Over Half of All Buyers Are Surprised by Closing Costs

Over Half of All Buyers Are Surprised by Closing Costs | Simplifying The Market

According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com recently gathered closing cost data from lenders in every state and Washington, D.C. to be able to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Over Half of All Buyers Are Surprised by Closing Costs | Simplifying The Market

Keep in mind that if you are in the market for a home above this price range. your costs could be significantly more. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.  Let me help take the surprises out of buying – J.P. Cook – 602-320-4253.

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2863 N Boldt Drive Flagstaff, AZ 86001

$1,375,000
5 Beds
3 Baths
2,993 SqFt
Status Active
MLS # 6780659
Property Type Single Family Residence
Price Type --
Welcome to a stunning custom home located in Linwood Heights. Situated on over an acre, this property provides both privacy and tranquility. Wake up each morning to breathtaking San Francisco Peak views from the primary suite, complete with a cozy fireplace, wet bar, and private sitting area—a true retreat within the home. The primary bath has a soaking tub and separate shower for ultimate relaxation. With an open, airy layout, and multiple deck access points, this home offers a blend of sophistication and comfort. The kitchen has granite countertops, stainless-steel appliances, and beautiful custom cabinetry. 3 car garage! As a Linwood Heights homeowner, you'll have exclusive access to the 180-acre Jesse Gregg Park and its amenities. Just minutes to AZ Snowbowl, and Downtown!

2796 E Valencia Street Gilbert, AZ 85296

$1,375,000
6 Beds
4 Baths
4,774 SqFt
Status Active
MLS # 6748047
Property Type Single Family Residence
Price Type --
Remodeled BASEMENT BUNGALOW in AGRITOPIA, WITH POOL! These homes don't come along very often! Ranch single story Plan 3 with full basement. Private entry porch with side yard driveway parking. Main floor features handscaped Hickory eng. flooring leading from front living room to dining room and CUSTOM kitchen adjacent to GREAT ROOM w/ Gas Fireplace. Main floor primary bedroom with large bath and OFFICE/NURSERY hidden nicely within the suite. Split on its own hallway, 2 more large main floor bedrooms and full bath. Wood flooring leads down the stairs into a LARGE GAME ROOM/ Home Theater with kitchenette and full size fridge. 3 additional large bedrooms and 2 baths downstairs, and large storage room / gym give numerous arrangements. Outside, your comfortable entertaining oasis awaits... Large Pool with Spa, Firewall and Firepit, beneath a spacious backporch. Plenty of room opposite pool for backyard games. This home just a few blocks from the large park and dog park, and just a few steps to the Agritopia U-pick orchard and Coffee Shop / Restaurants. This is your chance to get in to the neighborhood COMING SOON - preview opportunities available before market.

3116 N 47th Street Phoenix, AZ 85018

$1,375,000
4 Beds
3.5 Baths
3,008 SqFt
Status Active
MLS # 6703562
Property Type Single Family Residence
Price Type --
Tucked away on one of the largest lots, 10,800 sq ft, in El Coronado Estates lies this charming quintessential 3000+ Arcadia Ranch built by modern builders and remodeled by well-known local contractor Don Matteson. The Gourmet Kitchen has a commercial grade gas stove top, luxurious custom cabinets and oversized island which opens to cozy family room & dining room designed to look like her previous Calle Del Norte house. It is Perfect for entertaining & family gatherings. There are 4 spacious beds, 3.5baths, laundry room & storage one only dreams about. Imagine having coffee or a glass of wine on one of the many patios in the enchanting lushly landscaped grounds with arbors & English gardens. Top rated Arcadia Schools. This amazing neighborhood with cul de sac lots has a community pool!

2974 E Camellia Drive Gilbert, AZ 85296

$1,375,000
9 Beds
5.5 Baths
5,979 SqFt
Status Active
MLS # 6700965
Property Type Single Family Residence
Price Type --
Price reduction is lower than recent appraisal - get instant equity! This one of a kind home features 7 bedrooms/5.5 baths/basement PLUS a 2 bedroom casita. Open floor plan boasts a spacious living area perfect for entertaining guests & enjoying family time. Entertain in style w multiple living areas, including a formal dining, wet bar, cozy living room w gas fireplace. Primary bath has steam shower, sep tub w jets & large w/in closet. Backyard boast synthetic grass for easy upkeep. The whole family can enjoy your private pool/spa and large covered patio. Basement has plenty of space to convert into a theatre. Agritopia is known for its tree-lined streets, community gardens, and friendly atmosphere. Residents enjoy nearby amenities such as parks, restaurants & shopping.Just off the 202 fw Welcome to this charming home in the highly sought after Agritopia! Charming community has many family oriented event happening monthly. This is a rare find with the 2 bedroom guest house. 9 bedrooms total plus an office with builtin bookshelves. Walking distance to Gilbert Christian School. Rent out the 2 bedroom casita for $1850 - $2300 a month to subsidize the mortgage payments. The casita is 860 st ft, with W/D, full kitchen and a back yard which is gated. New carpet & paint in the home and guest house. Back yard is designed for low maintenance care. Close to the Freeway for easy access to anywhere is the valley.

7740 E Rose Lane Scottsdale, AZ 85250

$1,375,000
4 Beds
4 Baths
2,178 SqFt
Status Active
MLS # 6743935
Property Type Single Family Residence
Price Type --
Supreme location. Custom designed home. Fully remodeled. Elegant and elevated. A very rare find and the definition of luxury. No HOA. 4 bedrooms and 4 full baths. Brand new kitchen, Delta Terra quartz countertops, high end appliances, large custom hood. Soaring high ceilings. Smooth texture walls throughout. Large master bed and bath. Double laundry with one conveniently inside the master closet. New AC. Complete, resort style front and back yard. Smooth stucco exterior. Pristine large pool with tanning ledge, Baja shelf. A resort sanctuary of outdoor living. This is one unicorn of a home. Imagine yourself here!

17775 E Veit Springs Drive Rio Verde, AZ 85263

$1,375,000
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6760283
Property Type Single Family Residence
Price Type --
Absolutely stunning newly built SHEA HOMES property with endless on-trend features located in the 55+ gated Trilogy at Verde River community. This massive 9567 sqft golf course lot has breathtaking mountain views of Four Peaks and no rear neighbor for optimal privacy. As you approach you are greeted by a relaxing private courtyard with a charming stacked stone fireplace. The chef's kitchen has a formal eat-in area and boasts custom cabinetry, stainless appliances, granite counters, large island with breakfast bar, backsplash, wine fridge, R/O system, and a gas cooktop with hood. Relax in the spacious great room with oversized sliding doors to create the perfect indoor/outdoor space for entertaining. The luxurious master suite has a private patio slider, large walk-in closet, and a full bathroom with dual sinks and a walk-in shower with glass enclosure. Other features include Smart Home technology, gas water heater, home office den, owned water softener, laundry space with built-in desk, 3 car garage, and an underground 250 gal propane tank. Utilize the separate guest casita as the perfect spot for hosting family or friends. The resort style backyard has a sparkling heated pool and spa, wrought iron view fence, faux grass lawn, raised fire pit seating area, and a large covered patio with a custom heater, privacy screen, mounted TV, and a full BBQ kitchen area. Don't miss out on this perfect property that has everything today's market seeks!

7055 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,375,000
3 Beds
3 Baths
1,687 SqFt
Status Active Under Contract
MLS # 6748816
Property Type Single Family Residence
Price Type --
This gorgeous Novus plan has been completely transformed by the talented crew at Scottsdale Investment Props. All new everything from the cabinets to the floors & counters this split plan great room home has high flat ceilings w/large pocket door for indoor/outdoor living AND detached casita. Located on a south facing lot backing open space & a quick walk to the club makes this an ideal location far from any busy streets. Finishes are top notch including engineered hardwood & tile floors, raised panel 42'' cabinets w/hardware, satin plumbing fixtures, quartz counters, custom gas fireplace w/large format tile surrounds, ceiling fans, LED lighting throughout, ss appliances, etc. Back yard features covered patio, fire pit, b-in bbq, & tiled decking w/low maintenance landscaping.

900 E Peach Tree Place Chandler, AZ 85249

$1,375,000
4 Beds
3.5 Baths
3,754 SqFt
Status Active
MLS # 6725095
Property Type Single Family Residence
Price Type --
Nestled in the small, exclusive gated community of Mission Estates, this exquisite home is the perfect setting for both indoor and outdoor living and entertaining. Entering thru the private courtyard into the home, you are greeted with an impressive wall to wall slider providing a view of the newly renovated backyard, exhibiting an abundance of natural lighting. The lofty 12 foot ceilings amplify the sense of space and luxury showcasing the natural wood flooring and custom designed wainscoting all adding to the feel of luxury living. The heavily upgraded chef's kitchen includes a large island, custom cutout for ample stainless steel fridge and freezer, double ovens, farmhouse sink, sizable walk in pantry and spacious butler's kitchen. The primary suite features an elegant chandelier, separate his and her closets customized by California Closets for floor-to-ceiling organization and an oversized luxe bathroom with a private expansive shower. This home has 4 bedrooms, including a built in Murphy's bed and storage in guest room and an intimate gym with newly padded flooring. Additional game room has plenty of flexibility to customize the space to suit your needs, whether it be a cozy media room, craft room, playroom for the kids or a private retreat for guests. Substantial 3 car garage encompasses additional overhead storage. The private outdoor retreat embraces an impressive backyard with a built in BBQ, fire pit, half court sports area, expansive turf play area & multiple seating spaces creating an ideal environment for both everyday living and entertaining guests. This premium north/south facing home on a large (nearly 1/3 acre) lot allows for both privacy and tranquility offering the perfect backyard brimming with family appeal and balance of location & Arizona lifestyle.

14810 E Valley Vista Drive Fountain Hills, AZ 85268

$1,375,000 - 3Br/3Ba -  for Sale in Summit At Crestview, Fountain Hills
Open House
$1,375,000
3 Beds
2.5 Baths
2,742 SqFt
Status Active
MLS # 6783943
Property Type Single Family Residence
Price Type --
New Build from the Ground Up! This single-story new build home will be starting construction in Summer 2024 and be completed for move in Fall 2025. This open floorplan showcases the protected easement behind the home with 8' windows and 12' ceilings. Amazing canyon views! Select your finishes and build your dream home now.

2190 E Nolan Place Chandler, AZ 85249

$1,371,587
4 Beds
3.5 Baths
3,610 SqFt
Status Active
MLS # 6755382
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! McKinley Glenn is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Aspire Plan 1 is situated on a North/South lot and features 3,610 SF, 4 bedrooms, 3.5 baths, a 4-car garage, den, and an open-concept kitchen with two large islands and quartz countertops. Additional upgrades include desert front yard landscaping, Shaker Maple painted and stained cabinets, luxury vinyl plank wood look floors, and more!

20478 E Marsh Road Queen Creek, AZ 85142

$1,370,995 - 5Br/5Ba -  for Sale in Bridle Ranch, Queen Creek
Open House
$1,370,995
5 Beds
4.5 Baths
4,004 SqFt
Status Active
MLS # 6766178
Property Type Single Family Residence
Price Type --
Spectacular open floor plan with attached casita! An oversized pantry and expansive kitchen island create an entertainer's paradise! The soaring ceilings in the kitchen and great room are open and airy, taking you right out to your generous back yard through stacking multi-slide doors! This large North-South home site is perfect to capture the coveted Arizona indoor/outdoor lifestyle!

915 W Ardmore Road Unit 11 Phoenix, AZ 85041

$1,370,000
4 Beds
4 Baths
2,870 SqFt
Status Active
MLS # 6783771
Property Type Single Family Residence
Price Type --
The model most aligned to the traditional farmhouse, the Joplin offers a uniquely intimate space that divides naturally into two wings. Three garage bays Formal front porch 3-5 Bedrooms Gen suite option available Master backyard available Large attic available

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