Q&A: What are the average closing costs in CA vs other states?

Many first-time home buyers save up a lot for a down payment, but when it comes to closing the deal, surprise! Closing costs can catch them off guard. While some lucky buyers get these costs covered by sellers, most end up paying themselves.

To understand the closing costs for your state, consider common expenses like appraisal fees, inspection fees, attorney fees( if any), mortgage taxes and fees, homeowners insurance, property tax, title insurance, etc.

California closing fees: 

* The closing cost percentage for buyers in California accounts for 2% to 5% of the total purchase price. The exact closing costs depend on the type of loan, home value, sale contingencies, local laws, escrow and real estate service fees, and some other miscellaneous fees( recording fees, notary fee, etc.) You can ask for seller credits or concessions, negotiate with your lender and other vendors. 

* The closing cost percentage for sellers in California amount to approximately 7-11% of the total sales price of a home. They usually include county transfer taxes, city transfer taxes, a real estate commission, escrow charge, title insurance premium, some inspections and some other miscellaneous fees( recording fees, notary fee, etc.). 

As your dedicated real estate agent, I'll oversee the entire escrow process from start to finish, ensuring a smooth experience for you. While you don't need to worry about understanding every intricate detail, it's essential to have a basic grasp of the process when you're making such significant financial commitments. This way, you'll know what to anticipate whether you're buying or selling a home. Please feel free to contact me if you have any questions or concerns along the way. Your satisfaction and peace of mind are my top priorities.