Unexpected expenses that can come with selling a home & the home updates that are the best

June is National Home Ownership Month, and the summer is historically peak season for people to make a move.

Right now, predictions are that a more balanced housing market might be on the horizon after interest rates peaked last fall at 7.7%. They’re now hovering at about 7%.

When you are selling a home, it’s easy to focus on how much you hope to earn, but don’t forget it can cost you money to get a house on the market.

According to a recent survey from Clever Real Estate, Americans report spending nearly $55,000 on home-selling expenses — an amount that came as a surprise to 64% of the sellers surveyed.

Here’s a breakdown of those costs.

Listing agent commission $11,136

Buyer’s agent commission $10,467

Repairs $10,000

Closing costs $8,000

Concessions $7,200

Moving expenses $3,250

Marketing $2,300

Staging $2,263

The largest piece of the pie clearly goes toward commission costs, so to avoid high commissions, some sellers are choosing to forego a real estate agent altogether.

If that’s something you’re thinking about, consider this first: The Clever Real Estate survey found selling a home without professional help might not be worth the commission savings.

Sellers who did not hire an agent saved only $4,200 compared to those who did, and sellers who hired an agent made $34,000 more than those who didn’t.

If you’re not in a hurry, one more factor to consider is that starting in August, sellers will no longer be required to pay the buyer’s agent commission. That’s because of the outcome of a lawsuit against the National Association of Realtors that will reduce home-selling costs by about $10,500.

Repairs and upgrades are another major home-selling expense because the majority of today’s home buyers don’t want to take on costly renovations in an already expensive housing market.

According to the Clever Real Estate survey, 76% of sellers invested in repairs and updates to their homes.

But how do sellers know they’re making the right changes so that they will recoup the costs with a higher sale price?

Here is a ranking of the improvements buyers want, according to the survey:

Bathroom remodels

Kitchen updates

Fresh paint

Updated plumbing

A new roof

But realtors say the renovations that will actually give you the best return on your investment are a new HVAC system, a new garage door or a manufactured stone veneer.

Ashleigh Robinson with First Florida Credit Union joined us on The Morning Show to share what real estate analysts expect for the near future.