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Rising Star
There is literally no one answer to this. Depends on cost of new house, percent to selling broker, closing costs, money needed for moving or Renovations…
Find a broker, ask them their percentage, find a bank, have them run some mock numbers for you and you’ll get some of the info, but until you have the house you want to buy lined up it’s theoretical.
Take about 10% off the total price and then take out your mortgage balance. This is a rough estimate but you likely stand to net around $127K. But per another comment, this is all a guess until you get real details.
Expect to pay a 6% commission fee and an average of 1% of sale price on closing costs, which may include things like title insurance, a survey fee, inspection fee, appraisal fee, etc. Some can be negotiated to be paid by the seller but don’t count on it in this market.
I would also strongly caution against Zillow’s estimates. They are notoriously off, up to 9% higher on average. There’s a reason they don’t buy houses anymore.
Plan 10% out the door.
Chief
Alright. So in general 6% agent fee, maybe a 2% transfer tax (very dependent based on area), could be an attorney fee and others.
These numbers are way too high. Plan on 4% for realtor fees and about 1% title. The 4% realtor fee is 3% to the buying agent (standard) and 1% to the listing agent (negotiated). You can get 1% on the listing by telling a realtor that you will use them on both your buy transaction and the list. They will make 3% on the buy. This is an easy negotiation even with the best full service realtors.
In order to get the best realtor, find a friend with access to the local MLS (anyone in real estate had it as do folks in valuations). Look up your zip code and see who has done the most transactions. Start with the person with the most transactions and move your way down the list. Local knowledge is king in real estate. You want a full time realtor, not a part timer.