Your Essential 5-Step Checklist Before Listing Your Chicago Home

Have you decided that selling your Chicago-area home soon is the right move for you? Fantastic!

That’s a big step, but before you rush to get that “For Sale” sign hammered into the lawn, whether in Lakeview or Lisle, pause and prepare.

It’s vital to take specific, practical steps before you list for a smoother process and potentially a better outcome for your Illinois property sale.

Think of this as your essential pre-listing action plan.

The 5 Key Steps to Take Before You Sell Your Chicago Home:

Here’s a breakdown of the crucial tasks to tackle:

Step 1: Know Your Numbers (Calculate Realistic Equity)

This is foundational. Don’t guess what your home is worth or what you’ll walk away with.

You need to seriously dig into recent, comparable sales (often called “comps”). Look at homes very similar to yours, right in your immediate neighborhood or specific suburb (e.g., Pilsen, Park Ridge, or Palatine), that have sold within the last few months. Use the current $360K median listing price as a general benchmark, but focus on your hyper-local comps.

Once you have a realistic market value estimate, subtract what you still owe on your mortgage(s).

The result is your estimated Net Equity. This number is crucial for planning your next move.

Step 2: Project Your Carrying Costs & Sale Expenses

The process of selling isn’t free. You need a clear picture of the costs involved in Illinois.

1. First, calculate your ongoing Carrying Costs if you were to hold the property longer (relevant if you’re still deciding on timing). This includes:
   • Your monthly mortgage payment (principal and interest).
   • Cook County (or other relevant county) property taxes (and budget for potential increases – maybe add 4% to your current bill for planning purposes, given likely incraeses).
   • Homeowner’s insurance.
   • Typical maintenance and upkeep costs.
   • Condo/HOA fees, if applicable (common in Chicago).
2. Then, estimate your Selling Expenses. These typically include:
   • Real estate agent commissions.
   • Attorney fees (essential for closings throughout Illinois!).
   • State/County/City transfer taxes (check specific requirements for Chicago, Cook County, or your local municipality like Evanston or Naperville).
   • Potential seller concessions or repair credits.
   • Title insurance costs.
   • Miscellaneous fees (recording fees, etc.).

Step 3: Check Your Local “Days on Market” (DOM)

How fast are homes actually selling right now in your specific ZIP code or neighborhood/suburb (e.g., Lincoln Square vs. Elmhurst)?

• This metric, Days on Market (DOM), tells you the average time from listing to an accepted offer.

Is your local DOM faster or slower than the broader metro median of 36 days?

• You can often find this data on major real estate portals or by asking a local agent.

Ideally, you want to list when homes in your specific micro-market are moving relatively quickly (i.e., at or below the 36-day median); this indicates strong local demand.

Step 4: Strongly Consider a Pre-Listing Inspection

This step is proactive and highly recommended for any Illinois home sale.

The act of hiring your own home inspector before listing identifies potential problems (roof issues common in older Chicago bungalows, HVAC concerns in varying climates, plumbing leaks, etc.) that buyers will likely find anyway.  This may not even require a professional home inspector – any contractor (or even an experienced realtor) should be able to provide a lot of guidance. 

When you find major issues early, it’s a game-changer. It allows you to:

• Fix them on your own terms and budget before listing.
• Disclose them upfront and potentially adjust the price accordingly, avoiding surprises.

This approach avoids stressful negotiations, potential deal collapses, and last-minute scrambles during the buyer’s inspection period. It also builds significant buyer confidence.

Step 5: Align Your Personal Timeline & Logistics

A home sale involves more than just the transaction; it’s a significant life event for you as the seller.

Think carefully about your ideal (or necessary) moving-out date and the reasons driving your sale.

Consider your own needs and motivations related to external factors:

• Is your timeline driven by a new job in Chicagoland, requiring you to relocate by a specific date?
• Do you want to complete your move before the next school year begins for your children in the local school district (critical for families in many suburbs like New Trier or Hinsdale Central districts)?
• Are there financial reasons influencing your timing, such as needing the proceeds from this sale for another investment or purchase by a set date, or perhaps for tax planning purposes?
• Are health considerations, a desire to downsize (perhaps for retirement or easier accessibility), or other family milestones key factors in your decision to move now?
• Is the general convenience of moving during a particular season (e.g., avoiding a harsh Chicago winter move) or around specific holidays important to your planning?

An incorporation of your personal logistics and motivations into the overall selling plan right from the beginning is crucial for a smooth transition.

Why is This Preparation So Powerful?

Completion of this checklist puts you in a much stronger, more informed position as you enter the selling process. Preparation minimizes surprises and maximizes your control over your local home sale.

But even with meticulous preparation, sellers can sometimes stumble into common pitfalls related to timing and pricing. An awareness of what not to do is just as important as knowing what to do.

What comes next?

We’ll reveal the 3 Costly Mistakes to Avoid When Selling Your Chicago Home.

Make sure you read on to protect yourself!

Sources

1. Median Listing Price, Chicago MSA (FRED Series: MEDLISPRI16980) – Used as benchmark
2. Median Days on Market, Chicago MSA (FRED Series: MEDDAYONMAR16980) – Used as benchmark
3. Cook County Clerk – Real Estate & Tax Services / Local Municipality Websites (Transfer Tax Info – search specific municipality)
4. City of Chicago – 2025 Budget Overview (PDF)