The last thing that a home buyer wants is to get pinched by hidden closing costs. As you market your home, be aware that buyers – especially first-time buyers – will be counting every penny. Local fees and taxes vary and many municipalities have increased fees in the past few years. Be sure you know what your buyers face so they don’t encounter a deal-derailing cash shortage at closing.
Resources for learning more about local rates include:
- Bankrate’s closing cost estimator, which outlines costs by state
- A list of closing cost fees, provided by MoneyGeek
Be aware that out-of-town buyers might not be familiar with closing fees and costs in your area. For example, in North Carolina, fees can vary by county by as much as $300. Overall, North Carolina closing costs average about $1,911, compared to the national average of $1,847. And, North Carolina law requires a title attorney to be at the closing, an expense not required by many other states.