Selling Your Home: What Could It Sell For—and How Much Would You Keep?

Selling your home? Start with two numbers: what it could sell for and how much money you might keep after the sale.

You may have owned your home for many years. Now you are thinking about a smaller place, a move closer to family, or simply a change.

Before deciding, you need answers to two questions:

What could my home realistically sell for? And how much money would I have available for my next move?

I help homeowners in Skokie, Morton Grove, Niles, Evanston, and Wilmette work through both questions before spending money on preparation or committing to a listing.

What Could Your Home Sell For?

Your neighbor’s sale price and an online estimate can offer clues. But your home needs its own review.

I compare recent sales, current competing listings, and important differences in location, size, layout, condition, lot, and parking.

Then I explain a supported price range, which properties are the strongest comparisons, and what could influence your result.

If your home needs updates, that does not automatically mean you should renovate before selling. We first consider the likely buyers and how your property compares with their other choices.

What Would You Have Left After the Sale?

The sale price is only the starting point.

An estimated seller net sheet brings the expected deductions and adjustments into one place. Depending on your transaction, these may include:

• Mortgage payoff and other amounts secured against the property.
• Agreed brokerage compensation.
• Attorney, title, and other closing charges allocated to you.
• Applicable transfer taxes and property-tax adjustments.
• Association charges, if applicable.
• Buyer credits or repair concessions you agree to provide.

Brokerage compensation is not set by law and is fully negotiable. Actual charges depend on your agreements, property, closing date, and transaction.

An Example: A Home Selling for $525,000

Here is a hypothetical starting calculation:

• Sale price: $525,000
• Mortgage payoff: $200,000
• Amount remaining before selling costs and closing adjustments: $325,000

The $325,000 is not your final take-home amount.

To estimate your proceeds at closing, we would then account for:

• Brokerage compensation: the amount established by your agreement, plus any separately agreed seller payment toward buyer brokerage compensation.
• Seller-paid closing charges: estimated charges allocated to you for the transaction.
• Property-tax and other adjustments: amounts based on your contract, applicable information, and closing date.
• Association charges and other obligations, if applicable.
• Buyer credits: any amounts agreed upon during negotiations.

Your estimated proceeds can be calculated once these amounts are included, without counting any expense twice. Credits due to you may also affect the final calculation.

Your lender supplies the mortgage payoff, which may differ from the balance on your latest statement.

Preparation expenses, moving costs, your next purchase’s closing costs, and any applicable income taxes also need to be considered when planning the funds available for your move.

Do You Need to Repair the House First?

Before ordering a new kitchen or replacing flooring, I help you compare two possible paths.

Option 1: Sell in the current condition

We identify likely buyers, review relevant comparable sales, and discuss pricing that reflects the home’s condition. We also consider your preferred timeline and convenience.

Option 2: Prepare before listing

We identify potential preparation work, and you obtain estimates from qualified contractors. We review whether comparable sales support the expected benefit and consider the time, expense, and uncertainty of completing the work.

Some homes may benefit from cleaning, decluttering, or limited repairs. Others may justify more preparation. The recommendation should follow the property’s circumstances and market evidence.

A higher sale price does not necessarily leave you with more money after the work is paid for.

From Planning to Selling Your Home

An initial review can help you understand:

• A supported estimated sale-price range.
• A preliminary estimate of your proceeds.
• Preparation options that fit your property and priorities.
• Questions your lender, attorney, or other specialists need to confirm.

When you decide to move forward, I help coordinate preparation, develop the pricing and marketing plan, arrange showings, negotiate offers, and coordinate the transaction with the professionals involved through closing.

You have a broker helping you make the initial decisions and carry out the sale.

Considering a sale in Skokie, Morton Grove, Niles, Evanston, or Wilmette? Contact me with your property address and the timing you have in mind. Let’s discuss your options before you spend money preparing the house.

Natalie Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle

This article provides general information, not legal or tax advice. A comparative market analysis is not an appraisal. Price and proceeds estimates are preliminary and do not guarantee a sale price or final amount. Payoffs, charges, and adjustments must be confirmed by the appropriate parties. Consult your attorney and a qualified tax professional about your individual circumstances.

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