What does it actually cost to sell a house in Southwest Virginia?

How to think about it

"What will I clear?" is the only number that really matters when you sell, and it's almost never the sale price. The way to get to it is simple: start with the price the home sells for, then subtract every cost between accepting an offer and walking out of the closing. We'll go through those costs the way we'd explain them to family — one line at a time, no vague percentages.

1. The real estate commission (the big one)

For most sellers this is the largest selling cost. In our area a total commission of 5%–6% of the sale price is common, and it is fully negotiable — there is no fixed or "standard" rate set by law.

Since the 2024 changes to how agents are paid, the listing-side and buyer-side compensation are negotiated separately. As the seller you agree to a fee with your own listing agent. Whether you also offer to cover the buyer's agent — and how much — is now an open conversation and part of your overall strategy. On a $350,000 home, a 5.5% total commission is about $19,250.

2. Your mortgage payoff

If you still owe on the home, the remaining loan balance is paid off at closing out of your proceeds. This is often the single biggest line on the page, and it's easy to forget that the payoff figure is a little higher than your last statement — it includes interest charged up to the day the loan is actually paid (the "per-diem"). Ask your lender for a written payoff quote good through your expected closing date.

3. The Virginia grantor tax

Virginia charges the seller a transfer tax — commonly called the grantor tax — when the deed is recorded. The state portion works out to roughly $1.00 per $1,000 of the sale price (about 0.1%), so on a $350,000 sale it's in the neighborhood of $350. The extra regional transportation tax that applies in northern Virginia and Hampton Roads does not apply here in the Roanoke and New River Valley area. Your settlement agent calculates the exact figure.

4. Settlement and recording costs

These are the smaller administrative fees that move the sale through closing. They vary by settlement company, but plan for:

• Settlement / closing fee — the title or settlement company's charge for handling the closing, often a few hundred dollars.
• Deed preparation — drafting the new deed that transfers the property.
• Recording fees — charged by the county to record the documents.
• Title curative work — only if something needs clearing up (an old lien, a name correction). Often nothing, but worth knowing it can come up.

5. Prorated property taxes and HOA dues

Property taxes are split between you and the buyer based on the closing date — you pay for the part of the year you owned the home. Depending on when in the cycle you close, this can be a credit or a charge. If your neighborhood has a homeowners association, dues are prorated the same way.

6. The costs you choose (or negotiate)

These aren't automatic, but they're common enough to budget for:

• Pre-listing repairs or cleaning. What you spend to get the home ready to show well.
• Buyer concessions / closing-cost credits. Buyers often ask the seller to cover part of their closing costs. It comes out of your proceeds just like a price reduction.
• Repairs after inspection. Items the buyer asks you to fix (or credit) once their inspection comes back.
• A home warranty for the buyer — sometimes offered to sweeten a deal.

A worked example (illustrative)

Say you sell for $350,000 and owe $180,000 on your mortgage:

• Sale price: $350,000
• Commission (5.5%): −$19,250
• Mortgage payoff: −$180,000
• Grantor tax (~0.1%): −$350
• Settlement, deed, recording: −$700 (estimate)
• Buyer credit (negotiated): −$3,000
• Estimated net proceeds: ≈ $146,700

Every one of those numbers moves with your situation, which is exactly why a real seller net sheet — done with your specific price, loan balance, and closing date — beats any rule of thumb. Before you list, you should be able to see your likely walk-away number on one page.