In 2020, Chicago saw some stress in the real estate market. While home prices are on the rise, people looking to buy homes have also increasingly turned to the suburbs. The desire for urban life has cooled considerably, which could make selling a home in Chicago more challenging.
If you live in Chicago and are considering listing your home, you may wonder, “How can I sell my house fast?” Waiting around for a buyer could take time and cost money. Not to mention the stress and effort that also come with listing a home for sale.
Fortunately, you can make more money and speed up the process by selling your home for cash. You can avoid many of the issues of a traditional listing and move on from your current home. Let’s explore some of the pros of selling your home for cash.
Avoid a Realtor’s Commission
Listing a home for sale with a realtor involves a lot of work. Your realtor may want to host open houses, which can be inconvenient. Realtors may also dictate how your home should look, based on what they believe a buyer wants.
At the end of the sale, you’ll end up paying an average of 6% in a realtor’s commission. For example, if you sell your home for $250,000, that means that the realtor will take $15,000 of your loan proceeds. Depending on how much equity you have, that can greatly reduce the amount you’ll receive.
It can be hard to find the right realtor. You want to find someone who is easy to work with and experienced in your style of home and market. You also want a realtor who is well-connected, and that can be hard to determine.
And not all realtors will put the same amount of effort into selling your home. Some will go the extra mile to find buyers, while others may put in the minimum amount of work. You’ll pay the same amount in commission and could end up with a subpar realtor who doesn’t push your home to sell faster.
When you sell a home for cash, you won’t pay the commission. You’ll save money and the hassle of working with a realtor.
Skip the Repairs and Staging
Often, selling a home means making repairs or upgrades. This helps the home be more appealing for buyers, but it can be a burden for you. Not only that, but the improvements you make may not necessarily equate to an increase in your sale price.
You may also find a buyer, but the offer comes with a contingency on the home inspection. If the inspection reveals necessary repairs, you could find yourself shelling out additional money you hadn’t planned.
If you have already moved out of the home or inherited a house, a realtor may want you to have staging furniture. Staging a home makes it more attractive for buyers so that they can get a feel for a particular room.
Staging furniture is an additional cost for you. If you still live in the home, staging might involve renting a storage unit to “declutter” your home for potential buyers.
When you sell your home for cash, a cash buyer is looking to buy the house as-is. You don’t need to worry about repairs or staging, which will save you money and be less stressful.
The Sale Is More Likely to Close
Typically, an offer for sales includes a lot of contingencies that favor the buyer. Buyers can opt to pull out based on the inspection, lack of financing, or if their existing home sale falls apart.
Most traditional buyers need a mortgage to buy a home. This means going through a bank, which adds a layer of complexity to the purchase. Anything could go wrong, from the appraisal to the bank’s approval, and cause your offer to fall apart.
If your sale falls through, you have to start all over again. You’re back to square one with your listing, finding a buyer, and new contingencies on a new offer. You have lost time and potentially money in not closing on an offer that is made.
Cash sales are not dependent on banks and don’t have contingencies. This means that there are far fewer opportunities for your deal to fall apart.
When you are ready to sell your home, you want it to happen quickly. The longer you have to keep paying on your existing mortgage, the more money you are putting into a home that you intend to leave.
Listing a home for sale can be a lengthy process of showings, waiting for offers, counter-offers, inspections, and more. Working with a bank can be a lengthy process between loan approval for your buyer and closing.
With a cash buyer, you receive the offer. You can accept (or reject) it and get started on the sale right away. You have saved all of the time and cost in maintaining your home from the time you decide to list through closing.
If you are in a tough spot financially or facing foreclosure, time is of the essence. You can sell your home quickly, pay off your mortgage, and start over. Because of the other ways that selling a home for cash saves you money, this can put you ahead for your next endeavor.
Or you may find yourself with a home that you inherited. Often, you want to unload the home quickly and spare yourself the hassle of maintaining it. Selling your house for cash is a way to make this happen fast.
Make More Money by Selling Your Home for Cash
When you sell your home for cash, you will make more money and move on to your next home quicker. You can move on to the next chapter in your life and avoid the stress of listing a house for sale.