This is one of the most important questions a seller can ask, and it is often the one answered most vaguely online. Not because the math is complicated, but because the details matter. In New York, where you sell determines how much you keep, and Queens and Long Island do not play by the same rules.
If you own a one family house in Queens or on Long Island and there is no mortgage to pay off, most sellers realistically walk away with about 90 percent to 94 percent of the contract price. That range already accounts for commissions, transfer taxes, and standard closing costs. The difference between landing at the high end or the low end usually comes down to location, tax structure, and how the transaction is negotiated.
For a typical house sale in Queens, Nassau, or Suffolk, sellers should plan on total selling costs in the 7 percent to 10 percent range. The largest portion is almost always the real estate commission, which is commonly budgeted at 5 percent to 6 percent in New York for full service representation. While commissions are negotiable, this range remains the most practical planning number for sellers who want strong market exposure and smooth execution.
Beyond commission, sellers also pay closing costs that usually add another 2 percent to 4 percent of the sale price. These include transfer taxes, attorney fees, title related charges, recording fees, and smaller settlement items that add up quickly in dollar terms. New York is an attorney closing state, and legal representation is not optional, so seller attorney fees in the low thousands are standard.
Where Queens sellers feel the difference is taxes. A house sold in Queens is subject to both New York State transfer tax and New York City transfer tax. The state tax is 0.4 percent on residential one to three family homes under three million dollars, while the city tax adds roughly 1 percent to 1.425 percent depending on price. Together, these taxes alone can exceed 1 percent of the sale price before any other costs are considered.
NY Seller Net Sheet (Advanced)
Because of that structure, sellers in Queens often see total selling costs land closer to 8 percent to 10 percent of the price. That usually means keeping about 90 percent to 92 percent of the contract price before paying off any mortgage or liens. This is why two homes that sell for the same number can produce very different net proceeds depending on whether they are inside New York City or just outside of it.
On Long Island, the math is more forgiving. Sellers in Nassau and Suffolk still pay the New York State transfer tax, but there is no New York City transfer tax. Instead, there are county recording fees and standard settlement charges that tend to be lower overall. In practical terms, most Long Island house sellers should plan on total selling costs of about 6 percent to 10 percent, with commissions making up the majority of that number.
As a result, Long Island sellers often walk away with closer to 90 percent to 94 percent of the sale price before any loan payoff. A house that sells for $700,000 in Nassau or Suffolk, with a typical commission and standard closing costs, often leaves the seller with just over 93% of the price if the home is owned free and clear.
To make this concrete, consider a Queens house that sells for $900,000. A six percent commission alone is $52,000. Add New York State transfer tax, New York City transfer tax, legal fees, and other closing charges, and the total cost frequently lands near eight to ten percent of the sale price. That puts the seller’s net in the range of 90 to 92% before accounting for any mortgage.
Now compare that to a Long Island house selling for $700,000. Even with a five to six percent commission and state transfer tax, the absence of the city tax often keeps total costs lower. Many sellers in this scenario net roughly 93% of the price, again assuming no loan payoff.
Of course, mortgages change the equation. Any existing mortgage, home equity line, or lien is paid off at closing and comes directly out of the seller’s proceeds. That is why two sellers with identical sale prices can walk away with very different checks, even in the same neighborhood.
There are also local nuances worth knowing. Certain East End towns in Suffolk County are subject to the Peconic Bay Community Preservation Fund tax, which is typically paid by the buyer but can influence negotiations. And while this article focuses only on one family houses, co-ops and condos follow a different cost structure altogether, often with building-specific fees that do not apply to houses.
The real takeaway is this. Online estimates are useful, but they are only starting points. Your true walk-away number depends on where the property is located, how the sale is structured, and which costs apply to your specific situation.
If you are thinking about selling a house in Queens or on Long Island and want to know your real number, not a generic range, that calculation should be done before you list. A clear net sheet turns uncertainty into confidence, and confidence leads to better decisions.
If you want a precise breakdown based on your address, price range, and timing, I can walk you through it step by step. The goal is not just to sell your home, but to understand exactly what you are walking away with and why.
You can call me directly, or schedule a one-on-one consultation if you prefer a quieter conversation. There’s no obligation. Just clarity about your options and what makes the most sense for you.