How much does it cost to sell a house in Minneapolis?

How much does it cost to sell a house in Minneapolis?

Selling a Minneapolis house consists of a series of actions that come with a price.

According to Realtor.com, “In the world of real estate, the costs of selling a house are like building blocks; they're necessary for constructing a successful transaction." In other words, each step is advisable for a good sale but can be costly. So how much does it cost to sell a house in Minneapolis? Let’s go over the steps advised when selling a property, what the typical costs are, as well as how to avoid these costs when you sell to a direct home buyer.

Real estate agent fees for house sellers

Historically, agent fees have been around 5%–6%. In a typical property sale with a real estate agent, a seller paid both the seller and buyer agent commissions. However, this changed due to a nationwide lawsuit that takes some of the burden off sellers, who will now only pay a portion of that percentage. Still, at a rate of 2.5% on a $100,000 house, the commission would be $2500. It’s advisable to talk to a range of real estate agents to get prices for their services. Commission may be negotiable.

Inspection costs when selling a Minneapolis property

It’s advisable to have a home inspection done to identify any potential issues with the house before putting it on the market. A licensed inspector will go through your home and check the condition of your HVAC, plumbing and electrical systems, and your house’s structural integrity, including the home’s foundation. When finished, the inspector will give you a detailed report. It’s better to know and fix problems than be surprised and have to negotiate with a buyer or make concessions. The cost of an inspection depends on the size of your property, but the average price is $300 to $400 in Minneapolis.

Deep clean your house in preparation for listing your home.

Not a typical daily or weekly cleaning, but a deep, thorough cleaning is advised when selling your house the traditional way. Clean the inside and outside of all windows, refinish or wax floors, deep clean carpets, polish appliances and plumbing fixtures, and clean every inch of your house. According to Bob Vila, a home improvement expert, “Deep cleaning is hard work, and many homeowners simply don’t have time. Hiring a professional to perform a deep clean can be surprisingly affordable, with the average cost of a house deep clean coming in at $200 to $400.” Vila adds additional cleaning costs:

• Tile and grout cleaning costs run between $290 to $660.
• Appliance cleaning of a refrigerator or oven is usually $10 to $50.
• Carpet cleaning runs from $1.25 to $5 per square foot.
• Walls and baseboard deep cleaning generally cost from $170 to $480.

According to ProMatcher, “Residential window cleaning costs in Minneapolis, MN are $6.90 to $9.00 per pane (inside and outside). This is the going rate for window washing. These items are typically included in the going rate: wiping and cleaning the interior and exterior surfaces of typical home windows.” Cleaning screens isn’t included in the price.

Repairs and upgrades to get your house ready to sell

Depending on the condition of your home, house repairs to sell a house in Minneapolis can be pricey. They can range from simply painting the interior to fixing major issues.

• Painting the rooms in your house is considered an important step in preparing your house for a competitive market. Choose neutral colors. The cost of painting depends on the size of your rooms and the quality of paint. If you decide to hire it out, the “cost to paint the interior of a house in Minneapolis, Minnesota ranges from $1.40 to $3.30 per square foot (plus material),” according to Home Blue.
• Updating curb appeal means tidying the yard, trimming hedges, planting flowers, making the front entrance attractive, and power washing walks and drives. It’s best to get quotes from several companies, as the cost varies a bit.
• Repair costs vary by the type of issue. Get quotes from several contractors or handypersons.
• Staging your house is recommended by most real estate agents. "Staging can transform a property from an average house to a dream home in the eyes of potential buyers. It's all about highlighting the best features and helping buyers envision themselves living there," says David Marine, Chief Marketing Officer at Coldwell Banker Real Estate.
• According to ProMatcher, “Home staging cost in Minneapolis, MN is $130 to $140 per hour. The price includes repositioning furniture, providing design advice, and basic decluttering. Items not included: professional cleaning services, renting furniture, paint touchup work, and home repair services.”
• Professional home photography is incredibly important for marketing your home via a real estate agent by creating appealing listings online. According to Snappr.com, “On average a one-hour real estate shoot will cost $338, and a four-hour shoot will cost $947.”

Selling your house: Mortgage prepayment penalties are possible

Read over your mortgage documents to see if your loan would be penalized for paying it off early. If so, work that cost into the asking price of your Minneapolis house. According to Rocket Mortgage, “The penalty fee is an incentive for borrowers to pay back their principal slowly over a longer term, allowing mortgage lenders to collect interest.”

Possible HOA fees and property taxes during the selling period

HOA fees cover maintenance for common areas in your neighborhood. If your house is in a homeowners association (HOA), you will often be required to pay HOA fees until the sale is complete. The same goes for property taxes if they are due.

Possible seller concessions on your Minneapolis property

When selling a house, it’s unclear what concessions, if any, a buyer may request. Concessions vary a lot, and it’s best to discuss with your real estate agent how to handle these if they occur. “Seller concessions occur when a seller agrees to cover the cost of things the buyer usually pays for, such as closing costs, title searches, property appraisals, and other fees. Sellers can also offer to pay for repairs should the home inspection reveal that they’re necessary,” according to Realtor.com.

Title service fees, title insurance, transfer tax, and recording fees when you sell your house

Additional fees when selling a house may be required in Minneapolis.

• Title service fees are 0.31% in Minneapolis, and include searches, title insurance premiums, and closing fees.
• The transfer tax is 0.33%, and recording fees are set at 0.02% of the selling price of the house. These may be required when selling your home, as part of the transfer of ownership. The average cost for transfer tax in Minnesota is $1066, and average recording fees are $50.

Avoid seller’s costs when you sell your house to We Buy Ugly Houses^®.

The upfront cost to sell a house can add up to quite a large sum of money, but when you sell your house with Minneapolis’s go-to direct house buyer, We Buy Ugly Houses, Minneapolis’ go-to off-market house buyeyou can skip the inspections, repairs, staging, and photography costs. We even pay typical closing costs. Our offers are typically below market value in exchange for speed and convenience.

Just reach out to us to set up a free, no-obligation consultation. A friendly Minneapolis property buyer will visit you, take a tour of your house, and answer your questions. We can sometimes give you a fast offer on the spot. If you accept our offer, we can potentially close in as little as 3 weeks, and we’ll work with you to find a closing date that is good for your schedule.

We have a high nationwide 95%^* customer satisfaction rating from sellers who responded to our post-sale survey, as well as great reviews. Contact us to learn more about how you can sell your house without spending money.