John Ternullo

How Much Does It Cost to Sell a Home North of Boston?

When selling your home, it’s crucial to understand the costs involved as the seller. Whether you're in Stoneham, Andover, or another town north of Boston, here’s a breakdown of the typical expenses you’ll encounter during the home-selling process.

1. How Much is The Real Estate Agent Commission When Selling Your Home?

This is often one of the largest expenses. There are no standard fees, but commissions typically range from 2% to 6% of the home’s sale price, depending on the services offered and whether you’re compensating a buyer’s agent.

2. What Are The Legal Fees When Selling Your Home in Massachusetts?

In Massachusetts, sellers generally hire an attorney to handle the legal aspects of the transaction. Your attorney will draft and review all necessary documents, including the purchase and sale agreement, and ensure compliance with local laws. Expect to pay between $1,000 and $2,000 in legal fees.

3. What are Massachusetts Deed Stamps (Transfer Tax)

The Commonwealth of Massachusetts imposes a real estate transfer tax, known as deed stamps. The rate is currently $4.56 per $1,000 of the sale price. For example, if you sell your home for $500,000, you’ll pay $2,280 in transfer taxes.

4. How Do I Pay Off My Mortgage When Selling My House

At closing, any remaining mortgage balance or other liens (like home equity loans) must be settled. The payoff amount will be deducted from your sale proceeds. Be sure to get an accurate payoff statement from your lender to avoid surprises.

5. Final Bills and Adjustments

As the seller, you’re responsible for all unpaid bills up to the day of closing. This includes property taxes, water bills, and any municipal services such as gas or electricity. These costs will be prorated and finalized at closing.

6. Smoke Certificate

In Massachusetts, you’ll need a Certificate of Compliance from the fire department, verifying that your smoke detectors meet safety standards. Most towns charge about $50 for the inspection, and if updates are required, you may need to replace smoke detectors, which can cost approximately $75 per unit, plus installation fees.

7. Title V Inspection (If Applicable)

If your home has a septic system, a Title V inspection is required to confirm it’s in good working order. The cost for a Title V inspection typically ranges from $500 to $1,000 or more, depending on your location and the condition of the system.

8. What Are Buyer Closing Cost Contributions When Selling Your Home?

In a buyer’s market, it’s common for buyers to request that sellers cover some or all of their closing costs. This is a negotiated amount and can vary based on the overall purchase price and the competitiveness of the market. If agreed upon, these costs are deducted from the seller’s proceeds at closing.

9. Inspection Repairs or Credits

After the buyer’s home inspection, you may be asked to make repairs or offer a credit for issues uncovered. In a seller’s market, these requests are less common, but they’re more typical in a buyer’s market. This expense can either be out-of-pocket before closing or negotiated as a credit toward the buyer’s closing costs.

10. Home Preparation and Staging

Many sellers invest in preparing their homes for sale through home staging, repainting, or landscaping updates. Staging costs can vary widely, but sellers typically spend between $1,000 and several thousand dollars, depending on the level of preparation.

Understanding When Costs Are Paid

Costs like the smoke certificateTitle V inspection, and home preparation are paid upfront. However, most other expenses—such as agent commissionslegal fees, and taxes—are settled at closing and deducted from the seller’s proceeds.

Plan Ahead for a Smooth Transaction

Selling a home is a significant financial transaction, and being prepared for these costs will help you avoid surprises. If you’re thinking about selling your home in Middlesex or Essex counties, reach out to The Ternullo Real Estate Teamfor expert guidance and a smooth transaction.

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Fall Buyer and Seller Guides Are Here!

 

Are you considering moving this season? If so, you’re going to want a copy of the Fall Buyer and Seller Guides. These guides give you the facts on the biggest trends in the market, expert forecasts for what’s ahead, and a clear look into how it all impacts your move. 

Read our Fall 2024 Home Buyer Guide

Read our Fall 2024 Home Selling Guide

 

 

North of Boston Real Estate Market Update April 2024

Welcome to our July market update! We're taking a look at single family homes sold in Middlesex and Essex counties and comparing June of 2024 to June of 2023. The amount of homes available for sale (inventory) went up by about 18%, and the amount of homes sold went down by 7%. Days on market, or the time it's taking homes to sell went from 26 days on average down to 24. And median sales prices went from $800,000 up to $861,000, an increase of 8%.

In my last video I talked about how buyer intensity has come down. Plenty of people out there believe home prices should fall very soon, but those that study the market say otherwise. Lawrence Yun, the chief Economist for NAR believes there's just simply not enough supply for prices to fall.  We are very much still in a sellers market. We have a long way to go before we get to a buyer's market, or even a neutral market for that matter.

For those that are thinking about selling their home, right now is still a great time. Prices have never been higher! However, there are a lot of homeowners out there that have been sitting on the market for 3-5 weeks wondering where all the buyers are. My advice to home sellers is to  have realistic expectations; things may not go just as they did for your neighbor that sold 4 years ago. And the other thing is thatdoing the important things matter again! It's important to price your home correctly, take the time to prep your home, and make sure your agent has a solid marketing plan. If you do all those things correctly you are bound for success! If you're thinking about making a move in the suburbs north of Boston give us a call at 617-275-3379!

 

 

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New Listing! 6 Greenbriar Drive, Unit 106 North Reading, MA 01864

6 Greenbriar Drive, Unit 106 North Reading, MA 01864  |  For Sale $295,000

 

1 Bedroom    1 Bath     800Sf

Open Houses

Sunday 6/9 12:00-1:30PM

A Charming Home with Modern Touches! Welcome to this beautifully updated Dutch Colonial Home full of character and modern amenities. The heart of this home is the brand-new kitchen featuring gleaming white cabinetry, quartz countertops, and stainless steel appliances. The dining room, filled with natural light connects seamlessly to both the kitchen and living room, making it an ideal space for gatherings and everyday living. Upstairs, you'll find three cozy bedrooms, two spacious and one smaller room – perfect for a home office or a child's bedroom. Both the upstairs full bath and the downstairs half bath have been recently renovated, boasting fresh finishes and modern fixtures. Situated in a lovely neighborhood, this home offers a perfect blend of vintage charm and contemporary convenience. Add some exterior finishing touches and enjoy all the comfort of 3 Jones Avenue.

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    Home Buyers Brunch!

    Unlock the secrets to homeownership success at our exclusive Home Buyers Brunch! Are you tired of feeling outmaneuvered in today's competitive housing market? Join us for a morning of enlightenment as we decode the home buying process, arm you with insider insights, and help you unlock the door to your dream home.

    At this brunch, you'll gain invaluable strategies for winning multiple offers, understanding the components of an offer, and navigating the intricacies of real estate contracts with confidence. Our team of expert agents will share their insider knowledge and practical tips to empower you in your home buying journey.

    Whether you're a first-time buyer or a seasoned house hunter, this event is your opportunity to level up your home buying game and gain a competitive edge in today's fast-paced market. Don't miss out on this unique chance to decode the secrets of successful home buying while enjoying a delicious brunch spread!

    Space is limited, so reserve your spot today and take the first step towards unlocking the door to your dream home. We can't wait to see you there!

    Sign up here!

     

     

     

     

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    Are Foreclosures Increasing?

     

     

    No matter what you’ve seen in the news, there is no wave of foreclosures on the horizon. Yes, we’ve seen numbers tick up slightly (hence those headlines), but that was expected when the moratorium ended. It’s not a cause for alarm. We’re still well below pre-pandemic levels and way lower than what we saw during the crash. If you have questions, I’m here to help. #expertanswers #realestateagent #keepingcurrentmatters

    North of Boston Real Estate Market Update April 2024

    Welcome to our April market update! We're looking at single family homes sold in Middlesex and Essex counties and we're comparing March of 2024 to March of 2023. Inventory remains a problem and fell by close to 10% last month. Units sold also dropped by close to 11%. The number of days on the average home was on the market didn't change much, going from 43 days on average up to 44.

    Many people talk about the homes that are selling within a week, but the reality is is many homes are taking much longer! Buyers should know that median prices went from $718,000 up to $800,000 - an increase of close to 11.5%. We're often asked by potential home sellers, "is it really worth the effort in home prep if the market is so hot?" We can tell you that homes that are priced right and look great are commanding top dollar through multiple offers. and often are selling within a week. Homes that are taking much longer to sell are likely selling for under asking. Home prep could be the difference of tens of thousands of dollars. If you are considering making a move in in or out of the suburbs North of Boston give us a call at 617-275-3379!

     

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    North of Boston Home Sellers Seminar March 2024

    Sell Smart ! Your Path to a Successful Home Sale Seminar

     

    Click the link below to sign up!

    Wednesday , March 6th, 2024 at 5:30 PM  Leading Edge Real Estate,  248 Main St, Reading, MA, 01867

    Wednesday, March 13th, 2024 at 5:30 PM Leading Edge Real Estate, 77 Main Street, Andover, MA, 01810

     

    Sell Smart! Your Path to a Successful Home Sale Seminar

    Are you feeling overwhelmed by the thought of selling your home? Don't miss our exclusive seminar, designed to empower you through every step of your home selling journey!

     

    Key Topics You Can't Afford to Miss:

    Smart Home Fixes: Invest Wisely

    Discover which home improvements are worth your time and money, and which are just empty expenses. Maximize your return on investment by focusing on what truly matters.

    Starting on the Right Foot: Your Home Selling Blueprint

    Learn how to initiate the home selling process confidently. From setting the right price to staging your home for success, our experts will guide you through the crucial first steps.

    Navigating Legal Landmines: Protecting Your Interests

    Avoid the legal pitfalls that can derail your sale. Gain insights into contracts, disclosures, and potential issues, ensuring a smooth and hassle-free transaction.

    Timing Your Success: When to Sell for Maximum Impact

    Uncover the secrets of market timing. We'll reveal the best seasons and strategies to sell your home for top dollar. Don't miss your chance to seize the perfect moment.

    Why Attend?

    Personalized Guidance: Our experienced real estate team will be there to answer your questions and provide tailored advice.

    Stress Reduction: Learn how to manage the emotional aspects of selling, from decluttering to saying goodbye to your beloved home.

    Empowerment: Take control of your home selling journey and gain the confidence to make informed decisions.

    Join us at "Sell Smart! Your Path to a Successful Home Sale Seminar", and let us transform your overwhelming home selling process into a confident and successful venture. Your dream lifestyle is within reach—reserve your seat today!

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