Selling a house For Sale by Owner (FSBO) in Illinois can save you 2.6% to 5.7% in realtor commissions. But prepare for a lot of work, including filing the required paperwork and learning about your local market to make the most from your sale.
In Illinois, the average commission rate is 4.9% to 5.7%. If you sell a house worth $218,000 — the median home value in Illinois — that’s up to $12,400, which is a huge chunk of your potential profits.
Selling without a real estate agent, known as listing For Sale By Owner (FSBO), is a viable option for experienced home sellers who are willing to put in the time and effort.
Key Benefits of Selling FSBO
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However, selling FSBO has risks. Research shows that FSBO homes typically sell for about 6% less than those listed with agents. In addition, FSBO homes often take longer to sell, and are more likely to fall out of contract after accepting an offer — unless the homeowner is experienced and knowledgeable about the process.
In this article, we’ll explain everything you need to know to successfully sell your house without a realtor: the ins and outs of Illinois realtor fees, paperwork, and tips to walk away with more from your sale.
What FSBO Sellers in Illinois Need to Know
Real estate laws, processes, and trends vary greatly across the country. Understanding the details of your market and getting accurate information can make a FSBO sale complicated.
We'll go into more details about what you need to do in Illinois, but here's an overview of the state's laws and regulations.
Illinois FSBO Overview
Real estate attorney required? | No |
Required state disclosures? (learn more) |
|
FSBO yard sign allowed? | Yes |
Competitive Buyer's Agent Commission (learn more) | 2.3% to 2.7% |
Additionally, you'll need to know and understand all of your responsibilities as a FSBO seller, which include:
- Preparing your home by making necessary repairs, cleaning, and staging your home.
- Accurately and competitively pricing your home.
- Marketing your home by writing a listing description, taking high-quality photos, posting the listing on different sites (free and/or paid), and promoting your home on social media, in print ads, and via word of mouth.
- Vetting buyers to ensure they're qualified, from a financial perspective. Accepting an offer from an unqualified buyer will cause your sale to fall through and in Illinois, 12% of mortgage applications are rejected.
- Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase agreement.
- Properly filling out all necessary paperwork for a real estate transaction in Illinois.
>> LEARN the steps of a FSBO sale
How to Price Your Home
Pricing strategy is often make-or-break for FSBO sellers. List your home for too little and you leave money on the table. Price it too high and the listing goes stale, forcing a price drop that could make buyers wary of the home.
To get an accurate idea of what your house is worth, look at comparable listings in your area.
For example, if you live in Chicago and think your house is worth about $256,000, search Zillow for active listings that are about $50,000 more and less than that. Analyze details about the houses and how they compare to yours. Ask yourself:
- Is the school district better or worse?
- Does it have the same number of bedrooms and bathrooms?
- Has the house been renovated more recently than yours?
- How do the neighborhoods and nearby amenities compare?
Answering these questions honestly will help you see if your price is in the right ballpark.
From there, be realistic about what pricing strategy will lead to higher offers. Here are some key pricing metrics that will help you decide the best listing price for your home and market:
State of the Illinois Real Estate Market
Median Home Value* | $218,000 |
Median Listing Price⁺ | $260,000 |
Listing Price per sqft⁺ | $130 |
% of Homes with Price Reduction⁺ | 27.1% |
Pricing Advice for FSBO Sellers | Homeowners are over estimating how much their houses will sell for. Even if buyer demand is high in your area, by setting your initial price a little lower, you'll attract more buyers and hopefully receive multiple offers. |
How to List Your Illinois Home for Sale by Owner
Once you've decided on a price, it's time to write a listing description that speaks to local buyers. Understanding their priorities will help you identify what features of your property to highlight in your listing and attract more interest.
Top Buyer Priorities in Illinois
Illinois Buyer Priorities | Advice for FSBO Sellers |
|---|---|
1. Listing Price | Be honest about your list price. Look at recent sales data in your area on Zillow or other real estate sites to find an accurate price point for homes of comparable size and condition to yours. Many real estate companies will also conduct an analysis for little to no charge. |
2. Architectural Style of Home | In your listing description, talk about any unique architectural features that could set your home apart. If your home was built by a known architect, has original flooring or doors, or has any historical value, be sure to mention it. Also, point out what takes your house to the next level. For example, older homes can be beautiful, but energy inefficient. Highlight upgrades you made like new windows that will save buyers hundreds in heating costs. |
3. Recent Renovations | Be specific about large updates you’ve made in the last 5 years, such as rewiring electric, putting in a new roof, or installing a new furnace. List exactly when the renovation was done, roughly how much it cost, and what its current condition is today. This will give buyers peace of mind that they won't have to worry about big issues any time soon |
Based on a 2020 Clever survey of 500+ real estate agents | |
When it comes to advertising and posting your listing, you have several options as a FSBO seller. Each choice has its own pros and cons as well as costs:
- For Sale By Owner yard sign: You can buy a sign from most hardware stores or online for $20-$50. Be sure to choose one that allows you to add your phone numbers so interested buyers can contact you for property information and showings.
- Craigslist: Posting your home on Craigslist is free and simple. Just go to the Illinois page, find your city, and create a "real estate — by owner" listing.
- FSBO websites: There are multiple FSBO listing websites that allow you to post your home for free or a few hundred dollars. But each differs in how many photos you can include, how long the listing is live, and the changes you can make — do your research before choosing a for sale by owner site.
- Flat-Fee MLS companies: Flat-fee MLS services will list your house on your local Multiple Listing Service (MLS) for significantly less than a realtor. However, they provide few additional services unless you opt for their most expensive packages, which often cost more than using a discount brokerage.
If you choose to use a flat-fee MLS company, you'll have to offer a buyer's agent commission. The MLS is how real estate agents find homes for their clients, and typically a buyer's agent commission is included to incentivize these realtors to show the house to their clients.
List with a top agent for just $3,000 or 1%.
Sell your home for top dollar and save on commission.
How Realtor Commissions Work In Illinois
Traditionally, both the buyer's agent and the listing agent are paid a commission by the homeowner. When sellers work with a realtor, they negotiate a commission as part of the listing agreement.
Based on the average commission rates in Illinois, this typically ranges from 2.6% to 3.0% of the sale price.
In a typical sale, the seller also agrees to a commission rate for the realtor who brings the buyer to the table, which runs between 2.3% to 2.7%.
Average Range in Illinois* | Average Amount⁺ | |
|---|---|---|
Listing Commission | 2.6% to 3.0% | $5,668 to $6,540 |
Buyer Agent's Commission | 2.3% to 2.7% | $5,014 to $5,886 |
*Based on the average commission rates from a 2020 Clever survey of 500+ real estate agents ⁺Based on typical home value in Illinois (Zillow Data Center, October 2020) | ||
As a FSBO seller, you automatically avoid paying a listing commission. However, there is a solid argument for offering a buyer's agent commission.
A buyer’s agent's commission is an incentive for realtors to show your house to their clients. If you don't offer a commission that is competitive compared to similar homes in your area, then your home could be shown less. Agents may prioritize taking buyers to homes with a commission.
The best way to avoid paying any commission fees is to sell to an unrepresented buyer. However, know that nearly 87% of buyers work with a realtor. If you decide not to offer a buyer's agent commission, you may severely restrict your pool of buyers.
>> LEARN how real estate commissions work
How Commission Costs Break Down in Illinois
FSBO w/ a Represented Buyer | FSBO w/ an Unrepresented Buyer | Listing w/ an Agent | ||
|---|---|---|---|---|
Sale Price* | $204,920 | $204,920 | $258,000 | $258,000 |
Listing Commission⁺ | $0 | $0 | $6,104 | $3,000 |
Buyer Commission⁺ | $5,123 | $0 | $5,450 | $5,450 |
Total Profit | $199,797 | $204,920 | $206,446 | $209,550 |
*Based on median home value in Illinois (Zillow Data Center, October 2020) and that FSBO homes sell for 6% less (Collateral Analytics, 2017) ⁺Based on the average commission rates in Illinois (2020 Clever survey of 500+ real estate agents) | ||||
Paperwork to Sell a House by Owner In Illinois
Once you find a buyer for your house, it's time to start the closing process. In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. As a FSBO seller, you'll have to navigate the paperwork by yourself.
This process varies by state — here’s a quick breakdown of Illinois’s requirements.
Required for All Illinois Real Estate Sales
2 Forms of ID | In most cases, a valid passport, driver's license, or other form of Illinois-issued ID. |
Copy of Purchase Agreement and Any Addendums | Copy of the original, signed sales agreement as well as any agreed upon changes. |
Closing Statement | A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company. |
Signed Deed | To legally transfer your property, you'll need the deed that proves you're the rightful owner. At closing, you'll sign the deed over to the buyer. |
Bill of Sale | This is basically a receipt that includes both your information and the buyer's. It will also list the final price of the home and what was included in the sale. |
Affidavit of Title | A notarized document that states you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else, etc. |
Possible Additional Documents
Loan Payoff Information | If you have a mortgage on your home, you'll need documentation of exactly how much you still owe and any payoff fees. If you've already paid your mortgage in full, you'll need documentation proving that. |
HOA Forms and Guidelines | If your home is part of an HOA, you'll need to give the buyer documentation on the HOA's Covenants, Codes, and Restrictions, financial history, required fees, approval process, etc. |
Survey Results or Survey Affidavits | A survey (or an affidavit verifying a previous survey) proves exactly where the property lines are. |
Home Inspection Results | If you had a pre-sale inspection, you'll want the results to compare to the buyer's inspection. If having a buyer inspection was part of the sales agreement, you should receive a copy of the results before closing. |
Proof of Repairs or Renovations | Documentation proving any major repairs or changes to the house help verify its value. These receipts also provide the buyer with information about who to contact if they discover issues with the repairs in the future. |
Home Warranty Information | The home warranty service agreement will explain what is covered, for how long, and any costs associated with the policy. |
Copies of Relevant Wills, Trusts, or Power of Attorney Letters | If you are selling an inherited property, you'll need copies of all legal documents that passed ownership to you. |
Relevant Affidavits (Name Affidavits, Non-Foreign Affidavit Under IRC 1445, etc.) | You may need additional affidavits like a name affidavit (which lists all of your or the buyer's previous names) or an affidavit proving you are not a foreign citizen and therefore exempt from certain property sales taxes. |
Closing Disclosure | If your buyer is taking out a mortgage and you agreed to certain seller's concessions, you may need a copy of their closing disclosure to verify the lender approved your concessions. |
Correction Statement and Agreement | In the event forms are lost or errors are discovered in the future, a correction statement and agreement requires you, the buyer, or their lender, to replace or fix those documents if need be. |
Illinois Disclosure Forms
The seller disclosure statement details any known issues with your home and its major appliances and systems. | |
Flood Zone Statement | With some mortgages (like federally backed ones), your buyer's lender might require information of the property's flood risk. |
Lead-Based Paint Disclosure | Federal law requires that if your home was built before 1978, you disclose information about the dangers of lead-based paint to your buyer. |
Radon Testing Pamphlet and Disclosure | Buyers must receive a pamphlet detailing the dangers of radon and how to test for it. Sellers must also disclose any information they know about the presence of radon in the home. |
Many closing documents are legally binding agreements. Any errors can derail your sale and cost you thousands in fees or in costs to re-list your house.
To avoid an expensive mistake, consider hiring a real estate attorney. While this can cost $500-$5,000, an experienced lawyer can answer any questions you have along the way.
FSBO Pros and Cons
Before deciding to sell your home by owner, weigh all the pros and cons to make the right choice for your situation.
Pros
- More control: As a FSBO seller, you can decide the price, listing timeframe, showing schedule, marketing strategy, negotiation tactics, and more.
- No competition with other clients: Some agents take on more clients than they can handle, which could mean not getting the attention you need to meet your home-selling goals.
- Lower commission: As a FSBO seller, you could sell your home without paying any commissions. Based on Illinois's average commission rates, that could leave 2.6% to 5.7% of your sale price in your pocket. Even if your buyer has an agent, you'll still avoid paying 2.6% to 3.0% in listing commissions.
Cons
- No MLS access: Unless you pay for a flat-fee MLS service, your home won't be on the local MLS. Most agents use MLSes (not Zillow and Trulia) to find properties for their clients and most buyers work with a realtor. So if you're not on the MLS, fewer buyers will see your listing.
- Risks of inaccurate pricing: Many FSBO sellers find it difficult to be objective when pricing their house and list for too much. If you make this mistake, you won't attract buyers and the listing will become stale. Eventually, you could be forced to accept a low offer or take your home off the market and relist with an agent.
- Safety issues: As a FSBO seller, it will be your responsibility to show your home to prospective buyers. Not everyone is comfortable being alone with strangers in their homes since incidents such as theft or harassment can occur. Make sure to gauge your own comfort levels before deciding to sell FSBO.
- More work and stress: Selling a home is a full-time job. Trying to cram all the steps and responsibilities into your schedule is a hassle many FSBO sellers aren't prepared for.
FSBO Alternatives to Consider
If saving money is your main reason for selling your home by owner, there are alternatives. Consider the following lower-cost options (listed from least expensive to most):
Flat-Fee MLS Services in Illinois
As mentioned before, a flat-fee MLS service will post your listing on the local MLS, usually for a low, upfront fee. In Illinois, this will typically cost you a couple hundred dollars.
Here are some Illinois flat-fee MLS companies to compare:
Prello Realty
Prello RealtyPrice Range
$295-795
Number of Photos
25
Listing Term
6 months up to until sold
- Prello Realty is a licensed, Illinois real estate brokerage that specializes in flat-fee MLS listing services
- You set buyer’s agent commission (Prello Realty recommends 2.5% to 3%)
- Buyer leads forwarded to you
- Unlimited listing changes
- Unlimited open house postings
- Contracts and disclosures
- A-la-carte services include signs, lockboxes, brochure boxes, and more
- Offers money-back guarantee if you decide to list with a full-service agent referred by Prello Realty
$295 - MLS Basic Package
| $495 - MLS Plus Package
|
A-la-carte services include signs, lockboxes, brochure boxes, and more
Pros
- Offers money-back guarantee if you decide to list with a full-service agent referred by Prello Realty
- Buyer leads forwarded to you
- Unlimited listing changes
- Unlimited open house postings
Cons
- Doesn’t offer full coverage in Illinois — see website for details on specific MLS access
- No built-in home valuation or market analysis
As of August 11, 2020, Prello Realty has an average rating of 4.6/5 based on 30 reviews across Google, Facebook, and Yelp.
Flat Fee Realty
Flat Fee RealtyPrice Range
$199
Number of Photos
Listing Term
6 months
- Flat Fee Realty is a nationwide flat-fee MLS referral service, licensed in Connecticut, that connects you with Illinois brokers and agents who will list your home on the MLS for a pre-negotiated rate
- You set buyer’s agent commission
- MLS photo upgrade available for $50
- State disclosures and forms available
- Unlimited listing changes
- Buyer leads forwarded to you
- Refund available within 30 days of purchase
$199 - MLS Listing package
- 6-month listing on MLS
- Syndicated to Realtor.com, Zillow, Trulia, and more
- 6 Photos
- Free state disclosures
- Unlimited listing changes
- No cancellation fee
- Buyer leads forwarded to you
MLS photo upgrade available for $50
Pros
- Unlimited listing changes
- No cancellation fee
- Free state disclosures
- Buyer leads forwarded to you
- Refund available within 30 days of purchase
Cons
- No built-in home valuation or market analysis
- Limited coverage in rural areas
As of August 11, 2020, no third-party reviews exist for Flat Fee Realty. We will update when this information becomes available.
Mentor Listing
Mentor Listing RealtyPrice Range
$299-399
Number of Photos
1-25
Listing Term
6 months
- Mentor Listing Realty is a licensed real estate brokerage that specializes in flat-fee MLS listing services in Indiana and Illinois
- Unlimited listing changes
- Buyer leads forwarded to you
- No cancellation fee
- Unlimited open house postings
- Broker support and assistance
- As of August 17, 2020, Mentor Listing Realtor is a member of MLSs in 62 counties in Indiana and 10 counties in Illinois
- A-la-carte services include signs, lockboxes, market surveys, flyers, and full representation options
$299 - Basic package
| $349 - Standard package
$399 - Premium package
|
A-la-carte services include signs, lockboxes, market surveys, flyers, full representation options, and listing renewal
Due to Indiana state laws, listing agent is required to attend closing, and an additional $200 is due at closing
Pros
- Unlimited listing changes
- Buyer leads forwarded to you
- No cancellation fee
- Unlimited open house postings
- Broker support and assistance
Cons
- As of August 17, 2020, Mentor Listing Realtor is a member of MLSs in 62 counties in Indiana and 10 counties in Illinois
- Only 1 photo in base package
- Additional $200 closing fee in Indiana
As of August 17, 2020, Mentor Listing Realty has an average rating of 4.4/5 based on 7 reviews across Google and Facebook.
>> LEARN about flat-fee MLS services in Illinois
Clever Real Estate
Clever is a nationwide real estate service that connects sellers with top, local agents. You pay Clever nothing and only pay your full-service agent $3,000 (or 1% on homes over $350,000) if and when your home sells.
Clever
Clever Real EstateListing Fee
1% (minimum $3,000)
Buyer Rebate
Up to 1%
Avg. Customer Rating
4.8/5 (386 reviews)
- Clever Real Estate is a nationwide, online concierge and agent matching service for sellers and buyers — learn more
- Buyers and sellers are matched with multiple highly rated agents from major brands, such as Keller Williams, Century 21, Compass, RE/MAX, and more
- Sellers choose a full-service agent and pay a flat, $3,000 fee — or just 1% for homes more than $350,000
- Buyers may be eligible for up to 1% back at closing (in qualifying locations)
Clever has pre-negotiated lower commission rates with top agents in all 50 states, D.C., and Puerto Rico
Pros
| Cons
|
As of May 20, 2020, Clever's average customer rating is 4.8/5 based on 386 reviews on Trustpilot.
- Trustpilot: 4.8/5 (379 reviews)
- BBB: An A rating
>> LEARN more about Clever Real Estate
Discount Real Estate Services in Illinois
While pricing and services vary, discount real estate companies will help you sell your house for less than a traditional realtor. In most cases, you'll still need to offer a competitive buyer's agent commission, but you'll save on listing fees.
Home Bay Real Estate
Home Bay Real EstateListing Fee
~0.5-2%
Buyer Rebate
Up to 0.3%
Avg. Customer Rating
4.5/5 (469 reviews)
- Home Bay is a real estate technology platform, service, and broker available in six U.S. states — CA, CO, FL, GA, IL, and TX
- A ~0.5-2% listing fee gets you access to Home Bay's online platform and tools, plus remote support from its in-house team
- Home Bay's fee structure varies by home value, type, and location, so you'll need to reach out for an actual quote — view full fee info here
- Note: 10% of the listing fee is due up front, whether your home sells or not
- Expect to pay a buyer's agent commission as well — rates vary, but 2.5-3% is typical nationwide
- Qualifying buyers can get up to 0.3% of the purchase price back at closing
- If you already have a buyer lined up, get transaction coordination services for a flat $1,500 — or $2,000 to handle for both seller and buyer
- Home Bay also handles undeveloped land sales for a flat $1,800 fee
| California | Georgia |
| Colorado | Illinois |
| Florida | Texas |
Pros
| Cons
|
As of May 20, 2020, Home Bay has an average customer rating of 4.5/5 rating based on 469 reviews across Zillow, Trustpilot, Google, and Yelp. See the breakdown below.
- Zillow: 4.7/5 (119 reviews)
- Trustpilot: 4.5/5 (247 reviews)
- Google: 4.1/5 (95 reviews)
- Yelp: 3/5 (8 reviews)
- Better Business Bureau: A+ rating
Redefy
Redefy Real EstateListing Fee
$3,500
Buyer Rebate
N/A
Avg. Customer Rating
4.3/5 (115 reviews)
- Redefy is a multi-state real estate franchise that offers flat-fee listing services for home sellers and standard services for home buyers
- Redefy is currently available in select cities in Colorado, Florida, Georgia, Illinois, North Carolina, South Carolina, Tennessee, Texas, and Virginia
- When you sell with Redefy, you'll pay a nonrefundable $500 fee up front, then $3,000 at closing, for a total fee of $3,500.
- You should also expect to pay a buyer's agent commission. Rates vary, but 2.5-3% is typical nationwide
- When you buy with Redefy, you'll get full service and support, but unlike some other discount services, Redefy doesn't offer built-in savings or rebates
- Note: Each Redefy office is an individual franchisee, so experiences may vary considerably by location. Look up reviews specific to your local office for an accurate gauge of customers' experiences
| Atlanta, GA | Jacksonville, FL |
| Augusta, GA | Knoxville, TN |
| Austin, TX | Memphis, TN |
| Charleston, SC | Miami, FL |
| Charlotte, NC | Nashville, TN |
| Chattanooga, TN | Norfolk, VA |
| Chesapeake, VA | Northern Colorado |
| Chicago, IL | Orlando, FL |
| Colorado Springs, CO | Raleigh, NC |
| Columbia, SC | Richmond, VA |
| Dallas, TX | Rock Hill, SC |
| Denver, CO | San Antonio, TX |
| Fort Mill, SC | Tampa, FL |
| Greenville, NC | Virginia Beach, VA |
| Houston, TX |
Pros
| Cons
|
*Homes valued over $1 million may pay a 1% listing fee — check with your local Redefy office.
As of May 20, 2020, Redefy's third-party reviews for its main Denver office average a 4.3/5 rating across Yelp, Google, and Facebook. See the breakdown below.
- Yelp*: 4.5/5 (30 reviews)
- Google*: 4.5/5 (59 reviews)
- Facebook: 3.8/5 (26 reviews)
- Better Business Bureau*: A+
*These reviews are for Redefy's main Aurora, CO office. Reviews vary considerably by location. We recommend conducting your own research for customer reviews specific to your area.
Redfin
RedfinListing Fee
1-1.5% (min. fees apply)
Buyer Rebate
Avg. $1,500 (where availabe)
Avg. Customer Rating
3.2/5 (243 reviews)
- Redfin is an online listing portal and multi-state real estate brokerage operating in 80+ markets across the United States
- Sellers get full service and support from a Redfin agent for a reduced listing fee (rates and minimums vary by location)
- Redfin agents are salaried. Since they do not work on commission, there is no incentive to get sellers the highest sale price — learn more
- RedfinNow — Redfin's iBuyer program — makes all-cash offers on qualifying homes in 10 markets for a 7% service fee (but no additional commission)
- Buyers in select markets might be eligible for a home buyer rebate — learn more
| Asheville | Houston* | Orlando |
| Albany | Indianapolis | Palm Beach |
| Atlanta | Inland Empire* | Palm Springs |
| Austin* | Jacksonville | Philadelphia |
| Birmingham^ | Kansas City^ | Phoenix |
| Boise | Knoxville^ | Pittsburgh |
| Boston | Lake Tahoe | Portland, OR^ |
| Buffalo | Las Vegas* | Raleigh |
| Charlotte | Little Rock^ | Rhode Island |
| Chicago | Los Angeles* | Richmond |
| Cincinnati | Louisiana^ | Sacramento |
| Cleveland^ | Louisville^ | Salt Lake City |
| Columbus | Maryland | San Antonio*^ |
| Connecticut | Memphis^ | San Diego* |
| Dallas* | Miami | San Francisco |
| Delaware | Minneapolis | Savannah |
| Denver* | Nashville^ | Seattle |
| Des Moines^ | Nebraska^ | South Carolina |
| Detroit | New Jersey | South Texas^ |
| El Paso^ | New Mexico | Spokane |
| Flagstaff | New York City | St. Louis^ |
| Fort Myers | Northeast Virginia | Tampa |
| Grand Rapids | Northern New England | Tucson^ |
| Hampton Roads | Oklahoma^ | Washington, D.C. |
| Hawaii | Orange County, CA* | Wisconsin^ |
*Also a RedfinNow location
^No home buyer rebate available
Pros
| Cons
|
As of May 20, 2020, Redfin's average customer rating is 3.2/5 based on 235 reviews across Yelp, Google, and Consumer Affairs.
- Yelp*: 3.5/5 (120 reviews)
- Google*: 4.5/5 (42 reviews)
- Consumer Affairs: 2/5 (81 reviews)
- BBB: B+
*These reviews are for Redfin's Seattle, WA office. Reviews may vary by location.
>> LEARN about discount real estate services
iBuyers
iBuyers will buy qualifying homes for cash, meaning you avoid realtor fees — and the stress of listing on the open market entirely. While these companies make fair-market offers, they will deduct any required repairs after an on-site visit. They also charge a service fee typically ranging between 6-14%.
>> LEARN about iBuyers
5 Tips for Selling Your Home Without a Realtor in Illinois
Pulling off a FSBO sale successfully is a difficult feat to accomplish. Here are some helpful tips from Clever CEO and real estate investor Ben Mizes, who has experience listing homes without an agent.
1. Make Minor Repairs
Small upgrades and repairs can do a lot to sway potential buyers. The key is knowing how and where to spend your money to get higher offers. Simple DIY projects like a fresh coat of paint or new cabinet pulls have a high return on investment, whereas pricier improvements like adding a new bedroom may not.
Overall, the most important factor is knowing where the line is between necessary and over-the-top. You want your house to meet buyers' expectations.
"If your kitchen is a disaster, spending more money on a remodel to get it in solid condition will pay off in the end," said Mizes. "But spending money on high-end features to take it from good to extravagant will be a waste."
Also consider how valuable specific repairs are to buyers in your area. Focus on upgrades that have a higher cost recuperation in your region.
Home Repairs with Highest Resale Value in Illinois
Top Upgrades | Avg. Repair Cost | Avg. Resale Value | Cost Recouped |
|---|---|---|---|
Manufactured Stone Veneer | $9,600 | $8,451 | 88% |
Garage Door Replacement | $3,727 | $2,948 | 79% |
Siding Replacement (Fiber-Cement) | $17,635 | $12,518 | 71% |
Based on regional data from Remodeling (2020) | |||
2. Price Your Illinois Home Competitively
While you want to earn a decent profit from your home's sale, if you price your home too high buyers will think you're trying to rip them off. And if you end up pricing your home too low, buyers will be wary thinking there's something fundamentally wrong with the home for it to be so cheap.
To price your home competitively and attract buyer offers, research Illinois housing market trends and get a pre-listing appraisal from a professional who can determine your home's value by assessing the condition, age, neighborhood, and any improvements you've made.
Bonus Tip: A pre-sale appraisal house gives you a more accurate starting point for pricing your home. Based on our research, in Illinois, appraisals average a couple hundred dollars, but help you walk away with thousands more once your home is sold. |
3. Stage and Market Your Home
Once you have a price, you need to set your home up to be attractive to buyers. This involves a lot of decluttering and paying to have the home professionally staged.
A staged home helps the buyer see themselves living in the house, which helps them fall in love with it and make a strong offer. It's vital that it's set up to appeal to the right buyer for your area.
Next, you'll need to market and list your home. You'll have to set up listings online, have professional photos taken, and make a strong effort to draw attention to your property. If you're selling at the same time as other homeowners, you'll need to stand out to get buyers to your listing.
>> LEARN how much it costs to stage a home
Bonus Tip: Hiring a professional stager can help alleviate some of the stress FSBO sellers go through. They know your local market and ensure your home is ready to impress, giving you one less thing to worry about. Shop around to find out which local stagers offer reasonable rates and have a proven record of getting homes ready for sale. |
4. Prepare for Showings
Organization is key when showing your home to potential buyers. You'll need a good system for scheduling showings and saving buyers' and agents’ contact information. You'll want to be flexible and try to show your house at buyers’ convenience.
Keep the home clean and decluttered at all times. The last thing you want is to scramble around with a vacuum after a buyer calls for a last-minute showing.
Also, focus on creating a homey atmosphere for buyers. You want to make a great first impression on as many buyers as possible, so add little touches that speak to most people.
"Bake cookies or light scented candles before a showing," advises Mizes. "Smell plays a huge part in how buyers will perceive and remember your house. Use comforting scents to your advantage so they feel at home the moment they walk through the door."
5. Negotiate for the Best Possible Price
Negotiations are about deciding more than the final sale price. You and the buyer (or their agent) will also have to agree upon contract contingencies, how closing costs are divided, the timeline, and more.
To gain the upper hand, get creative with the seller concessions you offer a buyer. While they might cost you a little more at closing, concessions sweeten the deal for buyers and could lead to a higher final sale price.
The most popular concessions vary from market to market. Knowing what works with buyers in your area will help you strengthen your offer.
For example, a 2020 Clever survey of over 500 real estate professionals found that in Illinois, sellers often cover 1.2% to 1.9% of buyers' closing costs. On a home of median value, that equates to $2,616 to $4,142, but can help you close the deal sooner and for more money.
You should also consider offering these popular seller concessions:
Most Common Seller Concessions in Illinois
Concession | Benefits of Offering Concession |
|---|---|
Home Warranty | If your home has major appliances or systems that are on their last leg, a home warranty can give buyers peace of mind. A warranty will cover possible issues and is typically less expensive than paying for the repairs (or accepting a lower offer from a wary buyer). |
Property Taxes | Often, you have to share past tax information about the property before closing a sale and many first-time home buyers are shocked by how much property taxes actually are. By covering some of those costs, you can offer these buyers some financial relief and make them more inclined to close on the sale. |
Repair Credits | Repair credits are win-wins for buyers and sellers. You'll credit the buyer a set amount to cover the cost of repairs. Once the deal closes, the buyer can personally oversee the project to their liking and you don't have to worry about repairs going over budget. |
Conclusion: Is FSBO Right for You?
FSBO isn't a perfect fit for everyone. But now that you know what awaits, if you're feeling confident about all the steps and possible challenges, you might be ready to sell without a realtor.
Remember, to succeed at selling a house by owner you'll need to:
- Make a plan: From getting photos of your property to lining up the correct paperwork, there’ll be a lot on your FSBO to-do list. Work out a schedule for when you need to accomplish everything so you can find a buyer and close in a timeframe that works for you.
- Get ready to hustle: Attracting qualified buyers is hard work. You'll need a great listing description and a killer marketing strategy to generate interest. Also, prepare to spend a considerable amount of your time fielding calls from prospective buyers, handling showings, hosting open houses, and more.
- Make smart investments: Even though your main goal as a FSBO seller is saving money, spending some money on small upgrades or repairs can lead to higher offers and a faster sale. Also, consider paying for a flat-fee MLS service to list your home on the local MLS to reach more buyers.
- Seek some professional advice: You don't have to sign a listing contract to talk to a realtor. Professional agents understand that smart sellers weigh their options; they'll be willing to meet for a free consultation. After seeing your home and looking at comps, they might notice issues or advantages you overlooked. Once you've heard their advice, if you still want to sell by owner, you can do so confidently because you thoroughly explored all your choices.
If you'd like some professional guidance with no strings attached, Clever can help. Fill out your basic info below to connect with a top, local realtor for a no-obligation consultation.
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