Typically, in Chicago, the REALTOR® you decide to hire to help you sell your house will receive 6% of the final purchase price of your home. Selling a home is a big decision and requires a lot of hard work on both your side, and your real estate agent’s side.
The median home value of a home in Chicago is currently $229,000 and will, on average, spend 125 days on the market. This number may drastically change depending on a number of factors, including the location of your home, the time of the year, and who your REALTOR® is and how they market your home. Having a local expert to help you decide when to sell your house is very important. They know the ups and downs of the market, what popular trends are in the neighborhood, and most importantly, when and how to list your house.
If you are buying a house, you are not technically paying your real estate agent out of your pocket. Their commission rate will be set in the listing agreement of the home.
No, you are not obligated to pay your REALTOR® for their services unless they have successfully closed a deal.
The housing market is constantly changing so it is best to have a professional’s help to decide when to sell your house and how much to list it for. What is also important, is talking about their commission rate. Do not be afraid to bring up the topic – honest agents will explain to you why they can or cannot negotiate, and if they are willing to lower their rate, they will explain to you what services will need to be taken away.
Disclaimer: rates and prices subject to change.