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Buyer’s Agent Fee: $7,750–$9,300
In the past, most home sellers covered both the listing agent and the buyer’s agent commissions. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers or help close a deal, on a $310,000 median-priced Cincinnati home, you can expect to pay $7,750–$9,300.
Detailed Closing Costs: $3,100–$0,000
Closing costs in Cincinnati typically average 1%–2.5% of the home’s sale price. Whether your property falls in the high or low end of this range depends on its value, condition, the purchase agreement, and what services you end up paying for. On a median-priced home of $310,000, you might pay $3,100–$7,750. Below are some of the typical types of closing costs you can expect in a Cincinnati home sale:
- Home Preparations: To help make your Cincinnati home stand out, you’ll want to invest in curb appeal improvements such as professional cleaning, landscaping, or staging the property for buyers.
- Renovations/Repairs: Fixing or updating your Cincinnati home to meet buyer expectations or inspection requests.
- Title Service Fees: The title company’s work required to verify legal ownership and help manage the transfer of the property.
- Owner’s Title Insurance: A one-time insurance premium paid by the seller in Cincinnati to protect the buyer from title issues or ownership disputes.
- Transfer Taxes: Cincinnati home sellers pay a state transfer tax rate of $1 for every $1,000 of the property’s value. Hamilton County also has its own transfer tax rates to consider (see below).
- Recording Fees: This is a relatively small fee you’ll need to pay to the local city or county recording office to officially record the change in property ownership.
- Buyer Incentives: With buyers being more hesitant in the current Cincinnati market, you may need to offer concessions or credits to sweeten a deal, such as paying the buyer’s agent fees or funding an interest rate buydown.
- Other Costs: You’ll likely have some miscellaneous expenses that are not covered in other categories, such as attorney fees and HOA transfers. (An attorney is not required to sell a house in [State].)
- Moving Expenses: While paying for movers or a rental truck is not technically a closing cost, you might want to include this expense in your budget, which can range from $883 to $7,000.
Hamilton County’s transfer tax liability is divided into multiple parts: a transfer fee and a conveyance and permissive fee. These are levied in addition to the statewide conveyance fee.
The conveyance and permissive fee rate is $3.00 per $1,000 of the property’s sales price. The transfer fee is $0.50 per parcel being transferred.
