How Much Does It Cost to Sell My Home?

How Much Does It Cost to Sell My Home?

Selling a home is a deeply personal and time intensive process. We get it! It’s why we’ve always encouraged homesellers to take a step back and think about selling their home as they would marketing a product.

As anyone in marketing will be quick to point out, the path to a lucrative sale may well be full of victories and pitfalls – and it will always require paying a bit along the way. Selling your home is no different!

Here are a few of the major costs you can expect along the way to selling your home:

Staging Costs

We’ve seen mess, clutter, and “out-there” design choices compromise home sales before; it’s why we maintain that staging is important for all homesellers. Whether you’ll be staying on the property or leaving it vacant, it’s vital that you take some steps to stage, depersonalize, and generally “fix up” the house to look good on camera and appeal to prospective buyers during showings. The good news? While repairs, paint jobs, and movers all come at a cost, staging may not be quite as expensive as you’re imagining. Don’t hesitate to reach out for recommendations or to talk strategy!

Closing Costs

It would be so great to pass “GO,” collect your earnest money, sign on the dotted line, and be rid of your old property, wouldn’t it? When it comes to selling your home, though, you’ll have to spend a little to make a lot. Fortunately, closing costs for sellers are fairly boilerplate and reasonable, and they’ve always been part and parcel of selling in Chicago.

In addition to itemized costs like transfer taxes and stamps, your biggest expense as a seller will likely be the fees you owe to your real estate team for the vital services they provide. Expect your broker’s commission to range from 5-8%; this cost not only goes toward your listing brokerage's fees, but also toward "cooperating commission," which is the fee that the your listing brokerage pays to the brokerage and agent that brought you the buyer. Beyond the fees of the listing and buying brokerage, there are marketing costs, MLS fees, materials, and other overhead. 

You’ll also be responsible for paying a real estate attorney’s fee; in Illinois, attorneys are an indispensable part of the closing process, handling everything from contract disputes and negotiations to filing paperwork. You can expect to spend a few hundred dollars in attorney’s fees; the cost will depend a lot on the type of property being sold.

Personal Costs

A “cost” doesn’t necessarily mean money; when it comes to selling your home, you can also expect some “personal costs.” Selling your home will require a lot of flexibility and patience, for instance; being an active and involved seller will often mean cutting into your personal time and putting some of your loftiest expectations on hold. You’ll also need to be adaptable and willing to leave the house for showings or open houses, often on short notice. Before starting your sale, have a talk with your broker about any expectations you have for one another; committing to a plan early on will save you both from a heap of frustration and stress down the line. 

Of course, any ups and downs will be worth it when you close your sale in the end! Have any more questions about selling a home in Chicagoland? We’d love to hear from you! Drop us a line today, and be sure to follow our team on Facebook and Twitter for even more real estate news and advice!

Real Group Real Estate

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Chicago, IL 60614

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