It’s a good time to sell a house in the state of Illinois. The state-wide median price rose 7.7% in November 2020. But even the best properties in Lincoln’s state may struggle to sell if it is not priced properly, in case of a poor marketing job or weak negotiations.
If a person wants to sell their house by owner in Illinois, they will have to be very clear on each step of the process. It is going to be a challenge to sell the house yourself. But several people do it and once you get the hang of the process, it is quite doable. All you need is a roadmap and you have come to the right place to get started with the basics.
Step 1: Identify the True Market value of your House
This is a very important step and you should get it right in order to get the money you deserve. Price it too high and your home can sit on the market for months. Price it too low and you will regret the less cash you end up with.
You can determine the house’s value by using online real estate valuation sites. There are several platforms you can use to sell your place. Examples: Houzeo, Zillow, etc. These sites will give you a quick estimate of your property’s value.
Besides, you can also look at comparable listings in your locality. For instance, if you reside in Chicago and believe that your home is worth $300,000, search for active listings that are $50,000 above and below that. Check details about those properties and how they sit against yours. This will help you to arrive at a ballpark.
Step 2: Prepare the Home
The next step involves seeing the house through the lens of a buyer. You should ask yourself, “will I buy this house?” Starting with a negative will help you identify the flaws in your house that may become a problem later on.
Make necessary repairs like fixing leaky faucets, electrical switches etc. Repaint rooms that are in dire need. Declutter everything including closets, basement, attic and garage. Ensure that the home smells fresh and looks clean.
If all of this seems like a herculean task to do on your own, you can use the services of a home staging agency. They’ll do the needful, albeit for a fee.
Step 3: Market the Home
There are many options for a seller when it comes to advertising and marketing. You can get a For Sale by Owner yard sign online or from any hardware store. It costs around $20-$50. Make sure to add your phone numbers so interested parties can contact you for showings.
You can also list your home on Craigslist. It is easy to do and costs nothing. Simply go to the Illinois page, search for your city and create a “real estate ̶ by owner” listing.
There are many For Sale By Owner listing platforms where you can list your home either for free or just a few hundred bucks. Flat fee MLS Illinois companies also help you list your house on your local Multiple Listing Service (MLS) for considerably less than a real estate agent. But they do not provide any additional services unless you buy their most expensive packages.
Step 4: Negotiate
When selling a house via for sale by owner websites in Illinois you will have to negotiate with all potential buyers by yourself. The buyer will always extend an offer that is less than the asking price. They may also add in some tough conditions like paying the closing costs.
You need to decide how low you are willing to go. While the initial negotiations will be verbal, once you decide on the basics, the buyer will have to submit a written offer. For this, it is advisable to keep some real estate contracts specific to Illinois.
The contract should outline each detail of the sale, including the selling price, closing concessions, closing date, location of the closing and any contingencies.
Step 5: Manage the Closing
The closing process can take a few days and may extend up to a month. The biggest obstacle at the time of closing is the buyer’s mortgage. Try and stay abreast with all related developments. Most mortgage approvals need some conditions to be met and the buyer is unable to meet them, the deal may fall through. When selling a house by owner in Illinois, attorneys, title companies or lenders can perform the closing. But, only attorneys can get the documents ready.
Conclusion
Selling a house by owner in Illinois is more complex than with a realtor. Expect to do a lot of work yourself. But if you have the time and energy it is totally worth it because of the money you can save.