Here are our top five investments to get more money for your home.

Investment #1: Paint 

The best return on your money invested by far is paint. A fresh coat of paint makes any house feel new, clean and updated. When we go to look at a property to invest in, the first thing we do is see how much work needs to be done. If it’s a complete gut job, then we move on. But if it just needs some TLC, then we get to work.

We decided to put a fresh coat of paint on the entire home and paint a clean white throughout. This took about two weekends to complete, and the cost was around $600 in materials.

Paint is the best return on your money when it comes to home improvements. A fresh coat of paint might transform any house into a lovely, clean home.

Earlier this year, we posted an article titled ‘Does Fresh Paint Increase home value?’ In it we covered a study completed by a HomeGain’s; the survey found interior paint will return 107% of the money invested.

We also covered the most popular colors of 2021 in that article; I will link it below if you would like ideas and color pallets.

Investment #2: Staging

Staging refers to making a property more appealing to potential buyers. It may be one of the most effective and simplest methods to get the most out of your home.

Staging can influence a buyer’s purchase decision since it puts your property in the best light and demonstrates how fantastic it may be if only some effort were made to improve it.

Professional Staging can be expensive; however, if you are willing to put in a little effort or have some taste, you can easily do it yourself.

Here are some quick tips:

– Paint all the walls a neutral color

– Clear off all surfaces, including tables and countertops.

– Put away personal items such as family photos or collections.

– Replace any old or worn-out furniture and fixtures.

Staging is not very financially demanding, nor does it require much time. However, since the first impression is crucial in real estate, it can be one of the most profitable investments for sellers. We also covered in a blog article the step-by-step process to stage your home. I will provide that link in the description below.

Investment #3: Landscaping 

Owners continuously look for new ways to enhance their houses and make them stand out. This is especially true when trying to sell or rent a property. A well-maintained front yard can aid you in your endeavor!

When visitors approach your house, they first notice the front of your home. It’s also the first impression you make on a potential homeowner. If you’re searching for simple, inexpensive methods to spruce up your property. Landscaping is a cost-effective way of adding value to your home.

Here are some tips for landscaping on a budget:

• Get rid of any dead plants or debris in your yard.
• Trim the hedges and bushes.
• Pull weeds by hand or use weed killer
• Add mulch to your flower beds.
• Plant some flowers or shrubs.

You can find more tips in our blog article titled. “5 Quick Front Yard Makeover Tips On A Budget” is linked below.

Adding value to your home doesn’t have to be expensive. There are many simple and budget-friendly ways to do it.

Investment #4: Photography 

The most cringe-worthy moment for me in real estate is when I see a listing with terrible photos. This is the number one thing that will turn off buyers from your home. If your photos don’t attract the buyer. They will never take the time to request a showing, so your property could miss out on many potential buyers and offers.

A picture is worth a thousand words, and when it comes to real estate, this couldn’t be more true! Good quality photos can make or break a listing.

You might want to reconsider if your realtor takes photographs with their phone. Simple photos could make or break your deal.

Investment #5: Drone Video 

Drone video is becoming more and more popular in real estate. Aerial shots give the buyer a completely different perspective of the property. It will also help them understand the layout of the land much better.

If you have a big lot, this is an excellent way to show it off! Buyers are always looking for extra land or acreage. If your home is near any landmarks or has a beautiful view, be sure to showcase that in your video.

Video is ever so becoming a necessity when it comes to marketing your home.

If you hire a professional to take your photos and videos, ensure they are current with the latest trends and technology. As a business, we understand the importance and value a video brings. This is why we offer video services to our clients.

Reach out to us if you are interested in learning more!

Here are some tips for taking good drone footage:

• Get a bird’s eye view of the property.
• Focus on the land and lot size.
• Showcase any nearby landmarks or views.
• Make sure the video is well-lit and clear.

Please contact us if you have any questions or want to learn more about our services. We would be happy to chat.

I hope you all got some value from this blog, and I hope you can put some of this into practice. Be sure to watch how we completely transformed this 1950’s cape cod into a spectacular forever home.

We are always here to help, so please don’t hesitate to reach out. 

If you are looking into buying or selling real estate in the Chicagoland area, feel free to call or email us.

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Selling your Chicago home can be a stressful process. You want to get the best price for your house but you also want to sell it quickly. How can you do both at the same time?

The answer is: By following the 5 tips in this blog post! We’ll show you how to sell your Chicago home fast and for the most money. We’ll also dispel some of the myths about selling houses quickly so that you can avoid any scams.

5 Best Tips To Sell Your Home Quickly and For the Highest Price:

1. Price it Right
2. Stage and Depersonalize it
3. Professional Marketing
4. First Impressions Are Everything
5. Negotiate the Sale

If you’re ready to learn how to sell your Chicago home quickly, get ready to take notes. This blog post could save you thousands of dollars and valuable time.

1. Get a professional quote on your home’s value 

To sell your home successfully and quickly, you need to price it right. If your home doesn’t need repairs and is in great condition then consider yourself lucky! You have a head start on the selling process. But even if your home is in perfect condition, there are still a few things you need to do before you put it on the market.

First, you need to find a good real estate agent. A good real estate agent will have experience selling homes in your neighborhood and will be familiar with the market conditions in your area. They will also be able to give you a realistic estimate of how much your home is worth and how long it is likely to take to sell.

Once you’ve found a good real estate agent, the next step is to price your home correctly. Pricing your home too high will discourage potential buyers from even looking at it, but pricing it too low will leave money on the table. The best way to find the right price for your home is to compare it to similar homes that have recently been sold in your neighborhood.

If you’re not sure how to do this, your real estate agent will be able to help you. Once you’ve found the right price, it’s time to get your home ready for showings. This means decluttering, deep cleaning, and making any necessary repairs.

2. Stage and depersonalize your home before viewings start 

Staging and depersonalization mean removing all personal items, such as family photos, religious items, and anything else that might make someone feel like they’re intruding on your home. This lets buyers instantly connect with the home by imagining themselves living there.

It’s also important to stage your home in a way that makes it look spacious. This means removing all unnecessary furniture and clutter. You can also use strategic lighting to make your home look brighter and more open.

If you don’t have time to do this yourself, you can hire a professional home stager or cleaner. This is an investment that will pay off because potential buyers are more likely to make an offer on a home that looks clean and well-maintained.

3.  Market your home online across multiple platforms 

In order to sell your home quickly, you need to get the word out that it’s for sale. This means marketing your home in the right places – and lots of them. The first place to start is online because that’s where most home buyers are looking these days.

Your real estate agent should list your home on their website and on major real estates portals, such as Zillow, Trulia, and Realtor.com. They should also create a custom website for your home and promote it on social media. Your agent should have professional marketing tools including professional photography. If your real estate agent is taking listing photos with his iPhone, beware!

In addition to online marketing, your real estate agent should also hold open houses and broker’s opens. This will give potential buyers the opportunity to see your home in person and fall in love with it.

4. Don’t forget to landscape and clean your property 

First impressions are everything, so don’t neglect the details that come together to make a beautiful home. You want to make sure the outside and inside of your property look great. This means keeping up with landscaping and making any necessary repairs, as well as cleaning and decorating your home.

Avoid any bad smells by making sure your home is clean and well-ventilated. Pleasurable smells, such as freshly baked cookies, can also help make a good impression.

You should also consider painting your home in a neutral color because potential buyers will be more likely to like it if they can imagine themselves living in it. If your home needs major repairs, such as a new roof, it’s worth investing in them before putting your home on the market.

Finally, make sure your home is well-lit, both inside and out. This will make it look more inviting and welcoming to potential buyers.

5. Have a professional help you negotiate the sale 

Once you’ve found a buyer who’s interested in your home, it’s time to negotiate the sale. This is where having a good real estate agent comes in handy because they will be able to advise you on what’s a fair price and help you negotiate a deal that’s beneficial for both parties.

It’s important to remember that the sale of your home is not just about the money. You also need to take into account things like how long it will take to sell your home. Price and terms are both important considerations.

The most important thing is to stay calm and rational during the negotiation process. This will help you get the best possible deal for your home.

Key takeaways 

By following these tips, you can sell your home quickly and for the most money. Just make sure to do your research and work with a qualified professional to get the best results. Selling your Chicago home doesn’t have to be stressful. By following these tips, you can sell your home quickly and for the most money. Just remember to price your home correctly, stage it well, and get professional help when needed.

So, there you have it! The ultimate guide to selling your Chicago home fast. Remember to follow these tips and you’ll be on your way to a quick and easy sale. If you have any questions or need help getting started, please contact us today! We would be happy to assist you.

In this blog post, we will cover everything you need to know about increasing your home’s appraised value and what factors can negatively affect the value of your home.

We will also cover everything you need to know about the home appraisal process, along with the most frequently asked questions.

Let’s get started!

What is appraised home value? 

The appraised value is the estimated value of your home, which is set by a professional appraiser. It is used to calculate the amount of money that the lender will give you or the potential buyer for a mortgage or refinance. Appraised value differs from market value, which is the amount the public is actually willing to pay for the property at a given time. 

What to Expect in the Home Appraisal Process

The home appraisal process can vary depending on your location, but, typically, an appraiser will come to your home to inspect it and take pictures. They will also review recent sales of similar homes in the area to understand what your home is worth. Keep in mind that the appraiser is not there to give you a price for your home but rather to estimate the value.

As a general rule,  home appraisal takes 1 – 1.5 hours to complete. Costs and duration vary anywhere from $300 up to $600, depending on the area and size of the appraised home.

You do not need to be present or guide your home appraiser through the home. In light of the pandemic, we often recommend homeowners provide easy access to all areas of the house to minimize the inspectors’ need to touch anything more than is necessary; this includes opening all interior doors, turning on all lights, and providing easy access to all parts of the home and exterior areas.  

How is Your Home’s Appraised Value Determined?

Several factors affect the appraised value. Appraisers use a comparative analysis approach to value residential homes, which involves assessing your house against other similar properties to identify the similarities and differences. 

Your appraiser will evaluate the over condition of your house and its features and compare them to similar properties in your area (and their sales price). Only sold homes are compared – pending sales or other homes for sale are not factored into the analysis. 

What are the most common factors affecting appraised home value? 

The location and surrounding homes

Home appraisers gather data for properties closest to your home. On average, they prefer homes located up to 0.5 miles from the subject property. In some instances, if there is little to no data, the appraiser might go further out (up to a mile or more) to find a comparable home. 

The size of the home

The size of the home is obviously an important factor, especially when it comes to the appraisers estimating the value of your property. The total size includes the living space square footage and lot size. The appraiser must determine the overall square footage, the total finished square feet, and the above and below grade square feet.  Home listings often are not very accurate and usually pull data from the previous listing or public data.

Quick Tip: Make sure your appraiser accurately measures your home’s square feet by verifying the appraisal square footage with your own measurement.

The age of the home

The age of your home also has a large part to do with your home’s appraised value. Homes that are decades apart in age are not good comparables. This is because new homes have different building standards and are often much more efficient than those built decades earlier.

The number of bedrooms and bathrooms

As you might expect, the total number of beds and bathrooms are critical to the appraised value. But what you might not know is that each bedroom must have a closet and window to be classified as a bedroom. Additionally, the bedroom must be above grade (if the home does not have an English basement) or be partially below and partially above ground level (i.e. an English basement). In other words, an enclosed basement with no windows will not be classified as a bedroom.

When comparing homes that have an additional half bathroom vs a full bathroom, the price difference is determined by comparing the sold price of other homes. For example, if the average sold price of a two bathroom is $320,000 and the average 1.5 bathroom home sold for $315,000, the value of the additional half bath is estimated to be worth $5,000.  

The neighborhood amenities 

Location, location, location. Many Chicago suburbs are highly desirable for their schools and neighborhood amenities. If a home is located within walking distance to parks and schools, the appraiser will take that into account when determining the value of your home.

Homes that belong to the same school district, same subdivision, and benefit from the same neighborhood amenities are the most accurate comparison. However, there may be significant differences in assessed value and tax rates between one home’s school district and another. Keep this in mind when looking at comparable homes on even the same block.

The condition of the home

The condition of the home is also a large factor when determining the value of your home and appraisers will determine whether the home is in good, average, or poor condition. A poorly-conditioned home might be broken or have old appliances or have old outdated carpets and trim work.

The interior features

The appraiser will take into account all of your interior features when determining the value of your Chicago area home. This includes the type of roofing material, number of fireplaces, types of flooring, and cabinetry. The overall condition and age of the updates all affect the value of your home. 

The exterior features

The appraiser will also take into account all exterior features when determining the value of your home. This could be things such as porches, decks, garages, and driveways. If a home has any unique or special features, such as a turret or widow’s walk, the appraiser will also take this into account.

At the end of the day, your house’s value is determined by what a potential buyer is willing to pay for it. Although an appraisal has some worth, it is only useful for determining the approximate value of a property. You must still find a buyer who is willing to pay that amount for it.

How to Increase Your Home’s Appraised Value

There are several things that you can do to increase your home’s appraised value. Some of the most important include making sure the property is in good condition and updated, having a well-maintained yard, and making sure the home has adequate storage. You can also improve your home’s appeal by painting it in neutral colors and decluttering.

Best ways to increase appraised home value in Chicago 

Upgrade the kitchen and bathrooms

If you are planning to sell, upgrading your kitchen and bathrooms will go a long way towards the value of your home – both appraised and market.  Some realtors even suggest that this is the first step before putting their homes on the market. The National Association of Realtors found that you can get up to a 120% return on your investment by upgrading the kitchen and bathrooms.

Replace the carpeting  

Old carpet is one of the first things potential Chicago area home buyers notice when visiting a property. If you think about putting your Chicago home on the market, it might be worth replacing your carpeting. In our experience, homes are more popular if they have flooring rather than carpeting unless you are looking at the buy to let market. 

Paint the walls in a neutral color

No home buyer wants to walk into a house and see wallpaper everywhere or bright color paint on all the walls. The first thing they think about is the cost to fix it. Instead, you can make your home look fresh by painting it with neutral colors such as white, beige, light browns, and grays. This gives them a blank canvas to visualize themselves living in the house.

Improve the yard 

If home buyers walk into your yard and see dead grass, weeds everywhere, and junk lying around, it will be a significant turn-off for them. It sends the message that nobody cares about the property – in which case, why should they? It is essential to ensure that your lawn is well-maintained before selling your home. You could also add some landscaping to improve the aesthetic appeal of your home.

Add a deck or patio

A deck or patio is a great way to increase the living space in your home. It also adds value by making your Chicago area home more appealing to potential buyers – everyone knows Chicagoans love to make the most of the summer with barbecues and garden parties. Decks and patios can be expensive, but they are definitely worth the investment.

Improve the garage

If your Chicago area home does not have a garage, adding one could be a major selling point for potential buyers. The further out you get from the city of Chicago, or if you are in an upmarket suburb, this investment becomes even more critical. Commuter families are looking for great garages, ideally with multiple parking spaces, and so is anyone with a car worth protecting. If your Chicago area home already has a garage, you could improve it by adding insulation, new epoxy flooring, and drywall.

Factors that Can Negatively Affect Your Homes Value

There are several factors that can negatively affect your home’s appraised value. Some of the most common include outdated appliances, plumbing, and electrical problems, mold in the bathroom or basement, leaking roofing material (asbestos shingles), termites/other pests infestation. Here are the most common faults I see when preparing homes for an appraisal.

Cleanliness   

If your home is not clean, it will negatively affect the appraised value. Homebuyers want to walk into a clean and fresh property.  This means that you will need to professionally clean your home from top to bottom before putting it on the market. A professional clean goes one step further than a regular spring clean and includes carpets, walls, appliances – essentially anything in sight. While you don’t need to pay a professional to do it, you’ll need to work to the same high standards.

Logically, a clean home shouldn’t affect your home’s value. But home appraisers are humans and everyone is influenced in a positive manner by a clean and tidy home.

Sketchy Neighbors

Unfortunately, sketchy neighbors can negatively affect your home’s value. This might be the most frustrating because it is completely out of your control. Homebuyers do not want to live next to a house that is constantly having loud parties or is always being raided by the police. Additionally, homes that are abandoned, have excessive cars or are visibly hoarder homes can also negatively affect your home’s value.

If you are having trouble selling your Chicago area home, it might be because of one or more of these factors. It’s close to impossible to address these issues, but if you can, you will be able to increase the appraised value of your home and make it more appealing to potential buyers.

Air and noise pollution

Air and noise pollution along with light pollution from a nearby business or establishment could negatively affect your home’s value. Homebuyers want to buy a peaceful and cozy house – not feel like they are living in an urban jungle.

For similar reasons, noise from busy roads or airports could also negatively affect your value. If you live near a garbage disposal plant or a sewage treatment facility that emits bad orders, this can all count against you. 

Overly personalized renovations

Over-personalized renovations or bold colors could affect the value of your home. While it’s obvious that the home buyer could redecorate to their own tastes, most home buyers want a place that is move-in ready and does not require any additional work. I typically find that Chicago area homes that have been renovated by their owners to fit their personal needs are less likely to sell because potential buyers might not have the same needs or like the renovations. Homebuyers want homes that have been renovated in a neutral style so they can make their own. 

Deferred maintenance

Deferred Maintenance is a poor signal to both buyers and home appraisers.  Homebuyers know that when they buy a home that has been well-maintained, they will not have to spend any additional money on repairs for some time. Chicago area home appraisers also take into account the amount of maintenance a property needs when determining its value. 

Homebuyers will also be less likely to purchase your home if it has deferred maintenance. So make sure you complete any needed renovations and perform the home’s regular maintenance that is necessary before listing it on the market! 

Frequently Asked Questions

Here are some of the most commonly asked questions by sellers:

How long is a home appraisal good for?

According to the Federal National Mortgage Association, the majority of appraisals are effective for 90 days, however, this figure can differ based on a variety of circumstances. The appraisal is frequently used for a residential mortgage refinance or property purchase, both of which should be completed within 90 days.

What if my home doesn’t appraise for the sale value?

The most common reason for a lower-than-expected appraisal is that the appraiser wasn’t familiar with the current market or area. If you are hiring the appraiser yourself, it’s a great idea to find one that is familer with the area. If you and your real estate agent do not agree with the home appraisal, you are able to request an appeal or rebuttal. You should also add additional comparable homes to the appraiser and also miss features and characteristics. 

If your home’s appraisal is completed correctly, or the rebuttal is not reversed, you must lower your sale price to the appraised value or, if you are in a strong seller’s market, request the buyer cover the difference to complete the transaction.

Do home appraisers check for permits?

 Home appraisers do not look for city permits or paperwork for the completed work. But it is quite easy for a home appraiser to evaluate the overall craftsmanship of the work performed.

Although home appraisers don’t need city permits, many Chicago real estate attorneys check for this during the transaction to ensure that all necessary permits were obtained and that the work was done by a licensed contractor.

Do home appraisers check in closets?

Home appraisers will open all your closets and check inside,  so don’t hide any skeletons in your closet! Home inspectors are not just being nosy –they need access to every part of the home to check the floors, square feet, and overall space. They are also looking for any clues of water damage and pests.

Should I have a home appraisal before listing my home for sale?

Getting your home appraised before the listing is not cost-effective. Usually, your real estate agent will be able to provide what is called a broker price opinion, which should be very close to the home’s appraised value. If you are trying to be proactive, I would recommend a home inspection before an appraisal. The home inspector could point out anything that needs immediate attention to prevent repair requests from catching you by surprise.

Summary

The Chicago area home appraisal process is complex and there are many factors that can affect the final outcome. In this blog post we’ve covered what to expect in a Chicago home appraisal process as well as how you can increase your home appraise value by following these three steps:

1. Understanding what factors will positively and negatively impact your property’s worth.
2. Performing regular maintenance on your property.
3. Completing any needed renovations before listing it.

If all of this seems like too much work and you’re looking for help with increasing or improving your own Chicago real estate investment, let us know! We help buyers, sellers, and investors in the Chicagoland area with all their real estate needs. We would love to hear from you.

While there are many things that can go wrong, working with an experienced agent and team makes it a smooth and relatively stress-free experience. 

In this blog post, we cover the entire process of buying and selling a home simultaneously in Chicago Illinois, the best practices used by those in the know,  and what’s working well in today’s market. Let’s get started!

Can I sell my house and buy another one at the same time?

Many buyers and sellers carry out the two processes simultaneously. On average, 20% of homeowners make the two transactions together. There are a number of steps that need to be coordinated and this is complex to achieve in a chain. 

There are several different strategies that you could use to accomplish this goal. You will need to talk with your agent about what the best approach would be for you. As a complicated process, each one should be approached on a case-by-case basis, but here are the basic steps you will need to take to buy and sell your house at the same time in Chicago, Illinois. 

How to buy and sell your house at the same time 

1. Find an agent who specializes in simultaneous buying/selling

Work with an experienced agent who can help you navigate the process. They will be able to give you specific advice and guidance on what needs to be done in order to sell your home and buy a new one simultaneously.

Many different factors could affect the success of your transaction. Your agent’s experience, the market conditions, and the time of year all contribute to your likelihood of success. Choosing the best help could be the most important of all.

2. List your current home first

Start by putting your current home on the market. 

It’s critical to get everything in order before listing your property. When you’re looking to sell and purchase at the same time, a good offer from a strong qualified buyer is essential.

3. Start looking for your new home 

It is important to have a firm idea of what you are looking for. As your current home is already listed, you don’t want to lose time figuring out what you want. Nail down as many variables as possible, including location, bedrooms, age, size, and price range. 

3. Negotiate on both homes at the same time

You will need to negotiate the offers on both homes until an agreement is reached on price and terms. This can be tricky, as there are many moving parts involved. Your agent will be able to help you navigate this process and keep everything on track.

If you spot a property that interests you, you can place an offer on the condition that your house is sold. Often this is the most challenging negotiation. Keep in mind that having a sales contingency lowers the value of your offer. When compared to a non-sale contingency offer, a sales contingency offer would be very ineffective in our current market circumstances.

4. Be ready to close quickly 

Once an agreement has been reached with both homes, it is time to close! Your agent will walk you through the closing process so that nothing gets missed or overlooked during this important step in your transaction.

The most common closing is a concurrent closing, this is often done by closing on one home in the morning and closing on the second only a few hours later.

What is a concurrent closing?

A concurrent closing is when you sell one property and then purchase another within a short time frame, usually on the same day. Exactly simultaneous closings are not technically feasible at the same time – you could compare it to twins being born. It’s part of one overall process, but it can’t physically happen at the same moment 

In concurrent closings, the first closing must be completed before the next, thus there must be a minimum duration of at least a few hours (bare minimum) between them.

As you can see, selling and buying a house at the same time can be a lot of work. This is why most people choose to enlist the help of an agent to make the process as smooth as possible. 

Let’s take a look now at some of the best practices that are being used in today’s market.

Best practices for selling/buying at the same time

Here are some of the best practices that we are currently seeing in today’s market:

• Get pre-approved for the new house before you list your current home for sale. This will ensure that if there is a multiple offer situation, you have an advantage over other buyers.
• Be aggressive with the listing price of your home. A reasonable listing price or receiving a strong quick offer and contract will be beneficial when submitting the offer on your new home.
• Look at homes prior to listing yours for sale so that when you do list it, you will already have an idea of what is available and at what price.
• Have a team that can make this process easy for you. A real estate agent with years of experience in buying and selling homes simultaneously is extremely helpful as well as having closing attorneys who understand the process and how to coordinate the closings so that they happen on the same day.
• Use the same attorney, agent, title company, and lender for both transitions. With many moving parts, the fewer people involved the less of a chance of miscommunication or mishaps.

What is working well in today’s market?

There are many things that are working well in today’s market when it comes to selling and buying a home at the same time. Here are the most notable:

We recommend all our simultaneous seller buyers have a strong written offer from a buyer for their home before viewing and submitting an offer on their new home. Here are the reasons why:

• Your offer will be more attractive to the seller of the new home if it is accompanied by a written sale contract of your current home.
• If you have a great strong offer on your current home, this can help in negotiations for the purchase of your new home.
• Be prepared to move quickly when you find the home you want to purchase. In some cases, multiple offers can be made on a property and the seller may choose the offer with the quickest closing date.

Once again, keep in mind that having a sales contingency lowers the value of your offer. When compared to a non-sale contingency offer, a sales contingency offer would be very ineffective.

Alternatives to Selling before Buying

If you are unable to sell your home before buying a new one, there are a number of options to explore, which include renting your home before buying, using a bridge loan or HELOC loan, getting a leaseback, or selling to an ibuyer. 

Rent your home before buying:

If you are financially capable and qualify for two mortgages at the same time, one option is to lease your property before looking for your next home. After you are settled in and the lease has expired, you can then place your old home for sale. Leasing your first property would give you time to look for your next home and not have to deal with the strict constraints of concurrent closings.

FHA and VA loans, however, do not allow you to have two mortgages at the same time. Also, lenders prefer that your monthly mortgage and housing payment account for less than 43% of your gross income. If qualified, this is a great alternative to simultaneous closing. Contact your lender and/or your agent regarding your specific situation.

A bridge loan or HELOC loan:

This is a short-term loan that can be used until the proceeds from your home sale are available. If you have equity in your current house, you may use that money to pay for the down payment, closing costs, and unforeseen expenditures while still keeping both houses.

A bridge loan enables you to borrow money for a new property before selling your present home. Bridge loans typically come with higher interest rates than traditional mortgages and they often require high credit scores and low debt-to-income ratios.

Leaseback:

If you are unable to find another place to live, but your current house has sold, you could negotiate with the new buyer to lease or rent your old home back to you for a short period of time. This is often mostly done with investors or developers. Most traditional buyers want possession at closing. This option allows you time to buy without having to use a bridge loan or be in a huge rush to find another place.

Sell to an iBuyer:

An Instant Buyer is an organization that purchases houses from sellers who want to sell quickly and completely online. The iBuyer makes an offer to the seller within a few days of receiving a description of the property. It’s gaining popularity thanks to large corps and even traditional real estate companies offering this service.

Zillow has recently discontinued this service because it has already lost a lot of money with the few it has completed. It’s quite convenient to sell to an iBuyer, but like with everything else, there is a price. However, if you can find an iBuyer that makes financial sense, take advantage of it. Confirm that you’re receiving a fair price by consulting with a reputable real estate broker. 

Pros and cons of selling and buying a home simultaneously

Here are some of the most notable:

Pros:

• You will not have two mortgages at the same time.
• You won’t need a place to stay while you find your new home
• One move instead of two

Cons:

• Selling and buying at once requires two closings, which means two sets of closing that must go exactly to plan. There is a higher risk that one or both transactions will fall through, so you need to be prepared for this possibility.
• Time restraints limit the time to find your new home
• Most people will need an agent to pull it off

Conclusion 

What is the best option for you? It depends on your situation, financial ability, time constraints, and what makes sense to you. You should always consult with a reputable real estate broker/agent that knows all of your options and can assist you in making the best decision for your situation.

We’ve helped Illinois families buy and sell their homes in Chicagoland for over a decade – get in touch if you have any questions about buying and selling your home at the same time in Chicago. 

How much are sellers’ closing costs in Illinois? The average seller closing cost in Illinois is $5,807 after taxes. This ranges between 1.94% and 2.9% of the final home sale price.

Given that an average home in Illinois sells for $200,000 to $300,000, the seller closing costs can fall between $3,871 and $8,710 depending on the county transfer taxes and other variables.

While closing on a home can be exciting to a seller, it can also be challenging and stressful if you aren’t well prepared. As a seller, especially in Illinois, it’s important to go to your closing prepared. This means that you have to know everything that’s included in closing costs for a seller and how much it will cost.

Click Here for 6 Steps to Selling a Home in Illinois.

Closing Costs in Illinois

If you’ve been wondering how much it would cost to sell your home in Illinois, you’ve come to the right place. Of course, you’re aware that some costs will go into selling your home. As such, it’s important to have a solid understanding of what you’re expected to pay to avoid getting blindsided by costs that arise down the road.

For those who aren’t aware of what closing costs are, these are fees that are associated with purchasing a property such as realtor commissions, filing fees, transfer taxes, title-related fees, and many others. These costs do vary depending on the value of the property, its location, type, and the type of loan involved. Closing costs may be incurred by the seller, the buyer or both depending on the agreement.

Illinois has one of the most expensive closing costs in the nation if you factor in everything including transfer taxes. Various factors and regulations make it one of the most challenging states as far as selling a home and closing costs are concerned. This is why you have to be well prepared when it comes to closing costs in Illinois.

Closing Costs Breakdown

As we’ve just noted, seller closing costs in Illinois can be quite tedious. It’s, therefore, important to break them down into categories, at least to give you a rough estimate of what you should expect to pay at closing, the things that you might owe after the home goes under contract, as well as any fee that’s associated with selling your home.

A typical seller closing cost in Illinois include:

State of Illinois Transfer Tax

This is a one-time tax that you pay to the state of Illinois on a change of ownership of a property. Even though state transfer taxes are customarily paid by the seller as part of the closing costs, you (the seller) can negotiate during the contract talks for the buyer to pay a part of the entire transfer taxes. In Chicago, both the buyer and the seller must pay a transfer tax.

Your state transfer tax is calculated based on a percentage of the sale price or the value of the real estate. In Illinois, the state transfer tax is $1 for every $1,000 of the sale price.

Here’s a perfect example. Say you sell your house for $300,000; the state of Illinois will expect you to pay a one-time transfer tax of $300. Here’s is a list of transfer taxes in the state of Illinois.

County/City Transfer Tax

Like state transfer tax, county transfer tax is a one-time payment paid to the county where the property is located. Country transfer taxes vary from area to area. For example, the transfer tax for DuPage County is $1 for every $1,000 of the sale price while the transfer tax for the city of Naperville, IL is $3 for every $1,000 of the sale price.

Going by our previous example of selling your home for $300,000, this means that you’ll have to pay a country transfer fee of $300. You’ll also pay a city transfer fee of $900. With this in mind, the total transfer tax for selling your house will total $1,500. To make it a lot easier for you, here’s a list of transfer tax rates for the state of Illinois including counties such as DuPage County and Cook County. The list also includes who is expected to cover the transfer taxes.

Title Fees

These are the fees that you incur to transfer ownership of your property. They include:

Title Insurance – As the seller, you’ll be required to pay for the insurance policy of your property. The cost is generally based on the sale price and may vary slightly from title insurance companies. You should expect to pay around $1,750 for a normal Illinois property and about $3,500 for properties costing up to $1 million.

Title Search Fees – This is paid by the buyer and is to ensure that the seller is the rightful owner of the property. The fee can cost between $275 and $475.

Update Fee – Costing about $200, this is to cover the period of the contract from the time the title commitment is issued to the closing. The idea here is that damage can occur to the property during this period and the amount should cover that.

Title Policy Registration Fee – This is a $30 fee that’s paid to the state of Illinois to keep track of all the documents of the contract.

Water and Zoning Fees – This is based on the type of home you’re selling. For example, you can expect to pay about $250 for a water and zoning certificate if you’re selling a single-family home. On the other hand, you can expect to pay about $150 if you’re selling a condo. The idea for water and zoning fees is to protect the buyer from incurring huge water bills after closing.

Attorney fees

This will vary from company to company and is meant to cover the services that the attorney offers to perform the title work and/or represent you. As a seller, you’ll typically pay a fee ranging between $500 and $700.

Mortgage Payoff (If Applicable)

Chances are this could be the largest closing cost to incur when selling a property. Needless to say, this will vary depending on the amount you owe on your mortgage. This has to include any interest accrued.

Realtor Commission

Other than the mortgage payoff, realtor commission is one of the largest closing costs that you can accrue when selling your home. As a contingency fee, you’ll only pay the realtor if the home closes and can cost you about 6% of the sale price. So if you sell your property for $300,000, the realtor will command about $18,000 but you can negotiate to reduce this.

Who Pays for Closing Costs in Illinois?

Typically, the buyer and the seller should share the burden of paying for closing costs if a home sale is successful. However, the two won’t pay for the same things and the buyer is likely to pay more than the seller.

The main closing costs for the seller include:

· Title insurance fees

· Mortgage payment (if applicable)

· Seller’s attorney fees

· Transfer taxes and recording fees

· Update fees

· Water and zoning fees

· Title policy registration fees

· Any liens that exist on the property

The main closing costs for the buyer include:

· Title search fees

· Appraisal fees

· Home inspection fees

· Survey fees (if applicable)

· Buyer’s attorney fee (if applicable)

· Credit report fees

· Settlement fees

Other Seller Expenses when Selling a Home

Even though every home sale is unique, there are always some additional seller costs that you have to be on the lookout for. While you may be required to pay some of them before closing, most of them will come when closing, so you need to be aware of them so that they do not get you by surprise. Some of these additional seller expenses include:

HOA dues – If you’re selling your home, you’re required to pay your HOA dues until the end of the closing date month.

Special Assessment – As a seller, you’re liable for any special assessment fee levied on your property by HOA before closing.

Miscellaneous Buyer Credit – There are instances where the house may need repair after inspection. However, you may agree with the buyer to offer credit instead of making the repairs for a higher price. If this is the case, you’ll be required to offer buyer credit at closing as agreed.

Other may include:

· FHA or VA charges

· Prepaid rent proration

How to Save on Seller Closing Costs

As a seller, it’s advantageous that the closing costs will come out of your home sale proceeds. This means that you do not have to come up with extra cash out of your pocket. But even with that, you can try a few ways to lower your closing costs and maximize your proceeds.

Ask the Realtor to Take a Lower Commission

If you’re working with an agent, you’ll probably be tasked with covering the entire realtor commission fees. You can either consider working with an agent who offers discounted services or try to negotiate with the agent to take a lower commission.

Negotiate for Better Prices and Terms

You can shop around for better rates on various services such as title insurance and attorney fees. You, however, have to consider that these fees are fairly consistent across the board, and finding better rates might be a long shot.

Negotiate for the Buyer to Pay

If you’re selling in an area where there’s fierce buying competition, you can negotiate with the buyer to pay a part of the entire closing costs.

Although closing costs take money out of your pocket, they can increase your capital gain tax on the sale and this can have a positive impact on your bottom line.

Conclusion

The Illinois housing market has been on the rise in the last couple of years. This means that it’s a great time to sell your house. But before jumping on this bandwagon, it’s important to understand inherent closing costs that you may be expected to pay down the line. By doing this, you won’t be blindsided or taken by surprise when these costs arise. If anything, you can come with better ways to negotiate for lower closing costs such as negotiating with the buyer to pay part of closing costs or pay them in their entirety.

And because the process of selling your home is tedious and challenging, you definitely need a realtor to help you make the process a lot simpler. As one of the best realtors in Chicago, you can contact us today and we’ll help you save not just money but also the hassles that come with selling a house.

Staging helps to make your house look more appealing by making it appear larger, cleaner, or better cared for than it actually is. Staged homes also help to draw in buyers who might have otherwise overlooked them because they don’t like the outside appearance of the property.

Staging is something that many people are not aware of but can make a world of difference in how quickly your home sells. Staging can be done by an interior designer or you can do it yourself. Home staging costs vary depending on who does it and what they use to stage the house. We will give you tips and tricks to save money while still making sure your home looks its best!

Is home staging worth it?

Several different studies have determined that staging your home is usually a worthwhile investment. 

According to a recent study report by the NAR, buyers were willing to raise the dollar value offered between 1% and 5% on staged homes, compared to non-staged homes. Buyers agents also revealed staging helped the buyers visualize them selfs in the home.  Staged homes are also less likely to get price reductions. Staging does not add value when it comes time for the homeowner to sell but can increase the speed at which they do so and increase how much money is offered on their house, according to a study by Remodeling Magazine.

Is Staging Worth It? Yes!

Unfortunately, there isn’t a one size fits all answer as to whether staging is worth it for you or not. Any form of staging by you or a professional will increase the likeliness that your home sells faster and for more money.

How does staging work?

Home staging is usually done by a professional staging company that serves sellers when selling their homes. Staging takes on an emotional approach that emphasizes the value of your home to buyers by making it look larger, cleaner, and better-taken care of.

Staging can be done with a variety of different items ranging from furniture appliances, plants and can even include cars.

If you planning on selling your home and would like to hire a professional to help you, you should first perform a deep clean and declutter.  Another option is to have your house professionally cleaned before letting in-home stagers. Your design professional will have an easier time evaluating the space and determining the best use of it.

Your staging professional will first have a consultation with you to discuss your home, needs, and design preferences. Stagers will then walk around the house with their client in order to best determine how to make it look bigger while also making sure furniture placement encourages buyers’ views of different rooms.

Staging companies will usually need only a few weeks to make your home look its best. We would recommend meeting with at least two stagers at least a month before listing. Stagers usually charge for time staged, make sure you know when your listing photos are and when the listing will go live, and coordinate with the stagers.

Who pays for staging?

Who pays for staging? Staging is usually paid for by the seller but may be negotiated between real estate agents and clients.  Staging is usually something that you need to pay for if you are selling your home through a real estate agency. You could decide to stage yourself or consult with your real estate for other options.

Stagers will often provide different plan options and can also work with the homeowner’s budget in order to make sure staging meets their needs while staying within their means.  Stagers will usually do their best to keep costs down while still making sure the home looks its absolute best. Staging is often seen as a luxury item but can actually help save you money and time in your selling process.

Stagers typically charge by the hour or square footage of space staged so be sure to ask your Stager about their prices and what is included. Some Stagers may also provide a flat fee for different sized homes or properties to help make the process easier.

How much does home staging cost?

The average cost of a home staging in Chicago is $1,500, but fully staged homes can be over $2,200 and above depending on staging, home size, and time.

Stagers can also charge by the hour if you would like to hire for a consultation. You can expect anywhere from $150-$500 per hr.  Fully furnished large homes can be $6,000 a month and above.  Stagers can also offer flat rates if you have a small home. Staging companies usually charge $35-$100 per room for staging by the hour or square footage, in addition to delivery and pick-up costs (if necessary).

Homeowners should expect staging fees to be around 30-50% of what they would spend on furniture but it is important to remember that Stagers are experts and will be able to make your home look its best.

How to save on home staging?

Use Used furniture

Staging items are usually an afterthought. Stagers may use furniture from local thrift stores or Craigslist at a lower cost. Consider shopping for used furniture if you have an old couch or old furniture piece, but still, make sure that everything is cohesive with the design of your home. You know your style best – keep it consistent!

Don’t Over Fix the fixer-upper

When performing small repairs I have often felt it’s also easy to keep peeling back layers. If you cant remove wallpaper, consider painting. If the bathroom floor needs replacing, don’t continue with replacing the vanity. This goes back to defining your priorities and sticking with them. You should decide what needs immediate attention and what is not as important. Remember deep cleaning and decluttering is a priory, don’t skimp out on it.   

Hire a Consultant

If a fully furnished home is not an option. Hiring an advisor or consultant might fit the bill. An interior designer can use your own furniture and decore to rearrange your home to appeal to the right buyer. Also, consult with your realtor, they will be able to point out eyesores that a buyer might be turned off by.

Virtual Stage

Virtual staging has been around for a while, however today you can find high-quality staged images that really help the buyer through the door.  Staging a home using professional photography, video tours, and floor plans will help your home shine. Realtors can also work with local photographers or companies that offer virtual staging for a lot less than a fully furnished home.

Conclusion

If you’re planning to sell your home in the Chicago or Naperville area, don’t worry about whether or not it’s worth staging. Staging a home for sale can make all of the difference when listing and attracting potential buyers; it also saves time by allowing you to focus on other things like deep cleaning and decluttering. Stagers will usually do their best to keep costs down while still making sure that your house looks its absolute best before putting it out there on the market.

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Every house needs some love and attention every now and then. With a little bit of creativity, you can transform your house into the envy of your neighbors without breaking the bank.

Homeowners are always looking for ways to improve their houses and make them stand out. This is especially true when they are trying to sell the house or rent it out. A well-manicured front yard can certainly help you in that effort!

The front of your house is the first thing people see when they walk up to your house. It’s also the first impression that you make on a prospective home buyer. If you are looking for easy, inexpensive ways to give your house a facelift, these five ideas will be perfect for you!

Deep Cleaning

The very first thing on your list should be a deep cleaning of the exterior of your home. Any house that is in need of a facelift will have some old, unused items.

Take the time to clear out these loose objects and make sure you put them into storage or throw them away so they don’t affect your curb appeal. The prospective buyer’s eyes will be drowned to the biggest eye soars, you don’t want to leave anything that doesn’t compliment the house.

A power washer will remove any dirt, moss, and algae from most surfaces of your home. You must first start at the very top and work your way down. Take a look at your roof for any dirt leaves and branches. Make sure all the gutters are also clean and in good working order. Next Start power washing from the gutters down and work your way down. Don’t forget to get those windows squeaky clean. Gleaming windows make the house look fresh and inviting.

Once you have finished power washing, take a look at the front of your house to see if there are any other fixable items that need attention. A few things you will want to check for the power wash are peeling paint or rust on metal objects like siding, roofing materials, and mailbox posts. Replace them if they are not in good working order.

Everyone thinks that the biggest return is a red door or a few flowers and plants, but the truth is a deep cleaning and housekeeping makeover can go a long way. Who doest love a neat and tidy front yard?

Add Color

Color and contract can make a home look completely unrecognizable. If you have it in your budget a fresh coat of paint to the exterior of your home can make the biggest difference in your makeover.  If you can’t afford to take on the expense of a house painting project, then consider adding some color through other avenues.

You could change out your front door for one in a bright and cheerful color that will stand out against any home background. You may also want to add some window shutter or other decorative elements in a color that will really pop. Don’t forget about the fences, handrails, and cement slabs. There is specific paint that is designed to last on these surfaces and provide a beautiful new look for the house.

A fresh coat of paint will make your old house feel like it has been transformed into something new, even without any major changes. A house with color stands out in comparison to one that maintains its natural boring tones. If you really want to get creative with your house and save money, then consider painting the outside of your house a modern and trendy color.

Don’t forget to reseal your driveway. Your new buyers want to move in not deal with more to-do lists.

Landscaping

Landscaping is a great way to make your house look fresh and updated. If you have some more money on hand, then consider adding new landscaping elements to the front yard of your house.

The very first thing that homeowners should do when planning their home’s landscaping renovations is to draw up a plan. This is an important step that should not be skipped over or overlooked. Have a clear picture of what must go and what could stay.

It is easy to get caught up in the moment and make changes as you go. However, it is important to have a plan for your house’s front yard makeover before starting the project.

Next, consider what types of plants and flowers would fit well in the type of climate zone that you live in. You will also want to take into consideration how much water different plants need so they can thrive. Maintenance is something that must always be considered because high maintenance might not be what you or your potential buyer might be looking for.

Keep it simple, tidy, and green. 

Dress to Impress

The house is old, worn out, and needs a facelift? Well, you can save money by just doing some simple things. If your house has an old mailbox, doorknob, and street number this is the perfect place to start. They are the simplest and most cost-efficient repairs that can make a house look updated. Simple hardware changes can make a  house feel new again.

Dressing up the exterior of your home can include adding shutters to your windows, adding porch furniture, and other decorative house features. Keep it simple but inviting.

You can also dress up the house by adding a few flower pots to your porch or entrance. Again, this is an easy way to freshen up the house’s appearance without breaking the bank.

If you are looking for more of a drastic change and want something that will show off your creativity then consider painting some old furniture with paint in colors that will complement the exterior of your home.

Get creative! Think outside the box and get inspired by others. Check out Pinterest for many ideas that can transform the front curb appeal of your house.

Lighting is Everything

There is no better way to turn heads than a properly lit home with decorative exterior lighting. Lighting is such a great way to transform the house and make it feel welcoming. Exterior lighting can highlight the very best aspects of the exterior of your home. Replace all exterior lighting fixtures with new or modern designs and add spotlights to desired areas of the home.

For example, you can put a spotlight on the house number so it stands out. Or add lighting to your porch and entryways for an inviting atmosphere.

Landscape Lighting: There is nothing better than walking up to your house after dark with beautiful exterior lights that illuminate every inch of the home’s front yard makeover.

Adding landscape lighting to your house’s front yard is the perfect way to transform it. Landscape lighting not only adds a luxurious feel but also provides safety and security for you and your family at night.

Look into adding modern fixtures that will be on-trend in 2020 or 2021 like LED lights, RGB lightbulbs, and smart home technology as well!

Conclusion

In this article, we’ve provided 5 ways to improve your house’s curb appeal on a budget. If you are looking for quick and inexpensive changes that can be made to the house exterior, then consider our ideas!

To recap the five tips to a budget Front yard makeover include

1. Deep Clean
2. Paint and Add color
3. Landscaping
4. Dress to Impress
5. Lighting

We hope these were helpful tips on how to improve the exterior of your home! If you have any other ideas that can transform the outside of your house we would love to hear them in the comment section below.

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Does fresh paint increase home value? The sale price of freshly painted houses is generally higher than that of unpainted homes, but they do not always result in a greater sales value.

Often homeowners ask ‘will my home sell for more if I put on a fresh coat of paint?’

Freshly painted homes can often sell quickly, but it might not result in the highest sale price. Although freshly painted homes do not always sell for more, they frequently sell faster than un-painted ones.

This blog post will go over what kind of return on investment you can expect with painting your home and what exterior and interior colors are best to sell quickly. We’ll also cover other value-adding improvements, so you have all the information you need to make an informed decision before selling your home!

Does Fresh Paint Increase Home Value?

Does Fresh Paint Increase Home Value? According to HomeGain’s Survey, interior paint will return 107% for the money invested, while exterior paint will return on average 55%.

There are exceptions to this rule though, a home’s paint color is a very subjective decision. For example, if your paint color is popular in the neighborhood or area you live in, it will return more than a home with an unpopular exterior paint color. Buyers looking for homes similar to yours would consider buying your house instead of another one down the street.

There are popular colors that return more than others, but all things being equal, Fresh Paint will increase your home’s value.

Should I Paint the interior of my home before selling?

Interior paint will have the best return on money investment, so is painting the interior of your home a no-brainer?

Not necessary, according to a survey completed by remodeling.com. Other improvements can also improve the value of your home.

The best way to know what improvements should be made before the listing is by getting an opinion of a professional realtor.

Paint will yield the best return if paint condition and color are a major problem. These are the first things a potential buyer will notice. Paint color is subjective, but if your paint isn’t in good condition or matches the rest of your home, then you might feel that painting before selling makes sense.

Before painting, it would help to address the home’s eyesores first, especially broken windows and doors. These are the first things a potential buyer will notice when touring your home.

Overall, though, the painting will positively impact the price you can sell for, but keep in mind there are other ways to improve upon the value of your home as well!

What are the best Interior Colors of 2021?

You can’t go wrong with neutral colors. The best interior paint colors to sell your home are neutrals. We recommend using a light gray, light taupe, or natural beige on the walls of your home because they will look fresh and clean. Keep the overall color scheme consistent throughout the home.

If you have a fireplace, then consider painting it white to give the room an instant update and make that area stand out! A popular trend is whitewashing wood and brick to brighten up spaces. If you have dark wood cabinets, consider painting them white to bring out more brightness into the space. If you’re trying to sell quickly, then brighter colors will help the home move faster.

The best interior paint colors for 2021 are

1. Sherwin Williams Pure White
2. Benjamin Moore Classic Gray
3. Sherwin Williams Repose Gray
4. PPG Delicate White
5. Sherwin Williams Sea Salt

Using patterns on your walls is another great way to bring some personality into space but be careful not to overdo it. Also, consider painting your bathroom blue, light blue will increase home value by $5,000, according to a report by Zillow. They also list out other popular colors for other rooms of the house. Make sure to check out the report.

Does Exterior Paint Increase Home Value?

While painting the exterior of your home will increase the value, it might not be the best return on your investment. According to the Home gains survey, exterior paint will only return about 55% of the invested money.

If the exterior of your home needs a little TLC, consider replacing the garage door, installing a manufactured stone veneer, or replacing siding. All three will return a better ROI than an exterior repaint. In addition, a viral trend is to whitewash brick or paint masonry white. If this white house with dark trim fits the rest of the home color scheme, this could ensure the home sells quickly.

Whitewashing brick and masonry make the exterior appear cleaner, plus it brightens the house and the dark trim creates a contrast against lighter colored doors and windows, which is another popular trend for homes these days. These pops of color will make your home feel warmer on the interior and more modern from afar.

Curb appeal is a major influence on the home buyers’ first impressions; consider power washing, decluttering, and landscaping to increase the home’s curb appeal before a repaint. If you would like a step by step guide to sell your Illinois home, check out our 6 Steps to Selling Your Home in Illinois

What are the best Exterior colors of 2021?

It might be difficult to determine which exterior house paint colors are best. Painting your house’s exterior is a large expenditure for a homeowner. As a result, you want to find a timeless yet contemporary house color that will retain appeal to the potential home buyer.

We recommend staying away from trendy colors that might come and go, stick to colors that complement the home.  But, you can also choose a color that fits the style of your home. Make sure to stick with neutral colors or darker tones as bold exterior paint colors are not recommended for resale value.

The 5 best Exterior colors for 2021 are

1. Sherwin Williams- Alabaster
2. Benjamin Moore- White Dove
3. Sherwin Williams- Tricorn Black
4. Sherwin Williams- Pewter Cast Gray
5. Behr- Polar Bear

It would be best if you also considered painting your front door black. According to another Zillow report, homes with dark-colored doors sell for $6,300 more than those with light-colored doors. 

What other improvements can increase home value?

Other improvements that can increase the value of your home are:

• Adding a manufactured stone veneer to the exterior of your home. According to Zillow, this will give you an instant update and increase resale value by $15,000 on average.
• Replacing siding such as aluminum or cedar shingles with vinyl increases resale value by $13,400 on average.
• Minor Kitchen updates that can add up to 72% ROI.

No other improvement will increase the value more than paint, but if you see any of the above items that need to be done, then go for it.

Often an overlooked part of selling your home is staging. Staging can make a substantial impact on the marketability of your home.

Conclusion

If you want to increase the value of your home, consider painting it. According to Zillow, the painting will be one of the best improvements for increasing home values in 2021. While exterior paint only returns about 55% ROI, consider replacing other items on this list first before you paint the exterior

You can also contact a realtor to suggest what repairs might be needed to sell your house for the most money possible.

Finally, if you have a home, you consider selling but don’t know where to start. We would be happy to give you our honest opinion on how you might improve the value and help get your house sold fast!

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How are Realtors Paid In Illinois? Real estate agents are paid on a commission basis, usually 5-6% of the property’s sale price, often split between the buyer’s agent and the listing broker.

A real estate agent in Illinois, is paid, depending on the home sale price. Most people are motivated to get a real estate license by the impressive amount of money they can make in the real estate sector. But, in reality, a Chicago real estate agent makes money by earning a commission or a sale percentage when they help an individual sell or purchase a property.

Check out this guide below to understand how Illinois real estate agents are paid.

How does a realtor get paid when buying a house in Illinois?

Real estate agents are mostly paid on a commission basis, usually 5-6% of the property’s sale price, often split between the buyer’s agent and the listing broker.

Both the seller and the buyer often have agents representing their interests and who need to be compensated.

Unfortunately, most individuals don’t understand who between the seller and buyer is responsible for the agent fees. Do the buyer and seller collectively pay their realtors? How does a realtor get paid when selling a house in Chicago, Illinois?

Most property buyers are often surprised to discover that realtor fees come from the “listing side” of the sale.

When a realtor puts up a home for sale, the realtor fees are often sorted between the seller and their listing agents. Therefore, as a buying agent, when you close the deal, the seller’s agent splits the listing fees with you. Buyers are then not responsible for the agent fee.

However, agents generally are paid based on what they negotiate. A buyer’s realtor can also negotiate and agree with the buyer on how they should be paid once they buy the house.

How do realtors get paid when selling a house in Illinois?

At the end of an Illinois home sale, a seller pays several expenses referred to as closing costs. When selling a house in Chicago suburbs or general Chicago, expect to pay between 2-3% of the property’s sale price in closing costs. In addition to these costs are the 5-6% realtor commission fees that a seller pays.

Therefore, when a realtor sells your house in Illinois, you will have to pay the agent the agreed realtor fees, which are often split with the buyer’s agent, subject to agreement.

Generally, the seller pays both the selling and buying agent their agent commission, 3% each, 6% in total, or whatever negotiated.

When does a realtor get paid in Illinois?

Legally, realtors should be paid only after the home sale deal has been closed. Commission payments are usually a line item on the closing statement. A brokerage firm releases the realtor fees once the sale records is complete.

Sellers pay a sale price percentage as a commission split between the agents representing the seller/listing agent and buying agent. Some realtors are generally not allowed to accept upfront payments or hourly rates. Illinois realtors typically get paid when the deal is done. Realtors are paid after the closing of the home.

What does a realtor do to earn their pay?

Ever wondered what a real estate agent does to earn their pay? Unlike a lawyer who bills you by the hour, a realtor doesn’t accept any payment form until the deal is closed. This often leaves buyers and sellers curious as to the nature of the realtor’s jobs.

Below is a compiled list of things that realtors in Chicago do to earn their pay.

• Realtors shop property online. The average real estate agent spends roughly two to three hours daily researching potential properties. Property listings come and disappear in the real estate industry, meaning agents have to be constantly checking multiple listing service databases.
• They go prospecting. The realtor represents the buyer’s interests, which include checking out potential properties. Part of their job description is to visit several listings to source for the buyer’s needs and specifications.
• Realtors invest in marketing. Some agents spend their money to advertise a property on newspaper ads or premium placements on listing sites.
• Agents write up offers and counteroffers. These are exemplary components of a real estate transaction since they can save or earn you thousands of dollars on a sale. Agreeing on the right price requires writing offers and counteroffers, a task often taken up by realtors.
• Realtors assess home inspections. A professional agent should be present during inspection time. It helps the sale process go smoothly by ensuring a buyer gets what they want in its best quality.

Generally, realtors are hired to ensure a home sale and purchase runs smoothly.

How to Save on Realtor Commissions

If you want to save significantly on realtor commission feels, below are several options to try out;

1. Try negotiating realtor fees yourself.

2. Sell with a discount real estate broker offering built-in savings

3. Hire a flat-fee MLS company or a limited-service agent

Generally speaking, do not expect to knock out more than approximately 2-3% of the entire commission fee with no significant service-level tradeoff. Ultimately, your saving depends on how you go about reaching those savings.

How Realtors Get Paid in Chicago

If you are selling your house in Illinois, whether in the Chicago suburbs or the greater Chicagoland, you will need to pay a realtor to help you sell or buy a house. The standard realtor fees are usually around 5-6% of the house sale price. However, due to the increased competition among realtors in Illinois, most agents can accept anything lower than the standard price percentage.

Ensure you hire a professional realtor to help you get the best property deal to match your needs and budget. We are Illinois Realtors providing Chicago residents with top realtor services. Reach out to us if you need any representation on buying or selling real estate in the Chicagoland area.

Currently, It takes an average of 35-49 days on the market before selling in Chicago, but this number is greatly affected by the property, specific location, price point, and if there are any major renovations or updates that are needed.

Realtors use a metric called Days on Market or DOM for short. Realtors use this metric to determine current market conditions and relative demand in the market. It also shows the best time of the year to sell a house. 

The median list price for Chicago, IL is $299,900 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has increased to 1,537. Click here for the latest real estate data for the Chicago market! 

Click on the image below to see real-time days on market for Chicago IL!

If you are selling your house you might have questions like 

• What is Days on Market and How is it determined?
• Why does Days On Market matter?
• What’s the average Number of Showing to sell a house?
• How long are houses on the market before they sell?
• What are ways to reduce Days On Market?
• How can I find out the average days on market for my area?

In today’s blog post, we will answer all these questions and more. We will also show you what DOM for Chicago currently is and why this number matters so much for realtors, sellers, buyers, and investors alike.

There are also seasonal trends. You can expect a longer DOM in the winter months vs the summer.

What are Days on Market and how is it determined?

Days on Market (DOM) is the number of days from when a property goes up for sale until the seller signs a contract to purchase. Days on market will give you an idea of how long homes are listed for sale until they find a willing and able buyer.

Days on market is a great way to determine the strength of the market for similar homes in your neighborhood.  An increasing number of days on market is a sign that there is an abundance of homes on the market, and buyers are finding it more difficult to find their dream home. The opposite is true when days on the market have decreased.

Why does DOM matter?

DOM matters because it shows you what the market is doing and how long your home will be on the market before it’s sold. If you are thinking of selling, days on the market can help determine if now is a good time to list your property for sale.

Realtors use DOM as a way to set prices given current demand and competition within their area. They also determine if you priced your home correctly. If your home has not had any offers within the average time on the market for your area, your home price is set to high.

Average Number of Showing to sell a house?

This number varies by location and property. For example, the average for a single-family home in Chicago is 10-15 showings before it sells. But the number can be much higher for a duplex or condo. Recently listed homes have the most attention and showings within the first two weeks. This is also when you are likely to get your best and highest offer, according to statistics.

If your house has passed the two-week period and or past the average days on market, you need to change your approach before the market considers your listing and home stale.

If the home sits on the market for too long, prospective buyers will start wondering why it hasn’t sold. Additional willing buyers will also have more negotiation power since the home has been on the market for a longer period than the neighborhood’s normal DOM. 

How long are houses on the market before they sell?

The average DOM for your neighborhood and when your house actually sells are two different periods. Remember DOM is the time it takes from listing to a signed purchase agreement. The home will be pending or contingent until it actually sells. If you accept an all-cash offer, the quickest you close will be 10 business days after acceptance. If your buyer is receiving a loan to purchase your house, you can expect to finalize the transaction 30-45 days after the contract has been mutually signed. 

Ways to Reduce Days On Market (DOM)

Many different factors can affect DOM for your home. Some factors are completely out of your control. However, here are the most proven ways to reduce your DOM and get the highest and best offer for your home.

Professional Photography

You can’t get an offer if you don’t get people through the door. Photography is the home’s first impression on potential buyers. The home must catch the buyer’s interest enough for them to ask for a showing. 

Make sure the photography displays the uniqueness of your home and its attributes. Photography matters, it matters a lot.  It’s why we all have the very best photo of ourselves on our profiles. Your realtor should be promoting your home for sale with professional photos.

Staging

Sellers must have a shift in their mindset when listing their homes for sale. When you list your home you must have the potential buyer in mind. They don’t care for your mug collection, family photos, or unique and antique furniture. This is the time to put the buyer first. What would a buyer like to see? Clean, decluttered, and bright.

Staging a home with a professional gives your home the best chance to sell. Interior designers can find the perfect furniture to compliment your home. A staged home will always attract more buyers vs an empty home. Staging gives buyers an idea of what the space can look like with their new furniture.  

Renovations

Renovate or update any necessary improvements before listing your property for sale, this can make it easier for buyers who are looking for more updated homes. A completely renovated home will always attract the most buyers and those homes that need very little repairs will also bring the highest sale price. 80% of buyers are looking and prefer a home that needs very little to no repair. The closer you can get the home to this point the better for your sales price.

There are however a few repairs that give the best return for your investment. If you don’t or can’t repair a home to an acceptable condition, paint and floor are almost guaranteed to return 100% for money invested. You can also talk about this with your realtor. He/She can point out things that might have the best and largest impact on the sales price.

Priced Correctly

Often you find overpriced homes on the 90+ days on the market list. Waiting for the perfect offer that will never come. ‘Just testing the market’ is sure to get you very little action and no or low offers. This is why you and your realtor should be in agreement on the price strategy. Realtors and sellers should make data-driven marketing decisions to place the home in the best position to sell. 

Don’t overprice your home. It’s the most common and costly mistake to make. 

How can I find out the average days on market for my area?

Realtors have access to the MLS where they are able to determine all the data about your neighborhood. The MLS offers a great tool that calculates how many showings are needed before your home will sell on any given day, week, or month. You just need to input your zip code and it will give you an idea of what DOM is like for homes.

I also like to see the data generated by Altos Research. Unlike the MLS, Altos Research calculates local real estate data weekly and will give you a better snapshot of your current market conditions.

Conclusion

The days on the market for a home in Chicago can be reduced by following these steps.

1. The first step is to make sure your property looks its best with professional photography and staging it with furniture that will attract buyers.
2. Next, you should take care of any necessary renovations before listing your house including painting or flooring which are guaranteed ways to get back 100% of the money invested.
3. You should also price your home appropriately so that it gets viewings. Overpricing is one of the most common mistakes made when selling a house in today’s competitive housing market.
4. The last thing would be to find out how long homes typically stay on the MLS or search online for recent data about DOM rates in Chicago from sites like Altos Research who provide the very best real estate data. 

If you have any questions about the days on the market for your specific zip code, city, or neighborhood, we would love to hear from you.