What Does It Actually Cost to Sell a Home in Peoria, IL?

If you're wondering what it will cost to sell a home in Peoria and what you'll actually walk away with, you're asking exactly the right question. The sale price is the headline. Your net proceeds, what lands in your account after closing, is a different number.

I'm Shannan Werckle, a Broker-REALTOR® with eXp Realty and the name behind Greater Peoria Living. Before any of my clients list, I give them an estimated net proceeds sheet, so nothing on the closing statement comes as a surprise. Here's what goes into it.

• Real estate commission. Commission is negotiated individually. It's a conversation you have with your listing agent before you sign anything, and I walk every seller through it plainly.
• The buyer's owner's title insurance policy. In the Peoria area, the seller usually pays for it. It protects the buyer against title problems that surface after closing. The cost depends on the sale price.
• Transfer taxes. Depending on where the home is, there may be a city transfer tax, a county transfer tax, or both, along with the state's. Your title company calculates the exact amount.
• Deed preparation. There's an attorney fee for drafting the warranty deed, whether or not anyone hires an attorney for the rest of the sale.
• Attorney fees, only if you choose one. Most closings here are handled by a title company. If you decide to have an attorney review your contract or take part in closing, you'd pay their fee.
• Property taxes. This is the one that surprises sellers most, so it gets its own section below.
• Recording fees and smaller items, plus any association dues or transfer fees if your home has an association.
• Preparation costs, which you control. They can be as simple as a deep clean and a weekend of decluttering. See what to fix before listing.
• Credits you agree to, such as an inspection credit or help with the buyer's closing costs.

In Illinois, property taxes are paid a year behind. The taxes paid in 2026 are for 2025. Here, they're paid in two installments: one around the end of May or early June, and one around the end of August or early September.

That creates two separate items at closing:

1. Last year's taxes. If you close before last year's taxes are fully paid, for example between the two installments, the seller is responsible for finishing them.
2. This year's taxes, so far. Taxes for the current year build up from January 1 to your closing date, but they won't be billed until next year, when the buyer owns the home. So the seller gives the buyer a credit for that time.

It sounds confusing, and it can be a large amount of money that sellers were expecting to see in their proceeds. That's exactly why I put it on the estimated net sheet before you list, so there are no surprises. Your title company calculates the final figures.

These are illustrations of common situations, not stories about specific clients.

Example 1: numbers first. Picture a homeowner in North Peoria getting ready to downsize. Before listing, she reviews an estimated net sheet showing what she'd walk away with at a few different prices, including the tax proration. The home sells well, the inspection brings only a small credit, and the number at closing is close to what she expected from the start. It feels manageable because she knew.

Example 2: numbers last. Now picture a seller in East Peoria who lists at a price he's excited about without working through his costs first. At closing, the tax proration and a repair credit come off the top, and even though the market treated him fairly, the gap between what he expected and what he received feels like a shock. One conversation up front would have prevented it.

A net sheet takes your likely sale price and subtracts the costs you can expect, plus any mortgage payoff, to give you a realistic take-home number. It isn't a guarantee, because some items, like inspection credits, aren't known until you're under contract. But it gives you a planning number grounded in reality instead of the headline price. It's part of every first conversation I have with a seller, and it's how every sale I handle starts.

Some selling costs may affect your taxes when you file. That's a question for your accountant or tax advisor.

If you'd like an estimated net sheet for your home, I'm glad to put one together, with no pressure and no obligation. Start with your home's value, see how I help sellers in North Peoria and East Peoria, or get in touch here.