Selling Your Home While Buying the Next One

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Life doesn’t always wait for perfect timing. Maybe your family is growing, your job is relocating you or your current home no longer fits your needs. Whatever the reason, many Chicago homeowners find themselves asking the same question:

Is it possible to sell my current home and buy a new one at the same time?

The short answer is yes, but success depends on preparation, timing and the right guidance. Here’s what to know if you’re planning to sell and buy at the same time in today’s Chicago-area market.

Step 1: Understand Your Local Market Conditions

Before making any moves, it’s important to understand whether you’re operating in a buyer’s market, a seller’s market or something in between.

In Chicago, market conditions can vary widely by neighborhood, property type and price point. Knowing what’s happening locally helps you:

  • Price your current home realistically
  • Anticipate how quickly it may sell
  • Gauge how competitive your next purchase could be

A clear picture of the local market allows you to build a strategy that minimizes stress and reduces the risk of timing gaps between transactions.

Step 2: Build a Strategy That Balances Timing and Flexibility

When buying and selling at the same time, timing is everything, but flexibility is important, too. Some homeowners sell first and rent short-term, while others buy first and rely on contingency clauses or temporary financing.

Common strategies include:

  • Sale-contingent offers, which allow you to buy once your current home sells
  • Extended closing or rent-back agreements, giving you time to move after the sale
  • Coordinated closings, so both transactions happen back-to-back

Each approach has tradeoffs, and the right one depends on your financial position, risk tolerance and local market conditions.

Step 3: Partner With a REALTOR® Who Can Coordinate Both Sides

Juggling two transactions is all about strategy. A local REALTOR® understands how Chicago’s market behaves and can help you align your selling and buying timelines.

A REALTOR® can:

  • Set a competitive listing price for your current home
  • Help you negotiate terms that support a smooth transition
  • Coordinate timelines between buyers, sellers, lenders and attorneys
  • Identify risks early and help you avoid costly missteps

Working with a REALTOR® who knows your goals can turn a complicated process into a manageable one.

Step 4: Get Clear on Your Finances Before You List or Shop

Understanding your financial situation upfront is essential when selling and buying at the same time.

Before you begin, take time to:

  • Estimate how much equity you have in your current home
  • Understand how much your next purchase will cost
  • Explore short-term financing options that may help bridge timing gaps

A trusted lender and REALTOR® can walk you through options like bridge loans or temporary financing and help you evaluate what fits your budget without stretching you too thin.

Step 5: Plan for the Unexpected

Even with careful planning, processes don’t always move on the same timeline. Inspections, appraisals or buyer financing can introduce delays. Building in contingency plans, whether that’s flexible move-out dates or backup housing options, can help reduce stress if plans shift.

The Bottom Line

Selling your home while buying the next one is possible, and many Chicago homeowners do it successfully every year. The key is preparation, local knowledge and professional guidance.

With a clear understanding of the market, a solid financial plan and a REALTOR® who can coordinate both sides of the transaction, you can move forward with confidence and make the transition into your next home as smooth as possible.

Home Staging Tips Every Seller Should Know

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First impressions matter, especially in real estate. When buyers walk into a home, they aren’t just evaluating square footage or finishes. They’re imagining their future. Effective home staging helps create that emotional connection, making your listing more appealing and more competitive in today’s market.

Staging doesn’t have to be expensive or overwhelming. With the right strategy (and the guidance of a trusted REALTOR®), you can highlight your home’s best features and help buyers see its full potential. Here’s how to get started.

1. Start With a Deep Clean

Before anything else, a spotless home sets the tone for buyers. Focus on:

  • Kitchens and bathrooms
  • Windows and lighting fixtures
  • Floors, carpet and baseboards
  • High-touch surfaces

A clean home shows buyers that the property has been well cared for.

2. Declutter and Depersonalize

Less is more when it comes to staging. Removing excess items helps your home feel larger, brighter and more open.

What to remove:

  • Personal photos and sentimental items
  • Bulky furniture that crowds a room
  • Excess décor
  • Items stored on countertops or tabletops

Your goal is to create a neutral, welcoming space where buyers can picture themselves living, not feel like they’re walking through someone else’s home.

3. Rearrange Furniture

Thoughtful furniture placement can make a room look bigger and improve the flow of your home.

  • Pull furniture away from the walls to create conversation areas
  • Remove extra pieces that block walkways
  • Highlight focal points like fireplaces or big windows

Your REALTOR® can help you decide what stays and what should be removed or repositioned.

4. Boost Curb Appeal

Buyers start forming opinions before they ever step inside. A few small updates can go a long way:

  • Tidy landscaping and trim shrubs
  • Sweep porches and walkways
  • Add a fresh doormat or seasonal planter
  • Repaint or clean the front door

In Chicago, curb appeal matters even in colder months. Clear sidewalks, add lighting and make your entry feel warm and welcoming.

5. Let The Light In

Bright spaces feel larger and more inviting.

  • Open blinds and curtains
  • Replace dim bulbs
  • Add lamps to darker corners
  • Choose warm, neutral lighting where possible

Lighting upgrades are an inexpensive way to elevate the look and feel of your home.

6. Refresh With Simple Updates

You don’t need a full remodel to make a big impact. Consider:

  • Fresh paint in soft, neutral tones
  • Updated hardware on cabinets
  • New throw pillows, bedding or towels
  • Modern, minimal décor

These small touches help buyers see your home as move-in ready, which is a big advantage in any market.

7. Create Purpose In Every Room

Show buyers how each space can be used.

  • Turn an awkward nook into a reading area
  • Stage a spare bedroom as a home office
  • Set a simple dining table to show how the space flows

Buyers often have trouble visualizing possibilities. Staging helps them imagine a lifestyle, not just a floor plan.

8. Prepare For Showings And Open Houses

Once your home is staged, keep it showing-ready with a few quick habits:

  • Take out the trash each morning
  • Hide daily-use items in baskets or bins
  • Give surfaces a fast wipe-down
  • Open blinds and turn on lights before you leave

Your REALTOR® will help coordinate showing schedules and share feedback so you can keep fine-tuning your space.

9. Work With A REALTOR® For Expert Staging Guidance

Chicago REALTORS® understand what local buyers look for, including what features matter in different neighborhoods and price points. Your REALTOR® can offer personalized recommendations, connect you with professional stagers or photographers and help position your home to stand out online and in person.

Staging isn’t just about décor; it’s a strategic tool that can help your home sell faster and for a stronger price.

Final Thoughts

A well-staged home creates an inviting atmosphere that helps buyers instantly feel connected to your space. With a little planning, as well as the insight of a trusted real estate professional, you’ll be ready to make a strong first impression and move confidently into your next chapter.

What Sellers Need to Know About Closing on a Home

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Selling your home is an exciting milestone, but once you accept an offer, there’s still important work to be done. The closing process is the final step before the sale becomes official, and understanding what to expect can help you move forward with confidence.

Whether you’re selling your first home or your fifth, here’s a guide to what sellers need to know about closings — and how working with a REALTOR® helps protect your interests every step of the way.

1. What Is “Closing,” and Why Does It Matter?

Closing is the finish line of your home sale. It’s the moment when:

  • Ownership officially transfers to the buyer

  • You receive the proceeds from the sale

  • All documents and payments are finalized

While the process is structured and routine, it includes several deadlines, negotiations and legal requirements. Your REALTOR® will be there to help you stay on track, avoid delays and protect your private property rights throughout the transaction.

2. What Happens After You Accept an Offer?

Once you and the buyer sign the purchase agreement, the clock starts ticking on several key steps:

Home Inspection

Most buyers schedule an inspection. The results may lead to repair requests or credits. Your REALTOR® can help you navigate these conversations and advocate for fair, reasonable solutions.

Appraisal

If the buyer is using a mortgage, their lender will order an appraisal to confirm the home’s value. If the appraisal comes in low, your REALTOR® can help you negotiate next steps to keep the deal moving forward.

Attorney Review

In Illinois, attorneys commonly review the contract to ensure everything is accurate and protects both parties. This is a key safeguard for your rights as a seller.

3. Preparing for Closing Day

Before the big day arrives, you’ll need to complete a few final tasks:

Gather Your Documents

Commonly required documents include:

  • Utility information

  • Repair receipts

  • Appliance warranties

  • Government-required disclosures

  • HOA documents (if applicable)

Your REALTOR® will be able to tell you exactly what’s needed.

Prepare the Property

Make sure the home is in the agreed-upon condition in the contract. Buyers typically have a final walkthrough within 24 hours of closing to confirm everything is as expected.

Coordinate Your Move-Out

Plan your timeline carefully, especially if you’re buying and selling at the same time. A REALTOR® can help coordinate logistics, so your move goes smoothly.

4. Seller Closing Costs: What You’ll Pay

Just like buyers, sellers have closing costs. These may include:

  • Transfer taxes

  • Title insurance for the buyer (common in Chicago)

  • Attorney fees

  • Remaining mortgage balance

  • Prorated property taxes

  • Agreed-upon repairs or credits

Your REALTOR® can help you understand what to expect and estimate your net proceeds early in the process, so there are no surprises.

5. What Happens on Closing Day?

On closing day, you and your attorney will sign final documents, confirm the numbers on the closing statement and officially transfer the property to the buyer. Once everything is completed, the sale is recorded and funds are disbursed to you.

Most Chicago closings take place at a title company, but virtual options may be available.

6. How a REALTOR® Helps Protect Your Sale

Closing a home sale involves dozens of important details, sometimes-difficult decisions and multiple professionals. Your REALTOR® helps you:

  • Navigate inspections, appraisals and negotiations

  • Understand a complex legal timeline

  • Avoid delays and costly mistakes

  • Stay informed about neighborhood trends and market shifts

  • Protect your financial and property rights

Final Thoughts

Closing on a home is both a legal process and a major milestone. With the right preparation — and the guidance of a knowledgeable Chicago REALTOR® — you can move through your closing smoothly and confidently.

If you’re thinking about selling, connect with a local REALTOR® who understands Chicago’s neighborhoods, market conditions and the steps needed to make your sale a success.

What Happens Between Contract Signing and Closing?

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You found the perfect home, your offer was accepted and the contract is signed—congratulations! But before you pop the champagne, there’s still a critical stretch of the homebuying journey ahead: the closing process. 

Between contract signing and getting the keys, several important steps must be completed to ensure the deal moves forward smoothly. Here are the key milestones every buyer should expect during this phase, plus helpful tips to keep things on track.

Entering Escrow

Once your offer is accepted and the contract is signed, both parties typically enter escrow. Escrow is a neutral holding arrangement where a third party manages funds and documents until the transaction is finalized. 

During this time, you’ll deposit earnest money—a good-faith payment showing you’re serious about the purchase. This money is usually credited toward your down payment at closing. 

✅ TIP: Confirm the escrow instructions and timeline with your REALTOR® so you don’t miss any deadlines.

The Appraisal

If you’re financing the purchase, your lender will require a home appraisal to determine the property’s market value. A licensed appraiser will assess the home based on factors such as: 

  • Condition and age 
  • Location 
  • Renovations 
  • Sales of similar nearby properties 

If the appraisal matches or exceeds the agreed-upon price, you’re one step closer to closing. If the home appraises for less, you may need to renegotiate or cover the difference. 

📖 What to expect during an appraisal 

✅ TIP: Ask your agent to run recent comps before the appraisal so you have a sense of what to expect and can be prepared to negotiate if needed.

Securing Insurance

Before your lender gives final approval, you’ll likely need to secure homeowners insurance. Depending on the property’s location, other types of coverage—like flood, earthquake or liability insurance—may also be required. 

Even if it’s not mandated, insurance is critical to protecting your investment and peace of mind. 

✅ TIP: Start gathering insurance quotes early so you can compare coverage and rates before your lender’s deadline.

Getting a Home Inspection

A home inspection isn’t always required, but it’s highly recommended—and often included as a contingency in your contract. A qualified inspector will evaluate the home’s structure, systems and safety. 

If the inspection uncovers major issues, you’ll have options: negotiate repairs, request a credit or, if needed, walk away without penalty. 

📖 What to expect during a home inspection 

✅ TIP: Attend the inspection if possible. It’s a great opportunity to ask questions and learn more about the home’s maintenance needs.

The Final Steps

Once the appraisal, inspection and insurance are squared away, your lender will issue final approval, and you’ll schedule your closing day. On that day, you’ll review and sign documents, pay your remaining costs and—finally—get the keys. 

📖 Steps between signing and closing 

✅ TIP: Do a final walkthrough the day before closing to confirm the home’s condition matches what was agreed upon—and that any requested repairs were completed. 

The Bottom Line

Signing the contract is a big milestone, but it’s just the beginning of the final leg of your homebuying journey. Knowing what to expect—and working closely with your REALTOR®—can help ensure a smoother, more confident path to homeownership. 

Offers of Compensation: What You Need to Know

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As a home seller, you have a wide range of choices when deciding how to market your property. This includes whether you’d like to offer—or authorize your REALTOR® to offer—compensation to a buyer’s agent as a way to attract potential buyers. Here’s what you need to know as you consider your options related to offering compensation.

What is an offer of compensation and why make one?

An offer of compensation is when you—the seller—or your REALTOR® compensate another agent for bringing a buyer to successfully close the transaction. Offers of compensation help reduce out-of-pocket costs for prospective buyers, which in turn may bring more potential buyers for the transaction. These costs can be especially significant for first-time buyers, lower- to middle-income buyers or those from underserved communities.

Are offers of compensation mandatory?

No. It is up to you to determine if making an offer of compensation is the best approach for selling your property. REALTORS® are here to help answer your questions and guide you to make a decision that works for you.

As a seller, does my REALTOR® need my permission to offer compensation to a buyer’s agent?

Yes. Your REALTOR® can only offer compensation or make a payment to a buyer’s agent if they have your written approval and sign-off on the amount.

What types of compensation can I offer?

There are many options available to you as a seller to discuss with your REALTOR®. These could include a flat fee paid directly to the buyer’s agent or allowing your REALTOR® to share a part of their compensation with the buyer’s agent. Beyond compensation, you could also consider offering a buyer certain concessions, such as covering closing costs, to make the total home purchase more affordable for them.

How will a buyer’s agent know if there is an offer of compensation?

Offers of compensation can be advertised in many ways. If you approve an offer of compensation, it can be shared through common marketing methods such as flyers, signs, brokerage websites, social media posts or simply through a phone call or email. Offers of compensation cannot be listed on Multiple Listing Services (MLSs), online platforms that compile home listings from many different sources.

Do I have to advertise an offer of compensation if I decide to make one?

No, it’s up to you to decide. Advertising can help get the word out to bring more buyers to the table, but you can also choose not to advertise and instead negotiate the offer in a purchase agreement.

What are concessions?

A seller concession is different than an offer of compensation. It is when a seller covers certain costs associated with purchasing a home for the buyer. Concessions can make home ownership more accessible for buyers by reducing upfront expenses. These can cover things like some transaction costs or property repairs.

How do I know what option is best for me?

When you work with a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients. Your agent will work with you to weigh your options, answer questions and develop a strategy you are confident in.

Multiple Listing Services (MLSs): What You Need To Know

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When buying or selling a home, your REALTOR® will use a Multiple Listing Service (MLS) to find homes for sale or market your property. Here is what you need to know about them:

What is an MLS?

MLSs are online platforms that compile home listings from brokerages in a given market. They enable REALTORS® to see available homes for sale efficiently, get helpful marketplace data and share listing information to national and local websites that advertise properties. There are many MLSs across the U.S., and each has its own rules to make sure its information is complete, accurate and transparent.

What value does an MLS provide?

MLSs allow real estate professionals to see, share and promote homes for sale so the largest pool of potential buyers can find them. MLSs provide the most accurate, reliable and detailed information about properties (this includes properties that have been sold and are for sale), including listing price, address, features, disclosures and square footage. MLSs also help promote fair housing and equal opportunity by giving REALTORS® and their clients access to consistent information.

As a buyer, how can an MLS help me buy a home?

Using a Multiple Listing Service allows your agent to access many homes for sale and connect with REALTORS® working to sell their clients’ homes.

As a seller, how can an MLS help me sell my home?

MLSs are the most trusted source for real estate data because their information is verified by REALTORS®. Listing on an MLS will help a seller reach the largest pool of buyers and potentially attract the best offer.

Am I required to market my home through an MLS?

No. You should discuss the pros and cons with your REALTORS®. If you decide to have your REALTOR® not list your home on an MLS, you may be asked to sign a document verifying that you have made this choice.

Can I make an offer to compensate a buyer’s agent on an MLS?

An offer of compensation is when the seller or the seller’s agent offers to compensate another buyer’s agent for bringing a buyer to successfully close the home purchase. As of August 17, 2024, offers of compensation are no longer allowed on MLSs. However, offers of compensation can still be made off-MLS and shared through common marketing vehicles such as flyers, signs, emails or other communication mechanisms.

Can I offer concessions on an MLS?

To attract more buyers, sellers may offer concessions, which are certain costs associated with the buyer’s home purchase that a seller agrees to pay. MLSs may allow communications about a sellers’ concessions, but it depends on local rules.

How do I access Multiple Listing Service information?

Many MLSs share data with websites that consumers can access. If you are a buyer, your REALTOR® will provide you with MLS property listings that may meet your criteria. For both buyers and sellers, when you work with a REALTOR® who has access to an MLS, you can discuss how the MLS can benefit you. Remember, REALTORS® are guided by ethical duties under the Code of Ethics, including the pledge to protect and promote the interests of their clients. Your REALTOR® will help you to weigh your options and develop a strategy you are confident in.

What Sellers Need To Know About the NAR Settlement

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Recently, the National Association of REALTORS® (NAR) reached a settlement agreement that will change the homebuying and selling process. While a REALTOR® will still be there to help you through the journey, here’s an overview of the changes that will go into effect on August 17.

As a seller, you still have the choice of offering compensation to buyer brokers. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers.

When working with your REALTOR®, they must disclose and obtain your approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers. This disclosure must be made to you in writing in advance of any payment or agreement to pay another broker acting for buyers, and must specify the amount or rate of such payment.

If you choose to approve an offer of compensation, there are changes to how this can happen. As a seller, you can still make an offer of compensation, but your REALTOR® cannot include it on a Multiple Listing Service (MLS)—MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale. Your REALTOR® can advertise your listing via off-MLS platforms such as social media, flyers and websites. And, as a seller, you can still offer buyer concessions on an MLS, like concessions for buyer closing costs.

To read more details about these changes, visit facts.realtor.

Navigating the Offer Process

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The time has come to let go of your current home, and congratulations, you got an offer from a prospective buyer! Now, the question is, what should you take into consideration when looking at an offer? Here’s what you and your REALTOR® should look at when deciding whether to accept or reject an offer, because the highest offer may not be the best choice.

The Earnest Money Deposit

An earnest money deposit is the money a buyer is offering to pay when the sales agreement is signed. This money, which is usually 1-3% of the house’s cost, gets held by the title company and put towards the buyer’s down payment during closing. If a buyer tries to back out of a sale without reason, this money is given to the seller. So, the higher the earnest money deposit, the more serious a buyer is about buying a home.

Contingencies

Contingency agreements must go through before a home is sold. The fewer contingencies, the quicker a home sale will be complete. There are five common contingencies, including:

  • Home inspection
  • Appraisal
  • Financing
  • Sale of current home
  • Title

While an appraisal contingency is required to approve a loan, you can talk with your REALTOR to determine if you’d like to negotiate any of the other contingencies.

Cash Offers

The more a buyer puts down for a home, the more likely a lender will approve their loan. Cash offers typically lead to quicker closings, as a mortgage lender doesn’t need to be involved, there’s less risk of the offer not panning out and appraisals aren’t necessary.

Closing Date

A typical home sale, from offer to closing, takes between 30 to 60 days. Your circumstances, combined with the seller’s, may determine what offer you take. For instance, if you already purchased a new home, you may be looking for a buyer who can close quicker.

As always, your REALTOR® will be able to guide you through the selling process. If you’re thinking about buying or selling, start your REALTOR® search here.

7 Steps to Prepare Your Home to Sell

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Selling your home is not always a straightforward process. Sometimes, it can be complex and time-consuming, but understanding the steps to successfully sell a home will ease your stress. By knowing how to get your house selling ready, you can make sure that your home is selling at the price you want and ensure the process go smoothly. Here are some tips for getting your home ready to sell:   

Clean & Declutter

Before you start showing your home to potential buyers, it is important to give it a thorough cleaning and declutter as much as possible. Remove any personal items and excess clutter, and consider hiring a professional cleaning service to give your home a fresh, clean look.  

Make Necessary Repairs

Fix any broken or damaged items in your home, such as leaky faucets, broken windows or chipped paint. These small repairs can go a long way in making your home more appealing to potential buyers and increasing its value.  

Stage Your Home

Staging your home means making it look attractive and inviting to potential buyers. This can include rearranging furniture, adding decorations and making sure the home is well-lit and welcoming. Staging your home can help potential buyers visualize themselves living in the space. Consider hiring a professional stager or using your furniture and décor to create a cohesive and inviting look.  

Price It Right

Setting the right price for your home is crucial to selling it. When setting a price for your home, it is important to be realistic. You should consider factors such as the condition of your home, its location and comparable sales in the area. Research comparable homes in your area to get a sense of what your home is worth. Your REALTOR® will help you along this process, make suggestions and ensure you’re set up for success!

Market Your Home

In today’s market, it is important to use a variety of marketing strategies to get your home noticed. This can include listing your home on websites, as well as utilizing social media and other online platforms to highlight your home.  Also, your REALTOR® will have an arsenal of time-tested ways to ensure your house is being marketed to the right people, so make sure to utilize their skills.

Be Prepared for Showings

When potential buyers come to see your home, make sure it is ready for them. This means keeping it clean and tidy, turning on all the lights and having a good supply of fresh towels and linens for any potential buyers who may want to see the bathrooms.  

Be Flexible

The process of selling a home can be unpredictable, and you may need to be flexible to close the deal. This may mean being open to negotiations, making repairs or updates at the request of the buyer or adjusting your selling timeline.  

By following these tips, you can increase the appeal of your home and make it more attractive to potential buyers. Remember to be patient and keep an open mind as you navigate the process of selling your home.

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Listing Agent: The Key to Finding the Right Person

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Home is where the heart is, and if you’re ready to sell your current home, you want to make sure you’re putting your trust in the right hands. Your listing agent will work with you to price and market your home, negotiate with buyers and help with closing the deal.

Here’s how to find an expert that works with you and your needs.

Know Your Timeframe

Have a listing date in mind? Backtrack six to eight weeks before that time, and aim to hire a listing agent around that time.

This will give you both the time to prepare to go live with your listing. For you, that might mean making repairs or upgrades. For your agent, that means working on creating a polished listing, ideas for marketing the house, pricing and more.

Begin Your Search

As you approach that ideal time to hire a listing agent, start researching professionals.

You can search for a Chicago REALTOR® here, or ask friends and family for recommendations. Remember, it doesn’t hurt to shop around. You’ll be working side by side with your agent, so make sure you find someone your trust to do the job.

Conduct Interviews

Take the recommendations and research you’ve done to set up interviews with agents. Here are some suggested questions that will help you determine if an agent is the right fit for you:

  • How long have you been in the real estate business?
  • What’s the price range of the homes you typically sell?
  • What is your fee?
  • How do you market homes?
  • How long are your homes usually on the market?
  • What’s your communication style?

During these interviews, make sure the agents understand your goals and meet the expertise qualifications or personality you’re looking for. If you follow those two desires, you’ll be sure to find a listing agent that works for you!