New York: Home of the costliest real estate closings
If you’ve never visited Bankrate.com, you’re missing out. The site provides a host of useful and important financial stories and tips for consumers.
And if you’re buying or selling a house, the advice at Bankrate can prove invaluable.
For instance, the site recently put together a list of the states were the closing costs in residential real estate transactions are the highest. These costs are important, adding, usually, more than $2,000 to the cost of buying a home. They’re the little fees — origination fees, title searches, insurance costs — that add up to take that little extra bite out of your wallet.
It’s little surprise, I suppose, that New York state topped the Bankrate list. Everything costs more in New York, right? The average total of closing fees in the state in 2007 came in at $4,016. Considering that the average total of closing fees across the country only stood at $2,736 last year, you can see just how costly it is to buy a home in New York state.
Other costly stats included Texas, where closing costs averaged $3,975, and Florida, where they came in at $3683. The least expensive state was North Carolina, with an average closing fee of $2,650.
