Understanding Every Dollar of Your Home Sale
One of the biggest concerns sellers have is: "How much will it actually cost me to sell?" The short answer for a typical Twin Cities home: 7-10% of your sale price. But the details matter, and understanding each line item helps you plan your net proceeds accurately.
Agent Commission: 5-6% of Sale Price
The largest single cost in most home sales is the real estate agent commission. In the Twin Cities market, this typically runs 5-6% of the sale price, split between the listing agent and buyer's agent. On a $450,000 home (Maple Grove's median), that's $22,500 to $27,000.
While commission rates are technically negotiable, the value of experienced local representation — pricing strategy, marketing, negotiation, and navigating Minnesota's specific legal requirements — typically pays for itself through higher sale prices and smoother transactions.
Minnesota Deed Tax: 0.33%
Minnesota is one of several states that charges a deed tax (also called a transfer tax) when real property changes hands. The rate is $1.65 per $500 of the sale price, which works out to 0.33%. On a $450,000 sale, that's approximately $1,485. This is a non-negotiable cost set by state law.
Title Insurance: $1,500-$3,000
In Minnesota, the seller typically pays for the owner's title insurance policy, which protects the buyer against title defects. Costs vary based on the sale price but generally range from $1,500 for homes under $300,000 to $3,000 or more for higher-value properties.
Closing Costs: ~1-1.5%
Seller closing costs in Minnesota typically include prorated property taxes, recording fees, and various administrative fees. Budget approximately 1-1.5% of the sale price. On a $450,000 home, that's $4,500 to $6,750.
Pre-Sale Repairs and Preparation
The wildcard in selling costs is pre-sale preparation. A home in good condition might need only $1,000-$3,000 in minor repairs and cosmetic updates. A home that needs significant work could require $10,000-$25,000 or more. Common pre-sale expenses include:
- Interior painting: $2,000-$5,000
- Carpet replacement: $2,000-$4,000
- Minor kitchen updates: $1,500-$5,000
- Landscaping refresh: $500-$2,000
- Professional cleaning: $300-$600
The Bottom Line: Your Net Proceeds
For a typical $450,000 Twin Cities home sale in good condition, expect total costs of approximately $32,000-$42,000 (7-9.5% of sale price). That leaves estimated net proceeds of $408,000-$418,000 before any outstanding mortgage balance.
Every situation is different, and the best way to get a precise breakdown for your specific home is to use our selling cost calculator on your city's page.