

A discounted listing fee of just 1.5% with top local agents
100% free concierge service with zero obligation
No upfront fees — you only pay when your home sells

Learn more

2. Wait until you qualify for a lower capital gains tax rate

Remember, you'll pay capital gains taxes on the profits from your home sale for the first two years you own it. The higher short-term capital gains tax rate applies for a year or less, while a lower long-term capital gains tax applies between years one and two.

If you're able to, even waiting just a few months could save you thousands of dollars on your tax bill if you're able to get down to the long-term capital gains tax tier. And if you can wait it out until year two, you likely won't need to pay anything.

Another way to get out of paying capital gains taxes is to look for tax exemptions. For example, you may qualify for a tax exemption if you've lost your job, had a big health issue, or got a divorce.

3. Handle moving on your own

Since moving costs can easily be thousands of dollars, why not try to handle your move on your own? With a little muscle, sweat, and teamwork, you can chop hundreds if not thousands off your moving expenses.

See if you can round up friends or family with trucks or vans to lift and transport your items. Scour Facebook or Buy Nothing groups for free moving supplies. And keep an eye out for first-month specials at your local storage unit facility — this may give you a short-term place to store things at a low cost.

4. Consider selling your home FSBO

One way to save on seller agent commission fees is by selling your home for sale by owner (FSBO). This can lower your closing costs by 3%.

That said, going the FSBO route is not easy, which is why FSBO sales only account for 10% or less of all home sales in a given year.

If you sell without a realtor, you'll need to manage all of the listing, negotiating, and paperwork on your own, which can be daunting. And you'll still need to offer a competitive buyer's agent commission, so you're not completely off the hook when it comes to realtor fees.

» MORE: How to Sell Your House For Sale By Owner

5. Work with a low commission real estate company

For most sellers, one of the best ways to save money if you're selling a house in a year or less is to use a low commission real estate company.

Companies like Clever connect you with full-service agents that provide you with all of the support and service you need throughout the selling process, just at a third of the cost than a standard agent.

At Clever, we negotiate with highly-rated agents from major brands like Keller Williams, Coldwell Banker, and Century 21 to score you a 1.5% listing agent commission fee.

Using the $320,000 house example from above, Clever could save you around $4,800 on commission fees. We've helped our customers save over $140 million!

» SAVE: Sell with a top local agent for just 1.5%

Alternatives to selling your house after less than a year

If you can afford it, a great option to avoid the losses associated with selling a home after a year is to rent your house out.

If you keep your original home, move into a new principal residence, and find some renters, you can recoup some of the costs from your initial purchase and earn a nice passive income from being a landlord.

If you don't want to deal with official leases, you might also consider listing your property as an Airbnb. That way, you control how often people stay there, giving you flexibility if you decide to make a quick sale.

No matter what you decide in the end, if you're considering selling your home after a year or less of ownership, it's important to get in touch with an experienced real estate agent who can help guide you through the home selling process.

Clever connects you with top-rated, local agents from major brands or regional brokerages. A full-service partner agent with Clever will help you price and market your home, ensuring you get an offer quickly and for top dollar. These agents have agreed to work for a low listing fee of 1.5% — compared to the 2.5–3% that most traditional realtors charge.

💰 Clever pre-negotiates low commission rates for you!

Try Clever's free agent matching service: compare top agents in your market, get built-in commission savings.

Choose from top local agents from major brands like Compass and RE/MAX
Get a pre-negotiated 1.5% listing fee (half the typical rate)
Clever's service is 100% free with no obligation
You only pay your agent's low listing fee when your house sells

Click below to view agents in your area and see how much you could save!

FAQs about selling your house after one year

Can I sell a house I just bought?

Yes, you can sell a house immediately after you buy it. In most cases though, it's not a good idea. You'll likely lose money because of closing costs and capital gains taxes if you sell too soon after buying. If you need out fast, a better idea might be to rent the house. If you really can't avoid selling, selling with a 1% commission realtor can help you save big on realtor fees.

Is it bad to sell your house after one year?

Unfortunately, selling a house after only owning it for a year can have some nasty financial implications: you'll need to pay capital gains tax if you made any profit, and you'll get hit with another round of closing costs within a single year.

Will I lose money if I sell my house after one year?

Chances are, yes. Most houses don't appreciate in value enough in one year to cover all of the additional closing costs. You also have to consider the big chunk of change capital gains taxes will take out of your profits. If you absolutely can't get around selling, we recommend using a low commission real estate agent to save as much as possible and try to break even.

The post Guide to Selling Your House After Just One Year appeared first on Semya-Moya.

How Much Does It Cost to Buy a House in Wyoming?

Kristy Snyder — Sat, 03 Dec 2022 05:55:57 +0000

Costs to buy a house in Wyoming | Wyoming closing costs | Wyoming house buying calculator | Homeownership costs | How to save when buying a home in Wyoming

The average home buyer in Wyoming spends between $26,336 and $94,311 when purchasing a $339,353 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

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Average cost to buy a house in Wyoming

Expense	Amount
Earnest money deposit (1-3%)	$3,394 to $10,181
Down payment (3.5-20%)	$11,877 to $67,871
Cash reserves	$3,110 to $4,665
Closing costs (1.83%)	$6,222
Inspection	$249
Appraisal	$233
Moving	$1,250 to $4,890
Total	$26,336 to $94,311

Buyer closing costs in Wyoming

While the other costs to buy a house in Wyoming are pretty transparent, Wyoming closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Wyoming closing costs you'll likely pay when buying a home.

Closing cost	Amount
Closing fee	$339
Recording fee	$18
Title service fees	$400
Origination fee	$1,697
Underwriting fee	$600
Discount points	$2,715 per point
Lender's title insurance	$453
Owner's title insurance	Typically paid by seller
Prorated property tax	Varies
Transfer tax	No transfer tax in Wyoming
Total	$6,222

Cost to buy a house in Wyoming calculator

Ongoing costs of homeownership in Wyoming

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Expense	Average monthly cost
Mortgage (principle and interest)	$1,555
Homeowners insurance	$125
Taxes	Varies but averages $171 statewide
Maintenance	$282
Utilities	$366
Total	$2,500
Note: All numbers are estimates based on state averages and a median home value of $339,353 and a down payment of 20%.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Wyoming homeowner, this is between $148 to $500 a month.
Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Wyoming

1. Look into better financing options

2. Participate in home buyer programs Wyoming

The Wyoming Community Development Authority offers several programs for those buying within the state, such as:

First-Time Home Buyer: An affordable fixed-rate loan for first-time buyers
Spruce Up: A loan for buying a fixer-upper home; must be eligible for the First-Time Home Buyer product
Down Payment Assistance: Maximum loan of $10,000 for down payment and closing costs; can be used together with the First-Time Home Buyer and Spruce Up products
Advantage: A refinancing product to get a better rate; not limited to first-time buyers

You may also be eligible for the non-profit Habitat for Humanity or the USDA’s Single Family Housing Direct Home Loan, both of which aim to provide affordable housing to low- and very-low income households.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

Kristy Snyder, Author at Semya-Moya

How to Sell a House By Owner in Oklahoma (2023 Update)

What FSBO sellers in Oklahoma need to know

Oklahoma FSBO overview

How to price your home

State of the Oklahoma real estate market

How to list your Oklahoma home for sale by owner

Top buyer priorities in Oklahoma

List with a top agent for just $3,000 or 1.5%.

How realtor commissions work in Oklahoma

How commission costs break down in Oklahoma

Paperwork to sell a house by owner in Oklahoma

Required for all Oklahoma real estate sales

Possible additional documents

Oklahoma disclosure forms

FSBO alternatives to consider

Semya-Moya

Semya-Moya

💲 Listing Fee

💰 Buyer Savings

⭐ Avg. Customer Rating

Discount real estate services in Oklahoma

Redfin

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Flat fee MLS services in Oklahoma

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5 tips for selling your home without a realtor in Oklahoma

1. Make minor repairs

Home repairs with highest resale value in Oklahoma

2. Price your Oklahoma home competitively

3. Stage and market your home

4. Prepare for showings

5. Negotiate for the best possible price

Most common seller concessions in Oklahoma

Get a free professional pricing consultation!

Additional resources for Oklahoma home sellers

8 Steps to Selling a House in Oklahoma

Disclosure Requirements for Selling Oklahoma Real Estate

Top 5 We Buy Houses for Cash Companies in Oklahoma

How to Sell a House By Owner in Michigan (2023 Update)

What FSBO sellers in Michigan need to know

Michigan FSBO overview

How to price your home

State of the Michigan real estate market

How to list your Michigan home for sale by owner

Top buyer priorities in Michigan

List with a top agent for just 1.5%

How realtor commissions work in Michigan

How commission costs break down in Michigan

Paperwork to sell a house by owner in Michigan

Required for all Michigan real estate sales

Possible additional documents

Michigan disclosure forms

FSBO alternatives to consider

Semya-Moya

Semya-Moya

💲 Listing Fee

💰 Buyer Savings

⭐ Avg. Customer Rating

Discount real estate services in Michigan

Redfin

💲 Listing Fee

💰 Avg. Savings

⭐ Avg. Customer Rating

Flat fee MLS services in Michigan

Flat Fee Pros

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Kermath Realty

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