LIVING IN REDMOND
    BACK TO SELLING

    FOR HOME SELLERS

    SELLING COSTS IN REDMOND

    Knowing your costs up front helps you price with confidence and estimate what you'll walk away with. Here's what Redmond sellers typically pay at closing.

    MAJOR SELLING COSTS

    REAL ESTATE EXCISE TAX (REET)

    Washington's real estate excise tax is the biggest tax cost for most sellers. Through December 31, 2026, the state rate is graduated: 1.1% on the portion of the price up to $525,000, 1.28% from $525,000 to $1,525,000, 2.75% from $1,525,000 to $3,025,000, and 3.0% above $3,025,000. Redmond adds a 0.5% local rate on the full price. The thresholds adjust on January 1, 2027.

    SALE PRICEESTIMATED REET (STATE + 0.5% LOCAL)
    $1,200,000about $20,415
    $1,550,000about $27,013

    Examples only, before any small processing fees. Your escrow officer calculates the exact amount. See the Washington Department of Revenue.

    REAL ESTATE COMMISSIONS

    Commissions are negotiable, and there is no standard rate. You'll agree on the listing broker's compensation up front, and how buyer broker compensation is handled is part of your listing strategy and the offers you accept.

    TITLE & ESCROW

    Sellers typically pay for the buyer's owner's title insurance policy and their share of escrow fees. Your escrow company will give you an estimate based on your sale price.

    PROPERTY TAX PRORATIONS

    Property taxes are prorated to your closing date, so any unpaid taxes you owe through closing come out of your proceeds.

    MORTGAGE PAYOFF

    Any remaining mortgage balance, plus interest through closing, is paid off from your proceeds.

    COSTS SELLERS OFTEN OVERLOOK

    PRE-LISTING REPAIRS & UPDATES

    Paint, fixtures, landscaping, and deferred maintenance. Veronica's pre-listing concierge service can handle select projects for you, with some paid at closing.

    PRE-INSPECTION

    A pre-listing inspection helps you find issues before buyers do, so you can repair or disclose on your terms.

    STAGING

    Staging helps buyers picture themselves in the home and shows it at its best in photos.

    UTILITY FINAL BILLS

    Final water, sewer, and other utility bills are settled at or after closing.

    MOVING & OVERLAP

    Moving, storage, and, if you're buying at the same time, short-term overlap costs. See Veronica's guide to buying and selling at the same time.

    CAPITAL GAINS

    Sales of real estate are exempt from Washington's state capital gains tax. For federal taxes, if you owned and lived in the home for at least two of the last five years, you may be able to exclude up to $250,000 of gain ($500,000 for married couples filing jointly). Talk with a CPA about your situation.

    General information only, not tax or legal advice.

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