Selling your Illinois house For Sale By Owner (FSBO) can save you thousands in real estate agent commissions. Not only that, 77% of FSBO homes sold in just two weeks, faster than the 49-day average in the Prairie State.
And selling your home FSBO is now easier than ever! High-tech For Sale By Owner websites in Illinois will help you list on MLS within 24 hours. And when you sell, you’ll pocket an average of $8,500 in additional savings on an average Illinois home!
How to Sell a House By Owner in Illinois in 6 Steps?
People move to Illinois in winter for job relocation, especially in Chicago’s business hubs. Families, professionals, and students relocating for work or education are the primary groups moving during this time despite the cold.
Here’s how to capitalize on this demand and sell your house by owner in Illinois in 6 simple steps:
Step 1: Price Your Home Competitively
Despite Illinois currently being a buyer’s market, 32.6% of homes sold above list price. This has resulted in competitive offers in places like Chicago and more days on the market for some other homes.
In cities like Chicago and its northern suburbs, you should price your home up to 10% more as they’re affluent neighborhoods with job opportunities that people prefer. On the other hand, flood prone areas such as downtown Chicago, Grafton or smaller towns like Carbondale or Danville, should be priced lower than the FMV to attract more offers.
Step 2: Make Your Home Market-Ready
People are moving to Illinois for it’s abundant job prospects, exceptional educational institutes and vibrant mix of cultural diversity. They want homes with good workspaces, outdoor areas, and places to unwind. You can attract these buyers if you stage your home. In fact, 58% of buyers say home staging influences their decision.
Here’s what you can do when learning how to sell your home by owner:
- Declutter and Depersonalize: Clean surfaces and remove personal items to help buyers envision themselves in the space. This makes the home feel more inviting and neutral.
- Improve Curb Appeal: Enhance curb appeal by keeping your outdoor areas lit and well-maintained. Ensure walkways, drive ways are clear of ice during winter. Maintain lawns, seasonal landscaping, and clean driveways attract buyers.
- Highlight Outdoor Living Spaces: Showcase features like screen patios, lanais, or pool areas to help sway buyers’ decisions.
- Opt for a Professional Home Stager: Hire professional home staging companies in Illinois. They will help you prep your house for listing photographs and walkthroughs.
Step 3: Increase Your Property’s Visibility
A major aspect of learning how to sell a house by owner in Illinois is figuring out how to boost your property’s visibility. Here’s what you must do:
- Hire a Pro Photographer: Homes photographed professionally sell 32% faster than the average home. Showcase features like coastal views or woodland to captivate buyers.
- Craft a Compelling Property Description: Use words like “riverside,” “spacious woodland,” or “manicured lawn” when describing your home. Also, mention details like proximity to the airport, museums, or popular universities in the area.
- List on For Sale By Owner Websites: FSBO sites like Zillow and Craigslist can increase your home’s exposure to more buyers than just friends and family.
- Put a “For Sale” Yard Sign: In suburban Illinois clear professionally designed yard signs are highly effective. 12% of sellers use yard signs to market their homes when selling FSBO.
- List on MLS: MLS is the most powerful tool in real estate. If you want to sell your home quickly and for top dollar, you need to list on MLS in Illinois.
Step 4: Organize Home Showings
Schedule showings for out-of-state buyers during the peak season (May, June, September). During winter weekends make the most of increased buyer activity during the natural daylight and warmth to make your home more cozy.
- Open Houses: 41% of homebuyers rely on information from open houses. Host these open houses from late morning to early afternoon (11:00 am to 2:00 pm).
- Showings Management Platforms: With tools like Houzeo Showings, buyers and buyer agents can easily select showing slots. For out-of-state buyers, use this tool to schedule virtual tours or live video showings.
Step 5: Review, Compare, and Negotiate Offers
Though you are selling a house without a Realtor, the basics of what to do when you get offers remain the same. Consider the following when evaluating offers:
- Cash Offers: Ensure you are getting a fair value for your property and not being low-balled.
- Buyer Financing: Make sure the buyer is preapproved for a mortgage and has financial backing.
- Contingencies: Look for inspection or appraisal contingencies. Illinois homes may need special evaluations for flood risks, tornadoes and ice damage.
- Closing Costs: As a seller, you typically pay your own closing costs like escrow fees, HOA, etc. However, if you offer seller concessions, your home will appeal more to buyers.
Step 6: Finalize the Sale Seamlessly
A real estate attorney can help you draft the paperwork for selling a house without a Realtor in Illinois to minimize legal risks. This includes title and closing documents. Typically, their fee ranges between $150 and $500 per hour.
How Much Do You Save By Selling Your Home By Owner?
The entire 3% listing agent fee! That’s how much you save when selling a house by owner in Illinois.
To put that into perspective, let’s say, you’re selling a house priced at $289,800. Assuming you pay a 3% commission fee, you’ll have to shell out $8,694 to your listing agent. With Houzeo, you could reduce that cost significantly:
| Details | Traditional Realtor (3%) | FSBO with Houzeo |
| Home Sale Price | $289,800 | $289,800 |
| Listing Price | $8,694 | $429* |
| Savings | $0 | ($8,694 – $1,878) $6,816 |
» Read these exclusive Houzeo reviews now to learn more about how to sell a house by owner in Illinois and make an informed decision!
Pros and Cons of Selling a House Without a Realtor
36% of Millennials, 26% of Gen Xers, 22% of Boomers, and 19% of Silent Gen are selling a home by owner in Illinois. More importantly, buyer agents are not opposed to working with FSBO sellers.
✅ Pros
- Cost Savings: In Illinois real estate commissions can cause sellers to pay 2.5% to 3% in listing fees. When you sell FSBO, you can eliminate the cost.
- Quick Sale: You can list your house yourself whenever you are ready. You need not hunt for a real estate agent to begin selling a house For Sale By Owner in Illinois. 77% of FSBO homes sell in less than 2 weeks.
- Full Control: As an independent Illinois home seller, you will interact with buyers directly. You will also control other aspects of selling by owner in Illinois, such as showings, negotiations, paperwork, etc.
❌Cons
- Limited Assistance: Handling paperwork, inspections, and negotiations on your own can be overwhelming without the right support.
- Potential Hidden Costs: Several FSBO listing services with low upfront costs may have a high hidden fee at closing. Additionally, several FSBO sites like Craigslist are infamous for attracting unqualified buyers and scammers.
What Are the Common FSBO Mistakes to Avoid?
❌ Don’t Skip the MLS: MLS exposure is crucial so that your house is listed on over 100+ sites. Statistically, homes listed on the MLS sell faster and for 17.5% more.
❌ Don’t Over or Underprice Your Home: Overpricing in competitive Illinois markets like Chicago can scare off buyers, while underpricing may result in leaving money on the table.
❌ Don’t Skip Professional Photography: Professionally shot homes sell 32% faster. So, skipping professional real estate photography will lead to lesser foot traffic and slower home sales.
❌ Don’t Miscalculate Closing Costs: An error when calculating your closing costs can affect how you plan for future expenses. A shortfall could impact your ability to secure your new home.
❌ Don’t Make Paperwork Mistakes: Errors in your paperwork, like flood zone disclosures or HOA details, could delay or cancel the sale.
Should You Sell a House By Owner in Illinois?
Yes! Selling your house by owner in Illinois can save you thousands in commissions. While buyers might not be actively looking now, there’s a chance your property could attract families and summer snowbirds looking for a Illinois way of life.
Frequently Asked Questions
How to list your home For Sale By Owner in Illinois?
To list your home FSBO in Illinois, opt for a Flat Fee MLS company. Flat Fee MLS companies help you sell your home yourself by listing it on the MLS for a small fee. Check out our rankings for the best Illinois Flat Fee MLS companies.
How to sell a house in Illinois without a Realtor for cash?
You can list your Illinois home without a Realtor on cash marketplaces like Houzeo.com and Sundae. You can get multiple cash offers, some up to 100% of the Fair Market Value. Additionally, you can sell your home to iBuyers. They make cash offers of up to 80% of FMV.
How to sell a home by owner in Illinois as fast as possible?
To sell your house fast by owner, you can sell it for cash to a house flipper, wholesaler or to companies that buy houses for cash in Illinois.
Who draws up the contract in for sale by owner?
In a FSBO transaction, sellers are usually responsible for the purchase agreement often referred to as a for sale by owner contract in Illinois. Some people also take help from a real estate attorney to draft or review the contract.
