What You'll Actually Net When You Sell in Edina or Minnetonka
You know what your home is worth. Do you know what you'll actually walk away with after you sell it? Quick answer: in Minnesota, sellers typically pay a combined 5.84% average real estate commission plus roughly 2.99% in other closing costs, so a $600,000 sale in Edina or Minnetonka usually nets somewhere between $520,000 and $555,000 after fees, not the full sale price most sellers picture in their head.
My name is Lesley Chinanga, Realtor with Bridge Realty, and before any of my Edina or Minnetonka clients settle on a listing price, we sit down with a real net sheet, because the number on the sign is never the number that lands in your account.
Start with your actual market, not a national headline. Edina's median sale price sits around $750,000 with homes moving in roughly 28 to 45 days depending on the month, while Minnetonka is a different animal entirely: median sale price near $515,000 to $550,000, homes going under contract in about 17 days, and roughly a third of listings selling above asking price. Your net sheet has to start from your city's real numbers.
Commission is usually your biggest line item. Minnesota's average real estate commission runs about 5.84%, split roughly 2.96% to the listing agent and 2.88% to the buyer's agent. On a $700,000 Edina home, that's close to $41,000 before you've paid another dollar toward closing.
Closing costs stack on top of commission. Beyond commission, Minnesota sellers typically pay about 2.99% of the sale price in closing costs: transfer tax, title work, prorated property taxes, and recording fees. Add it to commission and most sellers land in the 6% to 10% range for total selling costs.
Payoff and liens come off the top first. Before you see a dollar, your mortgage payoff, any home equity line, and any liens get paid from the proceeds at closing. If you've been in your Minnetonka home for eight years, this is often smaller than people expect. If you bought recently, it can eat a bigger share of your equity.
Minnetonka's speed changes your negotiating leverage. With homes going under contract in about 17 days and a third selling above asking, sellers here often have room to hold firm on price and negotiate fewer concessions, which protects your net.
Edina's longer days on market call for a sharper opening price. Edina buyers are patient and comparison shopping across a competitive price bracket, so an overpriced Edina listing sits, and every week it sits is a week of carrying costs eating into what you'll eventually net.
Ask for a real net sheet before you pick a number. I build every seller a line by line estimate: payoff, commission, closing costs, prorations, and your estimated net, before we ever put a sign in the yard. That's the only version of "what will I get" that means anything.
FAQ
Is commission negotiable? Yes, commission is a negotiable fee, and what you're paying for and what's included is worth a real conversation before you sign a listing agreement.
Do I pay closing costs even if my home sells fast? Yes, closing costs like transfer tax, title work, and prorated property taxes apply regardless of how quickly your home sells.
Will I owe capital gains tax? Many primary residence sales qualify for an exclusion, but the specifics depend on your situation. I'll point you to the right resource so you go into a sale with clear eyes.
Does a faster sale mean a better net? Not always. A fast sale in a hot pocket like Minnetonka can mean more above-asking offers, but speed alone doesn't guarantee the highest net; pricing strategy still matters most.
Next steps: If you're weighing a sale in Edina, Minnetonka, or anywhere nearby, let's build your real net sheet before you commit to a listing price.
Lesley Chinanga
Realtor, Bridge Realty
651-734-5045
www.dreamhomesminnesota.com
