What Will You Actually Walk Away With?
The sale price is just the starting point. Your net proceeds are what matter. Use the calculator below to estimate what you will walk away with — then talk to Jeff for a precise figure based on your specific home.
Get a Precise Net Sheet From Jeff Use the Calculator ↓costs in Michigan
transfer tax rate
concessions range
exactly what to expect
The Difference Between Sale Price and What You Keep
Most sellers focus on the listing price. The number that actually matters is net proceeds — what you receive after every cost is accounted for. In Michigan, sellers typically pay between 7% and 10% of the sale price in total closing costs, which means on a $500,000 home, you should expect $35,000 to $50,000 in deductions before your check arrives.
Those costs include real estate commissions, Michigan transfer taxes, title insurance, prorated property taxes, any seller concessions negotiated with the buyer, and your remaining mortgage payoff. Each one is knowable in advance — and each one can be managed strategically.
The calculator below gives you a working estimate. For a precise net sheet built around your specific home, mortgage balance, and current market value, Jeff Duneske provides that as part of every seller consultation at no cost and no obligation.
What Gets Deducted at Closing
- ✓ Remaining mortgage payoff balance
- ✓ Real estate commissions
- ✓ Michigan state transfer tax (0.75%)
- ✓ County transfer tax (~0.11%)
- ✓ Title insurance (owner's policy)
- ✓ Prorated property taxes
- ✓ Seller concessions (if negotiated)
- ✓ Recording fees and miscellaneous closing costs
Numbers vary by sale price, municipality, and negotiation. Jeff provides a precise net sheet at every seller consultation.
What to Budget for at Closing
These figures represent typical ranges for sellers in Northville, Novi, South Lyon, and surrounding Metro Detroit communities. Actual costs vary by transaction.
| Cost Item | Typical Range | Notes |
|---|---|---|
| Real Estate Commission | Negotiable | Discuss directly with Jeff — commissions are always negotiable |
| Michigan State Transfer Tax | 0.75% of sale price | $3.75 per $500 of sale price — paid by seller |
| County Transfer Tax | ~0.11% of sale price | $1.10 per $1,000 — varies slightly by county |
| Title Insurance (Owner's Policy) | 0.5% – 1.0% | Typically paid by seller in Southeast Michigan |
| Prorated Property Taxes | Varies | Seller pays taxes accrued through closing date |
| Seller Concessions | 0% – 3% | Negotiated — not always required in a seller's market |
| Recording Fees & Misc. | $200 – $500 | Title company and settlement fees |
| Estimated Total Seller Costs | 7% – 10% of sale price | Excluding mortgage payoff — varies by transaction |
"The net sheet is the most important document in a listing conversation — and most sellers never see one until they are already under contract."
Before your home goes on the market, you deserve to know exactly what you are likely to walk away with. Not a rough guess — a real number built around your mortgage balance, your home's current market value, and the realistic costs for your specific situation.
Jeff Duneske provides a detailed seller net sheet as part of every consultation. It takes the guesswork out of the decision and gives you a clear picture of what selling actually means for your financial situation — before you commit to anything.
— Jeff Duneske, Associate Broker · Northville, MI
Frequently Asked Questions About Seller Costs
How much does it cost to sell a home in Michigan?
In Michigan, sellers typically pay between 7% and 10% of the sale price in total closing costs. This includes real estate commissions, Michigan transfer tax (0.75%), title insurance, prorated property taxes, and any negotiated seller concessions. On a $500,000 home in Northville or Novi, sellers should budget approximately $35,000 to $50,000 in total costs before receiving their net proceeds.
What is Michigan real estate transfer tax?
Michigan charges a state real estate transfer tax of $3.75 per $500 of the sale price, or 0.75%. There is also a county transfer tax of approximately $1.10 per $1,000. On a $500,000 home, the combined transfer tax is approximately $4,300. This is typically paid by the seller at closing.
What is the difference between sale price and net proceeds?
The sale price is the amount a buyer agrees to pay for your home. Net proceeds is what you actually receive after subtracting your remaining mortgage payoff, real estate commissions, closing costs, transfer taxes, prorated taxes, and any seller concessions. For most sellers, net proceeds are 7% to 10% less than the gross sale price — not counting the mortgage payoff.
What are seller concessions?
Seller concessions are amounts a seller agrees to credit toward the buyer's closing costs as part of the purchase agreement. In Metro Detroit, concessions of 2% to 3% are common in buyer-favorable negotiations. They reduce the seller's net proceeds directly and should be factored into your estimate before listing.
Are capital gains taxes owed when selling a home in Michigan?
Most homeowners qualify for the federal capital gains exclusion — up to $250,000 for single filers and $500,000 for married couples filing jointly — if they have lived in the home as a primary residence for at least two of the last five years. Michigan does not have a separate state capital gains tax beyond standard income tax. Consult a tax advisor for guidance specific to your situation.
How can I get an accurate net proceeds estimate for my home?
The most accurate way is to request a seller net sheet from your listing agent. Jeff Duneske provides a detailed net proceeds estimate as part of every seller consultation — factoring in your specific mortgage balance, current market value, local transfer taxes, and likely closing costs. There is no cost and no obligation. Schedule a consultation at duneske.com/contactus.
A Real Net Sheet Built Around Your Home
The calculator above gives you a working estimate. For a precise figure based on your actual mortgage balance, current market value, and likely costs — Jeff provides that at no cost as part of every seller consultation.
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Frequently Asked Questions
Do sellers still pay buyer broker commissions?
Commission structures are negotiable and vary based on strategy and market conditions.
How are Michigan transfer taxes calculated?
Michigan transfer tax is typically based on sale price and split between state and county.
Will I owe capital gains tax?
Many homeowners qualify for primary residence exclusions, but it’s important to confirm with your tax advisor.