American Dream: The real cost of making money selling your house

Tyler Ryan learns about the costs that are associated with selling your home from agent Jeannette Womble

COLUMBIA SC (WOLO) – There is a lot of money to be maid in real estate, given the current market and trends.  Over the last several years, many people have made very good profits by selling their properties, as values continue to set records.

According to EXP Realty Agent Jeannette Womble, however, there are some costs that go along with making a tidy sum in the real estate market.

Womble says that there are, in addition to things like repairs etc that one might expect, five areas people tend to forget about – until they get the settlement statement and net sheet.

1. State Sales Tax.  Womble says that you can expect to have to pay a 3.7% sales tax when you sell your house.  As an example, a $250,000 house would be $925.00 in tax.
2. Attorney Fees.  South Carolina is one of the states that requires that attorneys are part of the closing process.  You can expect to pay $500 and up for the service.
3. Broker Fees.  If you list your home with a real estate broker, you can expect to pay a small pre-negotiated flat rate or a percentage fee, which can be significantly more.
4. Non-resident withholdings. Womble says that if you are no longer a South Carolina resident, you can expect for a percentage of the sale, or profit, to be hold back to cover any potential tax liability you incur as part of the sale.
5. Pro-rated Property Tax.  Property tax in South Carolina is generally paid at the end of a year, and the money is often part of an escrow that is set up at the time of the sale, however, you can expect to have an amount held for that purpose.

You can learn more about the buying and selling process or contact Womble HERE.

ABOUT THE AUTHOR:

Tyler Ryan is an award winning television and radio personality, weather forecaster, writer, investigative journalist, and professional emcee.  He appears daily on ABC Columbia’s Good Morning Columbia, as well as hosting the syndicated radio program Carolina Cares on the South Carolina Radio Network, and the iHeart Radio Network.  Tyler also regularly appears as a criminal expert and journalist on regional and national crime based programs like Snapped and Killer Couples.  You can contact him directly via EMAIL Or on the socials: Tyler’s Instagram  // Tyler’s Facebook