{"id":95887,"date":"2024-08-01T12:47:24","date_gmt":"2024-08-01T19:47:24","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=95887"},"modified":"2024-08-16T11:37:50","modified_gmt":"2024-08-16T18:37:50","slug":"how-much-are-closing-costs-in-missouri","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-missouri\/","title":{"rendered":"How Much Are Closing Costs in Missouri 2024?"},"content":{"rendered":"

Buying a new home is an exciting and big decision, whether it’s your first time buying a home or your third. But before you dive too deep into buying new furniture or appliances, you’ll want to consider how much you’ll need to pay for closing costs.<\/p>\n

Closing costs are the final expenses that need to be paid in order to close on a real estate transaction, such as taxes, lender fees, and title insurance. If you’re feeling unprepared or overwhelmed, don’t worry. To help you budget for closing costs, this Redfin article will cover how much closing costs are in Missouri, who pays for them, and which costs you can expect to pay as a buyer and as a seller.<\/p>\n

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How much are closing costs in Missouri?<\/h2>\n

Before securing the keys to your new home, homebuyers will need to pay for closing costs. On average, closing costs in Missouri typically range between 2%-5% of the home’s purchase price.<\/strong> However, keep in mind that closing cost amounts vary depending on a few factors – such as the purchase price of the home, the type of loan, and any adjustments negotiated with the seller.<\/p>\n

Let’s say you’re buying a home in St. Louis<\/a>, where the median home sale price is $235,000. Based on this, you could expect closing costs to be between $4,700 and $11,750. Whereas if you’re buying a home in Springfield<\/a>, which has a median sale price of $200,000, closing costs could range from $4,000 to $10,000.<\/p>\n

Who pays closing costs in Missouri?<\/h2>\n

Generally, both buyers and sellers can expect to pay closing costs. But the buyer and seller will pay for different closing costs and likely have different total closing cost amounts. Keep in mind that it’s common for the buyer to pay closing costs out of pocket, while the seller’s closing costs are deducted from the home sale proceeds.<\/p>\n

Buyer closing costs in Missouri<\/h2>\n

Closing costs in Missouri for homebuyers tend to range between 2%-5%. If you paid earnest money, this amount will be subtracted from your closing costs, which will reduce the total amount you owe at closing. Earnest money is typically between 1%-3% of the home’s price. Let’s break down some of the common closing costs covered by the buyer:<\/p>\n