Closing Costs

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Buying and selling real estate come with costs beyond the home’s price tag. Closing costs are one piece of the process that you’ll want to keep in mind during you budget process.

In 2021, according to real estate research firm CoreLogic, the average single-family home closing costs rose 13.4%. Generally, closing costs are about 3-6% of the sales price. These include fees like title, transfer, documents, and closing services as well as loan fees, insurance, appraisal, and inspections to name a few. Many of these are based on a percentage of the sales price. As home prices have increased, so have closing costs. While the seller is responsible for some of the closing costs, more are usually placed on the buyer, however your REALTOR® can help negotiate these in the contract.

With the Freddie Mac 30-year mortgage rate is now over 5% as well as increased listing prices across the nation, the homebuying market has become increasingly involved. Please don’t hesitate to reach out with any questions as we would love to help guide you through today’s market.