How Much Are Closing costs in Illinois?

What are closing costs in Illinois?What expenses are included, and how much should you budget for them? One of Illinois’s top mortgage companies provides valuable insights for you here!

Entering the bustling Illinois housing market, whether as a hopeful buyer eyeing properties in the heart of Chicago or as a seller contemplating repairs and staging, it’s easy to get caught up in the excitement. But amidst the flurry of listings and showings, there’s a crucial aspect that often gets overlooked: closing costs. If you want to sell your house fast or buy a new one – pay attention to closing costs.

The fees, paid to various parties involved in the real estate transaction, are essential for sealing the deal and transferring ownership. Get a detailed assessment of your closing costs and find out how to keep away from them by reading our fresh take on closing costs in Illinois.

How much are closing costs in Illinois?

When it comes to closing costs in Illinois, the numbers can vary significantly based on many factors, including the state’s unique real estate landscape. According to data from CoreLogic’s ClosingCorp, closing costs in Illinois for buyers range from 2.1-5.0% of the home’s sale price.  While closing costs in Illinois for sellers amount to 10% of the purchase price. This places Illinois on the slightly higher end compared to neighboring states like Indiana and Missouri, where the rates hover at just 0.9-0.8%, respectively.

Digging deeper into the statistics, a median-priced home in Illinois stands at $287,400 according to Redfin data. This translates to an average closing costs of approximately $5000- $28000. However, median prices can fluctuate depending on the specific location within the state. For instance, in Rockford, where the median home price is $144,144, closing costs in Illinois would amount to $2500-$14000. Conversely, in Chicago, with a median home price of $350,000, closing costs would tally up to approximately $7,000-$35000.

What’s included in closing costs  for sellers?

It is usually expected that costs range from 6 to 10% of the total house sale price. A seller cannot avoid paying closing costs except by negotiating with a buyer and agreeing on terms that meet the demands of both parties. In case a seller wants to cut down on closing costs, it is advisable to compare rates of real estate agents who usually charge lower fees.

If you hunt for the perfect deal, it should be taken into account that the low-priced alternative may not be the best idea so consider seeking referrals. It’s crucial to discuss the commissions you will pay with the real estate expert. It might be necessary to negotiate with professionals or have the buyer cover all costs if you’re in a tough spot like foreclosure. These expenses would be factored into the offer in this case.

• Realtor commission
• Pre-paid taxes
• Seller concessions
• Escrow service fees
• Title service fees
• HOA fees
• Title insurance fees
• Home warranty
• Homeowners Insurance
• Attorney fees
• Transfer tax
• Property taxes

In general, all of the listed fees are quite small, with the exception of the real estate commissions, which are substantial. Still, sellers typically don’t need to stress about paying these expenses at closing, at least not upfront. The title company typically collaborates with the seller to deduct agent fees and other expenses from the proceeds before issuing a check for the remaining balance.

What are closing costs in Illinois for buyers?

The average closing costs for buyers in Illinois stand at 2-5% of the total house selling price. As a rule of thumb, closing costs can be negotiated but everything still comes down to ongoing market conditions. It is evident that every seller is willing to take full advantage of the deal so the potential price concession is far from reality. You might get closing cost assistance if you offer more than the asking price or agree to buy the home “as-is.”
Conversely, when there’s a surplus of homes for sale and sellers are struggling to attract buyers, they might be willing to cover some or even all of the buyer’s closing costs to seal the deal.
That’s why having a savvy real estate agent who knows the local market inside out is key. They can help you negotiate the best possible deal.
While the seller can pitch in for some closing costs, buyers still have expenses like title and attorney’s fees. Whether the seller will lend a hand with these costs depends on various factors, including market conditions.
In a buyer’s market with plenty of homes up for grabs in Illinois, sellers might consider footing some or all of the buyer’s closing costs to sweeten the deal.
Although it’s not recommended, some buyers may decide to skip hiring an Illinois home inspector to save a buck. However, going without an inspection carries significant risks and is generally not a wise move.

• Title insurance fees
• Discount points
• Escrow service fees
• Title service fees
• Homeowners insurance
• Prepaid interest
• Down payment
• HOA fees
• Credit report
• Attorney fees
• Lender fees
• Appraisal

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Find your dream home with 99Offers

When it comes to buying or selling a property in Illinois, it’s important to be mindful of all the associated expenses. Closing costs, in particular, can have a significant impact on buyers, so it’s crucial to plan and understand the financial implications.

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