Selling a property in Chicago needs proper planning and deep insight into the Chicago real estate market. Whether you are in Lincoln Park, West Loop, or the Gold Coast, every area has something different to offer, but there are also some challenges. With proper strategy and professional help, you can easily go through the selling process and secure a great deal.
When Is the Best Time to Sell a House Fast in Chicago?
1. To Make a Quick Sale
If your goal is to sell quickly, June is the best month. On average, homes in Chicago spend about 40 days on the market during this time, which is 10 days faster than the annual average. A low average Days on the Market (DOM) means high demand, creating a more favorable environment for sellers.
2. For the Best Price
If profit maximization is your goal, June is also the best month to sell. Historically, Chicago homes sell for an average of $342,283 in June, $20,957 higher than the annual average.
When Is the Worst Time to Sell in Chicago?
January is the worst time to sell in Chicago. Houses take 57 days to sell and are priced at the lowest. List your home at another time if you can.
What Are My Selling Choices in Chicago?
Based on your level of experience and how quickly you need to sell, you have these four typical selling choices:
- Discount Real Estate Brokers: These brokers provide full service at lower commissions, usually between 0.5% and 2%, saving you money.
- Traditional Full-Service Realtors: Agents do all the work from listing to closing, but commission charges from 5% to 6%.
- Flat Fee MLS Services: This is an affordable option where you pay a flat fee to list your property on the MLS and get visibility while dealing with the sale yourself.
- Cash Home Buyers: To sell your home quickly, cash buyers purchase homes in their present condition without inspections, staging, or repairs. Although you might get a little less than the market price, you save on closing expenses and commissions and can do the sale quickly.
Do You Need to Sell Your House Fast for Cash in Chicago?
If you must sell promptly, selling to a cash home buyer like Diamond Equity Investments may be your best option. We buy houses in Chicago in any condition, providing the seller with an easy and hassle-free closing. Our method can be completed within seven days.
Frequently Asked Questions
1. What are the closing costs when selling a house in Chicago?
Illinois sellers usually pay between 6.25% and 9% of closing costs, including HOA fees, escrow fees, legal fees, and home warranties.
2. What do I do with multiple offers on my Chicago property?
Carefully compare each offer, considering the price, contingencies, and closing dates. The best price isn’t always the right option if it comes with unfavorable conditions.
3. How can I sell a house quickly in Chicago?
If speed is your priority, selling to Chicago cash buyers or iBuyer is the way to go. Cash buyers purchase homes in any shape and close within days. iBuyers also pay cash but usually expect the house to be in decent shape.
Whether you’re aiming for a quick sale or the best price, knowing the right strategies can make a difference. Choosing the best time to sell, selecting the right selling method, and ensuring your home is market-ready will increase your chances of a successful sale in Chicago.
