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5 Tips for Black Americans to Successfully Sell a Home

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5 Tips for Black Americans to Successfully Sell a Home

Black Americans spent an average of $47,953 to sell their homes since 2022. They could have made an extra $50,000 by using different strategies, according to a report by Clever Real Estate. The survey, conducted in May 2024, included 1,014 people who sold homes between 2022 and 2024, including 91 Black Americans.

In 2024, the average homeowner spent about $54,616 to sell their home, with 42% saying the cost was higher than they expected. Among Black sellers, 95% said they would have made different choices if they had known the true costs.

Many believe they could have made more money by waiting for more offers (30%), accepting a different offer (27%), negotiating more with the buyer (26%), listing at a higher price (24%), and negotiating the agent’s commission (22%).

“When their homes hit the market, most sellers are so focused on how much they hope to earn; they forget selling a home costs money, too — and quite a lot,” Seale said.

High selling costs, including agent commissions, have reduced profits compared to previous years. As a result, 34% of Black sellers said they would have waited to sell until home prices went up.

Despite a tough market, 73% of Black sellers made a profit, earning a median of $111,500, which is higher than the $100,000 median profit for 64% of all sellers. Black sellers who used an agent and made a profit sold their homes for $30,500 more than those who did not use an agent.

The biggest expense for home sellers is usually the real estate agent commission, which is about 5% to 6% of the final sale price. For a median-priced home, this can be around $21,600.

Seale noted that most home-selling expenses, including price cuts and repairs, are generally lower for Black Americans than for others. “The typical value of U.S. homes with Black owners is 18% less than the typical value of homes with White owners,” according to the report.

Cutting home-selling expenses depends on what sellers care about most and the trade-offs they are willing to make. Seale suggests that sellers who want to sell quickly might invest in repairs to make their home more attractive, but they can avoid repairs if they prefer to save money and are not in a rush.

Here a 5 Tips for Black Americans to Sell a Home Faster

  1. Stage your home to highlight its best features and help buyers imagine living there.
  2. Hire a professional photographer to take high-quality photos that make a good first impression online.
  3. Work with an experienced real estate agent to set a competitive price. Overpricing can scare away buyers, while underpricing can lower potential earnings.
  4. Offer buyer concessions, like paying some closing costs, to attract more buyers.
  5. If not willing to offer concessions, consider iBuyer or We Buy Houses companies for fast offers, though they usually pay below market value.
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