27 min read Sep 30, 2022

Selling a House in South Dakota: 7 Things You Need to Know

Selling a house in South Dakota

Home values have gone up 16.8% in the month of May – June 2021-22 in Mount Rushmore State. But Federal Reserve System (central bank of the USA) has now decided on increasing the mortgage rates and this may lead to a drop in home values.

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1. Best Time To Sell Your House In New South Dakota

Summers are usually the best time to sell your home in South Dakota. By selling in June or July you can fetch good savings on your home.

South Dakota is a vibrant seller’s market around the said time, selling before the surge in mortgage rates is advisable, for maximum profits!

» Best Time to Sell a House in South Dakota: Know When’s The Best Time to Sell a House in South Dakota.

2. Price Your Home Competitively

As a seller, pricing your property right is important. It is also important to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic.

REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. Your LIST PRICE is not your SALE PRICE!!!

What happens if you underprice or overprice your listing?

If you price it too lowIt is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the sale price with the buyer. And you will sell at market price.
If you price it too highYou will get little traffic. It’ll make you drop the price, and you will sell at the market price.

Real estate agents have created a Comparative Market Analysis (CMA) to determine what’s an ideal listing price for a property. If you are opting for FSBO South Dakota then you can easily create your CMA with Zillow and Redfin and understand how to sell a house in South Dakota by owner works.

» How to Price Your Home For Sale: Learn How to Price Your Home For Sale in just 6 Steps

3. Options For Selling Real Estate In South Dakota

You have various pathways when it comes to selling a house in South Dakota. Selecting the right one at the right time can help you save thousands of dollars.

Option 1: Sell Your Home For Sale By Owner

One way to bypass the hefty Realtor commissions in the state of South Dakota is to sell your house For Sale By Owner (FSBO).

It is a DIY approach with no listing agent involved. Sellers have maximum control over the entire process but have to handle all the paperwork with no oversight.

» Best FSBO SitesCheck out the best For Sale By Owner websites in 2022!

🚩 Key Downsides of Selling Your Home For Sale By Owner:

  • No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
  • No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own considering For Sale By Owner.

Option 2: List With A Traditional Full-Service Agent

You can always hire a full-service agent to help you sell your home. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.5% to 3% listing agent commission.

🚩 Key Downsides of Listing With a Traditional Full-Service Agent:

  • Hefty Commissions Will Cost You Thousands: Average real estate commission in South Dakota is 5% to 6%. This is the total commission, including both the listing agent and the buyer agent commission. That’s thousands of dollars of fees in commissions.
  • Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. You will have to consult your agent for everything, to know if the counteroffer was submitted or not, to know the status of your closing, or even manage the showings.
  • Slow & Manual Process: Agents do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.

Best Option: For Sale By Owner with a Flat Fee MLS Listing

The average real estate commission in South Dakota is 5% to 6% which means you will be paying commissions of around $27,000 for a house sold at $450,000. Listing with a high-tech website like Houzeo.com saves you thousands of dollars as part of the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps you manage your listing.

A Flat Fee MLS Listing Service combines the best of both worlds maximum savings and unmatched quality services:

  • Save Thousands in Commission: Instead of paying a 2.5% to 3% listing agent commission, you just pay a $329 listing fee.
  • Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
  • Help When You Need It: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
  • Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
  • Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
  • A-la-carte Options: Need a yard sign, ShowingTime, or lockbox? You can purchase them easily from your Houzeo dashboard!
  • Houzeo Showings: Sellers can set up their own showing calendars, easily accept and reject showing requests, and even release access instructions to buyers and buyer agents. Buyer and buyer agents can directly request showings from the mobile app or the web listing.

👉 Houzeo Reviews: Check out what others have to say about Houzeo.com

🔥 BEST FLAT FEE MLS LISTING SERVICE IN NEW HAMPSHIRE

Houzeo.com

Houzeo Logo
  • Listing Fee: $299
  • Available nationwide
  • 5 Stars  4.9/5.0 (3,465 reviews)

Houzeo, an online real estate tech company, provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.

💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.

Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.

Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.

⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.

📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:

  • IntelliList Listing Management System: Lets you manage your listing 100% online.
  • Houzeo Showings: Manage to show appointments online.
  • Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for the highest and best offers.
  • Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
  • Houzeo Settlement Agent Platform: Guides you to your closing.

»More: Start your free listing on Houzeo.com today!

  • Nationwide coverage
  • Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
  • Quick listing (within a day with concierge)
  • Savings on commissions
  • 100% online – easy listing, fast changes, online showings, and online offers
  • Mobile app availability

Houzeo has a 4.9 out of 5 rating on Google & Trustpilot.

Houzeo is available nationwide.

» Flat Fee MLS South Dakota: Find out the top 7 Flat Fee MLS Companies in South Dakota

Option 3: Other Discount Real Estate Brokers

Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.

Flat Rate Brokers

A flat rate is a fixed amount the seller pays the broker. Flat rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per your home’s services or the selling price.

A flat rate is perfect for homes priced on the higher end. Let’s say your house is valued at $450,000 and you pick a flat-rate pricing model of a $3,500 listing fee. If you opt for the traditional agent route, you would have to pay a Realtor commission of around $27,000 according to the 5-6% of your home sale price.

Note: Apart from the buyer agent commission, you will also be responsible for concessions, escrow fees, and warranties. 

Our Top Pick For Flat Rate Brokers

*We could not find any reputable flat rate brokers in South Dakota.

Low Commission Real Estate Agents

Low commission realtors or agents are discount real estate brokers who work on a lower commission rather than the traditional 3% commission.

With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low-commission real estate companies in South Dakota more relevant to sellers nationwide.

For example, some of them offer full-service packages at 1 or 2% brokerage. This covers everything from listing to closing.

Our Top Pick For Low Commission Realtors

Nationwide Coverage

Redfin

logo image
  • Listing Fee: 1.5% of the sale price
  • Available in 80+ U.S. Markets
  • 3.5 Stars 3.7/5.0 (out of 161 reviews)

Why It’s #1: Commission charged by Redfin is more affordable than other low-commission Realtors.

Pricing: Redfin charges a 1% listing fee. But it is subject to the condition that you must buy with Redfin within 365 days of the closing. Else, you will be charged 1.5%.

👉 Our Take: Redfin would be an ideal choice for regular home sellers. For an investor, a real estate wholesaler, or a home flipper Houzeo’s affordable flat fee MLS listing plans would be the go-to choice.

» Redfin Reviews: The Reality of 1% Fees, Pros & Alternatives

  • Strong technology
  • Detailed paperwork
  • Cash offer feature available
  • Thorough listing agreement
  • Rebate of 0.5% (in case of full-service plan) if you buy and sell with them

Redfin has an average rating of 3.7 out of 5 on Consumer Affairs.

Redfin has a reach in  100+ U.S. markets, giving nationwide coverage.

Virtual Full-Service Brokerages and Companies

A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.

Because of their cloud-based presence, they have many advantages, the lower fees, discount commissions, and better management and marketing support are some of the advantages of these cloud-based brokers.

Our Top Pick For Virtual Full-Service Brokerages and Companies

Houzeo is the best virtual full-service company in South Dakota that offers the following services to home sellers:

  • Online showings through Houzeo Showings
  • Houzeo Mobile App
  • Fast changes to your MLS listing
  • Listing syndicates to hundreds of other real estate websites, and a lot more

*We could not find any other reputable virtual full-service brokerages or companies in South Dakota.

What If I Want To Sell My House Fast In South Dakota?

Due to anonymous reasons, a seller may want to sell their house quickly in South Dakota or any other state. Here’s what you can do in such cases:

Sell Your House As IsSelling a House AS IS in South Dakota can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.

Selling a house as is can be done via a real estate wholesaler as well. A wholesaler is an investor who buys your house in its existing condition and sells it for a higher profit.

» Selling A House As Is: Know about the quickest way to sell your house!
Sell Your House For Cash In South DakotaIf you want to sell your house fast in South Dakota then selling it to cash companies can be a very good option.

They can offer you cash right away and ensure your house is sold quickly. There are various types of cash companies that can ensure that the deal is closed instantly.

» South Dakota Cash Home Buyers: Our rankings for the best cash companies
Offer Your House To A FlipperHome flippers are the ones who are involved in flipping houses in South Dakota are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save both time and dollars.

» How to Flip a House: An introductory guide for beginners to flip their house on the market

» Sell My House Fast South Dakota: Discover Best Ways to Sell Your House Quickly.

    ✍️ Pro Tip: Consider selling your South Dakota home to an iBuyer

    iBuyers are companies that will buy your home for cash outright. They use technology to make an instant offer. This gives them an edge over the traditional cash companies. The price is decided with the help of their proprietary algorithm, recent real estate data, and their in-house experts. An iBuyer can offer and close the deal within 24 hours.

    » Explore: iBuyers Reviews: Selling Your House for Cash in 2022

» Sell My House Fast for Cash South Dakota: How Do I Sell My House Fast for Cash in South Dakota.

4. Prepare and Market Your House For Sale in South Dakota

A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.

Get My House Ready

Whether you are putting your house for sale in South Dakota or any other state. Here is what you need to do:

Declutter & DepersonalizeMake sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings, etc. before the showing.
Make RepairsIf your home requires any necessary repairs, make sure it is done before you start the process of selling. This may help later when the inspection is done.
Repaint NeutralYou can attract a higher number of customers when you paint your home with neutral colors.
Improve Curb AppealGo for clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!
Implement stagingThe best way to sell a property is by hiring a home staging professional. They would be able to utilize the spaces and furniture cleanly and attractively.

Staging costs in South Dakota vary across cities and counties. Most home stagers charge between $150 to $600 for an initial two-hour consultation, on a national average.

» Home Staging South Dakota: Check Out the best home staging companies in South Dakota.

Market My South Dakota Home Professionally

Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.

Here’s what you need to do if you want to sell a house in South Dakota or any other state as FSBO:

#Marketing TacticsDescription
1.List on the MLSHomes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with discount real estate brokers to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in South Dakota.

Houzeo will help you save the hefty Realtor commission and get your property maximum exposure. All of this, just for a small flat fee!

✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house FSBO
2.Get a Yard SignOpting for a yard sign can be a good investment when selling a home in South Dakota. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers.

Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!

✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.

» For Sale By Owner Yard Signs: Check out the 7 best FSBO Yard Signs!
3.Share Your Listing on Social MediaShare your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission.

Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.

✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
4Hire a professional photographerAs a seller, you can hire a professional real estate photographer in South Dakota to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers.

Photographers charge according to the size of your home. The national average cost for real estate photography is $120 per hour.

✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.

» Real Estate Photography: Create Your Best Listing Photos
5Run adsWhen selling real estate in South Dakota, running ads on print and social media can help you attract more buyers.

✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.

With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.

» Creative Ways To Market Your House For Sale: Learn how to market your home for better prices on the market!

5. Manage Showings And Negotiations

Once you have prepared your house for sale in South Dakota, showing it to buyers is the next step.

How To Manage Showings When Selling A House In South Dakota?

Once your property is ready for showings, it is critical to manage the showings effectively. You can choose online showing tools or host an open house.

Online Showing Tools

Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.

Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.

#FeatureDescription
1.Set Showing CalendarBuyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.
2.Request & Reschedule ShowingsMake sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.
3.Provide FeedbackFeedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.

» Houzeo Showings: has all the required features and is available on the Houzeo mobile app!

Introducing the Houzeo Mobile App!

  • View your listing
  • Manage your showings online
  • Review and compare offers
  • Counter an offer
  • NEW! Buyers can now search your property and save it in “Favorites”

Start Your FREE Listing NOW!

Hosting Open Houses

92% of home buyers find open houses useful. If your house is located in Manchester or Nashua or any other prime spot in the South Dakota housing market, more buyers would be interested in buying. In such cases hosting an open house would be more feasible.

Here are a few things to keep in mind when hosting an open house in South Dakota:

Ensure Your House is ReadyBuyers would not want to see a house with a leaky roof or broken doorknobs. Thus, ensure you have fixed all the defects and made all the necessary repairs beforehand.
Choose a Correct TimePeople are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.
Post Open House OnlineAccording to the National Association of Realtors, 93% of buyers rely on the internet for home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, real estate websites like Zillow & Trulia, Facebook, etc.
Give Visitors Their SpaceDuring the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.
Get Your Neighbors InvolvedYou can invite your neighbors to the open house. Even if they may not be interested in purchasing your South Dakota home, they would spread the word.

How To Negotiate Offers When I Want To Sell My Home In South Dakota?

Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a house in South Dakota.

Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!

#Advanced TacticWhen to UseHow to Use
1.Counter an OfferSingle or Multiple Offer SituationYour best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.

▶️ Learn more: How to counter an offer on Houzeo
2.Request Highest & Best OffersMultiple Offer SituationIf you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.

▶️ Learn more: How to request Highest & Best offer on Houzeo

Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.

6. Documents Needed To Sell A House In South Dakota

Not much paperwork is needed to sell your house in South Dakota. Though your Realtor takes care of all the paperwork on your behalf, you need to be aware of them.

Sellers Disclosure Requirements in South Dakota

You need to have the following disclosures when selling real estate in South Dakota:

NH Property disclosure formIt is a standard checklist form that the seller uses to disclose the property condition. It includes title details, water source information, sewer/septic information, home insulation, structural information, systems and fixtures information, etc.
Residential Lead-Based Paint Hazard ReductionThe Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any house built before 1978.

» Sellers Disclosure South Dakota: A Guide to Ace The South Dakota Disclosure Process.

Mandatory Documents For Selling A House In South Dakota

Review these documents at length and understand their provisions. Here are some key documents you’ll likely need when selling a house in South Dakota:

NH Purchase and Sale AgreementIt is a standard form of real estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.
Statement of Closing CostsThis statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.
The DeedThis document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.
Certificate of TitleIt allows you to state that you have the right to sell the property.
Bill of SaleInformation about the seller and the buyer with the selling price. This is important as part of the process of selling a house in South Dakota because it contains all the base information about the property.

Possible Additional Documents

The below table showcases some more documents that may require in selling a house in South Dakota :

Loan PayoffIn the case of a mortgage, you need to provide proper documentation if the disbursement of the loan amount has been completed. Else, you need to provide how much you still owe.
HOA formsIf the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.
Survey papersThe documentation defines the location and the dimensions of the property. This is important while selling your home in South Dakota.
Home InspectionContains all the details about the inspection of the property.
Repairing ProofWhile selling a house in South Dakota, if the seller has made repairs to the property before the sale, he/she needs to furnish the relevant documentation.
Home WarrantyContains all the coverage of the property, time span, and cost.
Closing DisclosureProof that the seller agreed to buyer concessions. The disclosure is provided to the lender.
Power of AttorneyWhile selling inherited property in South Dakota, the seller needs to furnish the details of the history and how the property was passed onto him/her.
AffidavitsA seller will need to provide a few affidavits like name affidavit, non-foreign, etc. This may also include affidavits like “Affidavit of Title” which discloses that you are the rightful owner of the property and that there are no liens on the property.
Correction AgreementIn case there are any errors in the documentation, you may be required to correct those errors.

Bring TWO Forms of Official ID

There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might require you to produce secondary identity proof.

7. Closing On Your South Dakota Home

The closing process in the state of South Dakota is handled typically by attorneys and title companies. They handle all the legalities. But you still need to be prepared for a few things during closing.

Take Care of Title, Appraisal, And Inspection

TitleIf there is a dispute relating to property ownership, the title company comes into the picture. The title company has the full history of a property. It ensures that the legal owner is identified in case of a legal dispute for the property.
AppraisalA money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage. This is crucial while selling a house in South Dakota (or any other state) as it keeps the buyer protected from unwanted sale prices.
InspectionInspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. The inspection includes everything from property worth, neighborhood, parking space, and more.

» Cost of Title Insurance South Dakota: An In-depth guide about How Much is Title Insurance in South Dakota.

Overall Cost Of Selling A House In South Dakota

It should be noted that Realtor commission and sale price are not the only two things that are involved from a real estate transaction perspective.

There are multiple other fees involved while selling a house that should be known to a seller and is crucial for South Dakota home sales. Here’s a list to get you started:

South Dakota Capital Gains Real EstateYou are required to pay a tax on the capital gain of the property. A capital gain is a difference between the amount for which a property was bought and the amount for which the property is sold.
Title InsuranceTitle insurance protects the buyer if an important chain of title ownership is missed by the Title agent/company which could cause issues later. The premium can be paid by either seller or buyer based on the negotiations.

Title Insurance is calculated based on the South Dakota home sales price, and loan amount.
Home WarrantyA seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. This will benefit buyers in case a component of the home breaks down later. The average home warranty costs vary between $300 and $600 (average).
Appraisal FeesAn appraiser is hired to determine the actual price of the property. The price of the appraisal process depends on various factors such as property type, size, and location. It is usually paid by the buyer.
In South Dakota, home appraisal cost is between $315 to $420 depending upon the type of property.
Inspection FeesHome inspection in South Dakota would cost $260 to $610 varying on the size of your home.
Survey FeesA survey of the property is generally carried out before the purchase deal. It includes all the features related to the property. In South Dakota, this typically ranges from $396.16 to $800.79 for half an acre of land.
Attorney FeesThis fee is mandatory as it is required to hire a real estate attorney in South Dakota. A real estate attorney can help you with the documentation and other closing processes.
Settlement CostsIn South Dakota, the closing process costs around $2,276.02 (average).
Other CostsApart from the stated costs, multiple other costs are involved to sell a home in the state of South Dakota. These can be HOA fees, appraisal fees, pest control fees, recording fees, estoppel fees, and any other as imposed by the city/county. Apart, costs will be incurred for staging and preparing homes for sale.

» Real Estate Attorney: Know how is a real estate attorney involved in your house deal

Who Pays Closing Costs In South Dakota?

If you are concerned about who pays closing costs in South Dakota, then you should be aware of the various closing costs that are involved when selling a house in South Dakota. Most of them are customarily paid by sellers whereas a few of them can be negotiated.

Closing CostsPaid By
Realtor CommissionThe Realtor Commission is paid by the seller
Appraisal feesThe buyer pays the appraisal fees
Property taxesProperty taxes are remunerated by the seller
Attorney feeThe seller pays the settlement agent fee
Transfer taxThe transfer tax is compensated by the seller
HOA FeesThe seller pays the HOA fees
Title insuranceTitle insurance is paid by the seller

» Seller Closing Costs South Dakota: Everything You Need to Know.

How Much Are Closing Costs In South Dakota?

If you are concerned about how much are closing costs in South Dakota then know that the amount of money you will spend on closings while selling a property in South Dakota depends on a lot of factors such as Realtors commissions, fees & taxes, mortgage payoff, etc.

You can calculate your closing costs using Houzeo’s Advanced Closing Cost Calculator. The calculations are based on the latest prices and it gives you a very detailed estimate of all the costs involved in the transaction.

» Seller Closing Cost Calculator South Dakota: Know the Exact Estimates

Final Word

Selling a house in South Dakota can be a little complicated, thus usually requires sellers to hire a Realtor. But due to the hefty Realtor commission sellers are moving away from the traditional full-service pathway.

Many sellers are also opting for FSBO or DIY route. It does save a lot of dollars but limits exposure and increases sellers’ responsibilities many folds. So the next best choice is discount real estate brokers.

Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Services like Houzeo allow sellers to control the selling process without compromising on the exposure. All of these at a small listing fee!

With Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complex processes as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks that otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, the real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.

Check out some of the Houzeo reviews and how it has helped customers around the US.

Frequently Asked Questions

What are closing costs in South Dakota?

Closing costs in the state of South Dakota depend on a lot of factors such as sale price, mortgage (if any), etc. You can use Houzeo's Advanced Closing Cost Calculator to calculate your closing costs accurately.

How do I sell my house in South Dakota?

You can you house in South Dakota through following ways:
1. Hire a real estate agent
2. Sell purely FSBO
3. Go for discount brokers like low commission and discount brokers.

Who pays transfer tax in South Dakota?

The seller pays the property transfer tax in South Dakota.

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» How to Buy a House in South Dakota: A Guide on Buying a House in South Dakota.

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