Categories: North Salem

Closing Costs Keep Pace with Prices | North Salem Real Estate

Cash-strapped home buyers struggling with soaring home prices have an unpleasant surprise awaiting them at the closing table. Closing costs are rising nearly as quickly as home prices.

On average, mortgage closing costs rose 6 percent over 2012 to $2,402, according to Bankrate.com. Origination fees accounted for the bulk of the increase, rising 8 percent, while third-party fees for services like title and appraisals edged up 1 percent to $672.

Hawaii’s average closing costs of $2,919 are the highest in the nation. Alaska ($2,675), South Carolina ($2,658), California ($2,639) and New Mexico ($2,566) join the Aloha State in the top five.

Wisconsin ($2,119), Missouri ($2,188), Kansas ($2,193), Michigan ($2,203) and Washington State ($2,208) comprise the bottom five.

“It’s unlikely that you will move to Wisconsin solely to pay lower closing costs, but you should shop around and compare fees from different loan originators to make sure you get the best deal in your area,” said Polyana da Costa, senior mortgage analyst, Bankrate.com.

Closing costs
2013
rank

2012 rank

State

Lender’s
origination fees

Third-party
fees

Origination plus
third-party fees

1 2 Hawaii $1,970 $949 $2,919
2 4 Alaska $1,925 $750 $2,675
3 6 South Carolina $1,935 $723 $2,658
4 35 California $1,977 $662 $2,639
5 43 New Mexico $1,807 $760 $2,566
6 8 North Carolina $1,840 $718 $2,558
7 18 New Jersey $1,804 $741 $2,545
8 34 Oklahoma $1,919 $600 $2,519
9 20 Florida $1,798 $719 $2,517
10 7 Delaware $1,742 $760 $2,502
11 27 Ohio $1,803 $693 $2,496
12 11 Georgia $1,816 $674 $2,490
13 3 Texas $1,690 $778 $2,468
14* 26 Pennsylvania $1,920 $540 $2,460
14* 13 North Dakota $1,797 $663 $2,460
16 24 District of Columbia $1,826 $623 $2,449
17 22 Montana $1,767 $680 $2,446
18 19 Louisiana $1,782 $662 $2,443
19 33 Maryland $1,816 $624 $2,441
20 31 Tennessee $1,806 $631 $2,437
21 21 Connecticut $1,757 $680 $2,436
22 36 Maine $1,761 $647 $2,408
23 49 Idaho $1,767 $641 $2,407
24 38 Iowa $1,757 $647 $2,403
25 41 Arkansas $1,782 $614 $2,396
26 28 Indiana $1,732 $656 $2,387
27 48 Colorado $1,758 $625 $2,383
28 17 Kentucky $1,732 $649 $2,381
29 37 Arizona $1,752 $621 $2,372
30 46 Oregon $1,707 $663 $2,370
31 23 Virginia $1,718 $650 $2,369
32 44 South Dakota $1,732 $617 $2,349
33 39 Alabama $1,721 $627 $2,348
34 15 Rhode Island $1,686 $660 $2,347
35 51 Nevada $1,642 $704 $2,346
36 10 Nebraska $1,656 $689 $2,345
37 1 New York $1,504 $827 $2,331
38 40 Mississippi $1,682 $639 $2,320
39 45 Utah $1,663 $653 $2,316
40 50 Wyoming $1,678 $623 $2,301
41 14 Massachusetts $1,601 $699 $2,300
42 16 West Virginia $1,578 $705 $2,283
43 29 Minnesota $1,641 $612 $2,253
44 12 New Hampshire $1,576 $676 $2,252
45 42 Vermont $1,578 $667 $2,245
46 9 Illinois $1,591 $647 $2,238
47 47 Washington $1,603 $605 $2,208
48 32 Michigan $1,591 $611 $2,203
49 30 Kansas $1,558 $635 $2,193
50 25 Missouri $1,542 $646 $2,188
51 5 Wisconsin $1,438 $682 $2,119
Average $1,730 $672 $2,402

*Denotes a tie

 

 

Closing Costs Keep Pace with Prices | RealEstateEconomyWatch.com.

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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