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Idaho ranks #10 on list of states with the highest closing costs for homebuyers

By
Real Estate Agent with Keller Williams Realty Coeur d'Alene AB37665

An interesting survey has been published by Bankrate.com that shows the average closing costs for each state, based on a $200,000 mortgage with 20% down and good credit.  One of the first things I noticed when I moved my real estate business from Colorado to Idaho in 2008 was that closing costs were noticeably higher here.

The average of all states was $3,741 this year, a 36.6 percent increase over last year's average of $2,739.  Fees charged directly by lenders went up 22.8 percent, while fees charged by third parties, for things such as appraisals and title insurance, rose 47.2 percent.  Idaho's average closing costs were 10th highest at $4,077. Here is a breakdown of Idaho's average closing expenses.

Leading the states with the highest closing costs was New York, at $5,623.  On the low end, Arkansas came in at $3,007.  Click here to see where every state ranks.

Click here to read the entire article on Bankrate.com

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Janna Rankin Scharf provides a superior level of real estate service to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com for area information and to search for all homes in the Coeur d'Alene Multiple Listing Service. 

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today so I can  be of service to you!

Janna Rankin Scharf AB, GRI, CLHMS, PMN, SFR  208.651.9700

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Comments (2)

Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

I would have thought that ID would be lower on the list than in the top 10. Thanks for posting this article. Fortunately NC is close to the bottom!

Aug 18, 2010 03:32 AM
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Craig - I know, I was surprised, too!  Groceries are also higher here...

Aug 18, 2010 03:38 AM