Conventional loans typically require 5–20% down. FHA loans allow as little as 3.5% with a 580+ credit score. Some programs allow 3% down for first-time buyers. Keep in mind that putting down less than 20% usually requires Private Mortgage Insurance (PMI), which adds to your monthly payment. Illinois also has first-time buyer assistance programs worth exploring.

Earnest money is a good-faith deposit submitted with your offer — typically 1–2% of the purchase price in the Chicago suburbs. It shows the seller you're serious. In competitive situations, a higher earnest money deposit can make your offer stand out. It goes toward your closing costs or down payment at closing.

It depends on your financial situation. Selling first gives you a clear budget and stronger offers (no contingency), but you may need temporary housing. Buying first avoids the gap but requires qualifying for two mortgages. Bridge loans and sale contingency offers are options worth discussing — there's no universal right answer, but I can help you model both scenarios.

From accepted offer to closing, expect 30–45 days for a financed purchase. The Illinois attorney review period adds 5 business days at the start. Cash deals can close faster. The search phase varies widely — some buyers find the right home in 2 weeks, others take 3–4 months depending on how specific their criteria are and how competitive the segment is.

Pre-qualification is a quick estimate based on self-reported information — it carries little weight with sellers. Pre-approval involves a full credit check and document verification and results in a conditional commitment from the lender. In the competitive North suburbs, sellers expect a pre-approval letter, not a pre-qualification. Some lenders offer full underwriting upfront (a "credit approval"), which is even stronger.

A Comparative Market Analysis (CMA) is the most accurate way. It looks at what comparable homes have actually sold for in your area in the last 3–6 months, adjusted for differences in size, condition, and features. Zestimates and online valuations are a starting point but are often off by 5–15% in the suburbs — they don't account for recent updates, lot size nuances, or hyper-local demand. I provide CMAs at no cost and no obligation.

Typical seller closing costs in Illinois include: agent commission (varies), Illinois transfer tax ($1.50/$500 of sale price), county/city transfer taxes (varies by municipality), title insurance, and any agreed-upon credits to the buyer. Attorney fees typically run $500–$800. I walk every seller through a full net sheet before listing so there are no surprises.

In the North suburbs, correctly priced and well-presented homes are going under contract in 7–21 days right now. From accepted offer to closing typically takes 30–45 days with a financed buyer. The full timeline from listing to closing is usually 6–10 weeks. Overpriced homes can sit for months — which is why pricing strategy is the most important decision you'll make before listing.

Not necessarily — but you need to be strategic. Some repairs have a strong ROI (fixing obvious deferred maintenance, leaky faucets, broken fixtures), while expensive renovations often don't recoup their cost. The goal is to remove reasons for buyers to discount your price, not to renovate the whole house. A pre-listing walkthrough with me will help you prioritize what to fix and what to leave.

After signing the contract, both parties have 5 business days for their attorneys to review and modify the terms. Either side can request modifications or walk away without penalty during this period. It's a normal part of every Illinois transaction — not a red flag. Having an experienced agent and attorney on your side during this phase ensures the deal stays on track.