What are the Costs of Selling Your Home in Chicago, IL?

Whether you’re a first-time or repeat seller, selling a home can be a stressful and overwhelming process. It’s even worse when you’re ambushed by costs that you didn’t anticipate. So, understanding the costs involved in selling could ease the process for you.

Here are the costs of selling a home in Chicago, IL:

Real Estate Agent’s Commission Fees

The average agent’s commission fees range between 4%-6% of the home’s selling price and it covers both the buyer's agent and the listing agent. While this might be the largest cost you’ll incur when selling your home, it’s worth the money. Why? An agent will help you in pricing your home, marketing it, and negotiating with the other party to get the best price for your property. In fact, an agent can help you sell your home for $58,000 more than if you were to take the FSBO route.

Staging and Preparation Fees

Staging and preparation play a vital role when selling your home, but they come at a cost. Professional staging might cost you up to $1603, which will cover decluttering, application of a fresh coat of paint to your home, deep cleaning, rearranging furniture, and freshening up your flooring, among other things. The good news is that staging will add appeal, help sell your house faster, and increase your home’s value by 1%-5%.

Transfer Tax and Stamps

You may be required to pay a non-deductible transfer tax to complete the home transaction. The tax may be imposed by your city, county, or state, and is calculated based on the value of your property. This covers the cost of transferring the title deed to the buyer and is solely the responsibility of the seller to pay. In Chicago, IL, you should prepare a transfer tax cost of $3.75 per every $500 of the selling price. Home rule municipalities may also impose an additional transfer tax of $1.50 for every $500 of the selling price.

Understand the Costs of Selling a Home!

While you aim to earn a profit when selling your home, it's vital to be aware of other costs involved to avoid surprises down the road. Contact us today for detailed information about the costs of selling a home in Chicago, IL!

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