Figuring out how much you’ll make from selling your home seems easy at first. In theory, you’d just subtract your outstanding mortgage from the price you hope to get when you sell. But don’t forget the pesky variable costs that vary by city, county, and state, like title and escrow fees and transfer tax. Rather than sweating over the details, wouldn’t it be nice to have it all figured out for you?
Enter the Redfin Home Sale Calculator. If you’ve been flirting with the idea of selling your home, you’ll love this new tool. Instantly gratifying and rejection free – unlike a lot of flirting – the Home Sale Calculator will help you approximate what you’ll net when you sell. To get started, use the Redfin Home Value Tool to get an estimated sale price on your home. Then input the price and your outstanding mortgage, and the calculator takes care of the rest. It also tells you how much you’d save if you sold it with your local Redfin agent.
In the nine major markets that the calculator currently covers, we consulted local Redfin real estate agents, title insurance agents, and escrow agents, and reviewed information from past home sales to assess closing costs. For example, we know home sellers in San Francisco pay around $500 to make sure their homes comply with water conservation laws, and that the Virginia Grantors Tax, first levied when colonists were still subjects of the British Crown, will add a quarter of a percent of your Virginia home’s selling price to your transaction.
The result of all this research is a tool that navigates the quirks of home sales transactions to give you information that is tailored for you. So go ahead, flirt a little and give it a spin! If you’ve calculated your proceeds and still have questions, contact a Redfin agent in your area.