How Will Illinois Homeowners Sell Homes in 2023? 

Across the state, Illinois home sellers are avoiding these 6% property taxes by selling their homes for sale by owners (FSBO). According to Zillow, 26% of Gen Xers and 36% of Millennials say FSBO is a viable option for selling their real estate. They often sell quickly too. If you are wondering how to sell a house in Illinois, you can turn to realtors in Aurora, IL for professional help. Their advice will not only save you thousands of dollars in sales but will also give you more control over your sales than ever before.

click to enlarge

Four effective tips for selling your property

When it comes to selling your property, there are a few effective tips to keep in mind. First and foremost, listing your property on the Multiple Listing Service (MLS) is crucial. This platform provides maximum visibility to real estate buyers and their agents, increasing competition and potentially leading to higher selling prices.

Setting a competitive price for your home is also key. Properly pricing your property is essential for a fast sale in Illinois. If the price is too high, it may take longer to sell, while setting a lower price can attract more offers and negotiation opportunities. Additionally, investing in professional photography is highly recommended since the majority of buyers search for homes online. High-quality photos can generate more clicks, increasing exposure and attracting more offers.

Consider offering competitive buying commissions to entice buyer's agents to work with you. Collaborating with top Illinois real estate agents can provide valuable assistance in determining competitive pricing for your specific area.

Prepare Yourself for Challenges

For those selling their property without a real estate agent, it's important to be aware of the challenges involved in owner documentation, negotiating offers, and closing the sale promptly. Utilizing the latest technology, quality customer service, and licensed brokerage support offered by reputable for-sale-by-owner (FSBO) websites can help overcome these challenges. However, it's essential to remember that you'll be competing with sales through agents.

When setting the list price for your home, keep in mind that its purpose is to attract a wide range of buyers, regardless of whether you're selling on your own or with an agent. It's crucial to strike a balance and price your home competitively to increase potential buyer traffic.

In 2023, many countries are experiencing a buyer's market. To beat the competition and attract more buyers, consider setting your asking price slightly lower. This can generate increased interest and potentially result in multiple offers, allowing you to sell the property closer to market value. However, be cautious as an excessive number of offers may lead buyers to negotiate a discount of up to 10% off your home's market price.

Carefully prepare your home for sale

When preparing and marketing your home for sale in Illinois, there are several key strategies to consider. First and foremost, ensure that your space is organized and clean. Remove any clutter, trash, and personal items like photos and souvenirs. Neutral colors in your home design tend to attract a wider range of potential buyers. Additionally, make the most of natural light by opening curtains or blinds during showings and photography sessions.

Consider hiring a professional housekeeper to ensure your home is in top condition. Well-presented homes have been known to sell for significantly higher prices. Collaborating with an interior designer can also enhance the overall presentation of your home, making it more visually appealing to buyers.

Working with a real estate agent can provide access to valuable resources and marketing tools. A professional photographer can capture high-quality images that attract more buyers. Listings on the Multiple Listing Service (MLS) have been shown to sell faster and potentially fetch higher prices. Advertising on popular real estate websites such as Zillow and Craigslist can also expand your reach.

Craft an engaging property description that highlights the unique features of your home, using descriptive adjectives to make it more compelling. Additionally, hosting an open house can provide a valuable opportunity to showcase your property to potential buyers.

By following these strategies and leveraging the expertise of professionals, you can effectively present and market your home for sale in Illinois, increasing the likelihood of a quick and successful transaction.

What to Do When You Get an Offer?

When selling your home in Illinois, even without a real estate agent, it's important to follow basic steps when you receive an offer. Actively research, compare, and negotiate offers by considering the following:

First, assess the offer compared to everything on the table. Don't ignore any offers you receive. Instead, carefully review them for key advantages. Consider the buyer's options and ask important questions, such as:

• Is the buyer offering cash for the purchase?

• Will the buyer contribute to the closing costs?

• Do potential buyers have pre-approved mortgages?

It’s a good idea to consult a real estate lawyer. While not necessary if you're selling without an agent, a licensed real estate attorney can help prepare all the necessary closing documents and minimize legal risks.

By actively researching, comparing, and negotiating offers, you can navigate the process of selling your home in Illinois effectively, whether or not you have a real estate agent involved.

What documents do I need to sell a house in Illinois?

Here are some of the documents that homeowners need to sell their homes in Illinois.

• Final Statement: This document provides a detailed summary of the home's value and mortgage details. It includes the amount to be paid, loan repayment information, and net income from the bank. Carefully review this document, ensuring the property's legal description, title deed, and property identification number are accurate.

• Investment Report: This report outlines all costs associated with the transaction, divided into costs paid before closing and costs paid at closing.

• Proof of Title: This document verifies your legal right to sell your home in Illinois. As an authorized notary public, you will need to present your identification documents, such as a passport or driver's license. Additional documents may be required for a successful real estate sale.

• Closing Costs: Both the seller and buyer are responsible for separate closing costs. In Illinois, seller closing costs typically include HOA fees, escrow fees, real estate attorney fees, wire transfer fees, and home warranty fees. The buyer and agent are also responsible for the listing fee. If you offer a discount to the seller, you may need to cover the buyer's costs in Illinois.

Ensure you have these documents in order when selling your home in Illinois to facilitate a smooth and legal transaction.

Pros and Cons of Selling Real Estate by Owner in Illinois

Consider these pros and cons when deciding whether to sell your real estate by owner in Illinois.

Pros:

1. Tax savings: Selling real estate without an agent can save you 2.5-3% on agent fees,
   resulting in thousands of dollars in potential tax savings compared to the median home
   price in Illinois.

2. Flexibility: You have the freedom to post your home for sale at any time without relying
   on a real estate agent. FSBO sites can get your listing on the MLS within 24-48 hours,
   increasing its exposure to potential buyers.

3. Faster sales: Statistics show that 77% of FSBO homes sell within two weeks, giving you
   the opportunity for a quick sale.

4. More control: Selling by owner allows you to have greater control over the sales process,
   from pricing your property to negotiating with buyers.

Cons:

1. Need for assistance: Selling by owner means you are responsible for all aspects of the
   process, including preparing the property, marketing, paperwork, inspections, and closing.
   If you require professional assistance, such as with complex paperwork or inspections,
   you will need to handle it yourself or hire outside help.

2. Hidden fees: Some FSBO listing services may advertise low upfront fees but have hidden
   charges that can add up. It's essential to carefully review the terms and fees of such
   services to avoid unexpected expenses.

3. Attracting unqualified buyers and scammers: Certain FSBO platforms, like Craigslist,
   may attract unqualified buyers or scammers. It's important to exercise caution and use
   reputable platforms when listing your property.

Stages of a Sale Contact

The sale contract for real estate in the secondary market typically involves several stages:

1. Verify the seller's identity: It is crucial to ensure that the person you are dealing with is
   the actual owner of the property. Request ownership documents and their passport for
   verification. Hiring an experienced attorney to conduct a thorough investigation is more
   cost-effective than risking a transaction without proper due diligence. A real estate agent
   cannot replace the role of an attorney in this process.

2. Property inspection: Obtain original documents from the owner, such as sales contracts, l
   ease agreements, court orders, and probate certificates. Check if the property is registered
   in the land registry and investigate any restrictions or mortgage loans. Analyze the
   property's history, previous owners, any ongoing lawsuits, and potential risks associated
   with the purchase. Also, verify if the owner is up-to-date with utility bill payments.
   Attention to detail is crucial to protect your investment.

3. Negotiate terms and deposits: Engage in successful negotiations with the seller regarding
   terms and deposit amounts. It is important to have a legally binding contract notarized by
   a lawyer. Carefully review and analyze the contract, considering guarantees, fund transfer
   methods, consequences of not signing, sanctions, and force majeure clauses. Be cautious
   of scammers who may attempt to take advantage during this stage.

4. Document preparation: An attorney can assist with the necessary document preparation,
   making the process easier for the buyer. The buyer needs to provide identification
   documents like a passport, birth certificate, or ID card, and marriage or divorce
   certificates if applicable. Opening a bank account may be necessary. The seller must
   gather documents related to property ownership, including a cadastral extract, passport
   or birth certificate, marriage or divorce certificate, notarized consent of the other spouse
   (if applicable), and other relevant documents based on the specific circumstances.

5. Drafting the sales contract: Typically, a notary will provide a sample contract, but it's
   important to review it with the notary and make any necessary additions or amendments.
   Alternatively, a lawyer can draft the contract. The sales contract is a critical aspect and
   requires a thorough understanding to minimize risks and legal complications.

6. Executing a valid contract: The signing of the real estate purchase agreement is the key
   step in the process, occurring after mutual consent between the parties. The contract is
   prepared by the notary, reviewed by the parties, and verified for accuracy in personal
   details, contract terms, payment methods, property information, closing date, and any
   undisclosed conditions. After confirmation and agreement, taxes and notary fees are paid,
   and the contract is signed and notarized. The process concludes when information about
   the new property owner is registered. Understanding the steps and seeking the assistance
   of a knowledgeable lawyer and real estate agent will help avoid mistakes and save time,
   stress, and money.