Is it time to open a new chapter in your life by moving to a new home? Whether you’re relocating for a job or your family is expanding and you need more space, selling your home can be both exciting and a bit daunting. For first-time home sellers in Illinois, the process can seem particularly challenging due to the complex market dynamics. It’s more than just putting up a ‘For Sale’ sign; it requires careful strategy, thorough planning, and a solid understanding of the Illinois real estate market. But don’t worry, 23 Legal is here to guide you with all the expert advice you need to make this journey as seamless as possible!
Your home is more than just an investment; it’s a place filled with cherished memories, where you’ve spent time and effort in making it truly yours through renovations and redesigns. Parting with something so valuable isn’t easy, which is why it’s essential to take the right steps to safeguard and even enhance its worth.
Selling a house in Illinois comes with its own set of unique procedures and legal requirements, not to mention the local market challenges that might be tough to tackle alone. By understanding these aspects from the get-go, you can avoid common pitfalls and ensure a smoother selling process. Dive into this article by attorney Ben Weaver to learn what to watch out for before you list your house for sale…
Fall 2024 Illinois Housing Market Snapshot
Before beginning the process of selling your home, it is important to have key facts about the market in Illinois at the time of fall 2024. Here’s a snapshot of the key trends shaping the market right now:
- Median Sale Price: The statistic shows that the median of house sales in Illinois touched $301,100 in August 2024 and it has a Year-over-year consistent growth of 7.3% which points towards the appreciating trend.
- Home Value Growth: Certain metro areas like Wilmette and Winnetka have seen impressive gains in sales prices; by as much as 49.1% for Wilmette and 47.4% for Winnetka. This stands as the proof of increasing need for more narrowly defined professions that also have a high level of popular interest.
- Homes on the Market: Listings are spending more time on the market, with the median days on the market rising to 44 days—a slight increase from last year. Popular areas are moving even quicker.
- Time to Close: Once an offer has been made and accepted it takes about 35 days to complete the sale making the overall cycle of selling 79 days.
- Repair Costs: Sellers must plan for an average fixing cost of $20,552 in order to correspond with the needs of buyers in the market.
- Sale-to-List Price Ratio: The sale-to-list price ratio is 99.4%, indicating that most homes are selling near their asking price
Even though interest rates have risen in 2024, demand remains strong, especially among younger buyers. Pricing your home correctly, and fixing major issues that may turn off buyers will get your house a good price in the market and sell it faster.
Top Questions to Ask Yourself Before Selling Your Home
When it comes to selling your home, it is a very important decision to make and once you go to the market, it becomes very difficult to withdraw. Here are some important questions to consider before making your final decision:
- Am I ready to move on? probably the most emotionally trying process that people go through when selling a home. Are you prepared to leave behind memories and move into a new chapter?
- Can I afford the costs of selling? Beyond the potential profit from the sale, there are expenses involved: agent commissions, staging costs, repairs, and closing fees. Make sure you’ve budgeted for these.
- Is now the right time to sell? Timing is key in real estate. Consider seasonal market trends in Illinois and how quickly you want to sell. While summer is usually busier and more competitive, especially for some niches, the fall of the year can bring less competition.
- What’s the current value of my home? Before you decide to move, get a true market share to know if you’ll retain adequate equity in the house after moving. It might be worth waiting if your home’s value has depreciated.
- What are my future housing plans? Are you buying a new home immediately or renting? Do you have a temporary living plan? It is not wise to sell out too fast without the next step in your hand.
Spending the time to answer these questions will help you to be ready for the future!
Key Steps for Selling Your Home in Illinois
The housing market in Illinois is well developed; however, it is vital to know several basic steps to sell a home effectively. Here’s a detailed guide to the process:
Find a Qualified Real Estate Agent
The first thing that you need to do is to contact a competent real estate agent that operates in Illinois. A good agent will:
- Offer you a comparative market analysis (CMA) to assist you in setting the right price for your home
- Inform you of maintenance that needs to be done to make the home sellable.
- Take responsibility for the advertising and the negotiations as well as other showings.
Choose an agent with whom you can build a good relationship as they will be your key to the whole process.
Decide on the Best Time to Sell
Timing is critical. Like in most states, spring and summer are considered the peak sales seasons for homes in Illinois. However, the fall market is your advantage again because there are fewer homes on the market compared to other seasons of the year.
You should ask your agent whether selling at the moment would be beneficial with respect to your schedule and the general market.
Set a Competitive Pricing Strategy
Determining the right price for your home is one of the key factors that will determine how effective the process will be. If you list it too high it may remain on the market for long; if you list it too low, you may end up missing your profitable sales. Here’s how to create a strong pricing strategy:
- Research Comparable Listings: Look at similar homes in your area that have recently sold.
- Consider Market Conditions: Consider whether the market is a buyer’s market or a seller’s market.
- Get a Professional Appraisal: If you want to have a very accurate calculation, you can consult a Professional for an appraisal.
Prepare Your Home for Sale
Your home needs to make a great first impression. Staging it for sale requires that you clear the clutter, clean the house, and also fix minor problems that need repairs. Some important things to focus on include:
- Declutter and Depersonalize: Buyers want to envision themselves in your space, so clear out personal items and excess furniture.
- Complete Repairs: Fix anything that’s broken, from leaky faucets to cracked tiles.
- Curb Appeal: Everything that can be seen from the outside was bought with the vision of people who will decide whether to buy your home or not so trim the lawn, plant flowers, repaint the front door, etc.
There are a few tips you need to know to stage your home that could definitely reap a good return of thousands of dollars into the final sales price. In Illinois, staged homes can sell for around $40,000 more than the listed price.
List Your Property
Once your house is set, your real estate agent will post the house on the internet-markets. The listing should include:
- High-quality images that define your home and show it as every buyer would love it to look like.
- A detailed description of your home and neighborhood.
Currently, most buyers use the internet as their primary source of information hence, ensure that your home has appealing photos and a list describing the house appropriately. You can also offer open houses to attract local buyers as 92% of home buyers believe in open houses.
Staging, Showings, and Walkthroughs
During the listing period, your home will be available for showings and walkthroughs. Here are some tips to ensure a successful showing:
- Keep It Clean: It is important to always maintain your home in a clean state for last-minute viewings.
- Schedule Flexibly: Be as accommodating as possible with showing times.
- Stage the Home: Create a welcoming atmosphere with good lighting, pleasant smells, and neutral decor.
Your agent will work with potential buyers, but you should be ready to leave the house during showings to give them space.
Inspection and Appraisal
Once you’ve received an offer, the buyer will typically schedule an inspection and appraisal. Here’s what to expect:
- Inspection: A professional will inspect your home on aspects such as structures or mechanical systems if any. Sometimes, people find that they face some issues, and demand to repair or to lower the price.
- Appraisal: An appraiser will then assess the current value of the home so that it will match the offer being made. If the appraisal is lower than expected then you will have to come to a new agreement on the price.
Having your own pre-inspection before listing can help avoid any surprises during this phase.
Work with a Real Estate Attorney on Documentation
In Illinois, it is mandatory that a person must get the help of an attorney when engaging in real estate transactions. A real estate attorney will:
- Review the contract and offer details
- Handle title searches to ensure there are no legal claims on the property
- Assist with negotiations and closing paperwork
23 Legal’s expert Ben Weaver is well-versed with real estate law in Illinois and all the legalities. Rest assured that you have the right partner on your side, ensuring your purchase will be managed professionally and successfully.
Closing Day: Sealing the Deal
The closing process involves signing the final paperwork and transferring the title to the new owner. Here’s what you need to bring:
- Identification
- Closing statement
- Keys and garage openers
- Any other documents requested by your attorney
Lastly, your real estate attorney will make sure all the paperwork is proper and your agent will lead you through the last stage. With the right team on your side, you will be unstoppable!
23 Legal specializes in the legalities of real estate transactions in Illinois, as well as the complexities of local laws and regulations.
Should I Sell My Illinois Home Now?
Yes, now is an ideal time to sell your home in Illinois. As of October 1, 2024, home prices are going up and the mortgage rates have also gone down from 7.79% to 6.35%, creating active buyers in the market.
This combination of higher prices and lower rates creates a perfect window for a quick and profitable sale. By acting now, you can maximize your return in this competitive market.
At 23 Legal, we are more than willing to help you at every stage of the transaction. Reach out to Ben Weaver today for expert advice and make sure that your home sale is a success from start to finish!
Sell Your Home in 2024 with 23 Legal
Selling a home is often difficult as it is, and even more so in today’s complex market. But it’s not impossible – especially with the right team on your side! With decades of real estate law experience, Ben Weaver is very familiar with the Illinois real estate market and well-versed in understanding current buyer/seller preferences.
23 Legal’s clients also benefit from Ben’s excellent negotiation skills, coveted local contacts, and his attention to detail when reviewing documents. Connect with us today to discuss the best strategy for selling your property!
Planning to sell your property and start a new chapter? We can help!
Accomplish your real estate goals with 23 Legal: (847) 447-6004
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.
