How much equity do i need in my house to break even when selling?

Jaime
I owe $248k & am trying to figure out how much equity i need to break even after realtors get commission and other fees are paid. When I refinanced last year the house was appraised for $270k. I'm in the process of having it reappraised and believe the value has held steady but is it enough to break even? I live in Maryland if that helps.

Carey
i'd guess 9% or so. 270 times 9% = 24.3k in costs and fees leaves 245.7 for you. And that would offer no negotiating room at all -- last I heard, average actual sale price was a bit under the list, so you need to ask 290k if the market will support that.otherwise, you're likely out of pocket.

Dorian
Go to 2 or 3 realtors for market appraisal. Tell them you're thinking of selling and ask them for estimated closing costs. They would have the #s on sellers closing costs which can include real estate commission, title insurance, survey, escrow costs, transfer taxes, attorneys fees, recording fees, expedition payoffs, etc. Usually the commission is MOST expensive, so try to get 5% rather than 6% on listing agreement, as it will make a difference.

Qiana
Realtors typically charge 6% commission fees. Adding that to your loan amount will give you a general idea of what you'll need. If you list the house at $275, 000, it will give you a little wiggle room for negotiation. The purchaser may ask for help with closing costs, for instance, and you can offer that. YOU should not have any other closing costs unless there are requirements from a VA or FHA loan. That would require you to pay 1-2% for half of the transfer and recordation costs. In Maryland you may have to pay that nonetheless if you sell to a first-time buyer. So, add about $20, 000 to your loan amount and that's your bottom line.