Are you ready to sell your house? Great! Now the tough part … understanding how to determine the home values in Baltimore. Home sellers can often get caught up in the memories that were created and attach an emotional value to the home. It can make the determination of the actual value an extremely difficult process, perhaps even resulting in the home being priced far too high, as compared to other properties on the market. With an understanding of how professionals value property, you can save yourself from falling into this trap. While it may be difficult because you love your home, real estate is a business and it all comes down to the numbers and home values in Baltimore are always changing.
1. Comparative Market Analysis (CMA)
A comparative market analysis commonly known as a CMA helps professionals to determine home values in Baltimore. This process is completed by the comparison of the most similar properties located nearest, with predetermined values for additional features, such as a 2-car garage compared to a one-car garage. Additionally, if the other comparables surrounding the home have features that the property is lacking, these predetermined values would be deducted from the average selling price of the most likely properties. It would be wise no matter which style of listing you select to sell your home to have your own CMA performed. You’ll be aware of the value of your home, based on the current actual market value. By doing so, you can avoid being shocked or insulted at what you may feel is an insultingly low offer from a buyer.
2. Holding Costs
Often homeowners who tried to sell their homes on their own find themselves tangled in the web of internet marketing. After a great deal of time has passed, being unsuccessful, many often turn to a real estate agent in the hopes of quickening the sale. Regrettably, whether you choose to sell your home on your own or List It with an agent, one thing is certain, there is no way to determine how long your home will be on the market as a listing. This must be taken into consideration when you determine the value of your home. You may consider lowering your asking price to stand out among the competition, as buyers filter their online searches by home values in Baltimore.
3. Real Estate Commissions
When you set out to determine home values in Baltimore, no matter which listing style you select, in addition to your marketing costs, should you select to work with an agent there will also be commissions to be paid. The commission is based on a percentage of the sale price. As there are two sides in a real estate transaction, the typical commission is near 3% per side, so a home selling for $400,000, would deduct $24,000 from your profits alone, along with the traditional seller’s closing fees. It’s also possible that the closing agent and the real estate agent’s office could charge transaction fees.
4. Repair Costs
Being forewarned is being forearmed and never is this more true than when you’re selling your home. It would be wise to order an inspection of the property. If something is seriously wrong with the property structure, they may require you to fix it, or make other smaller repairs out of pocket before closing. It’s wise to contact professionals for at least two estimates of repairs, if you’re planning to do them yourself, create a realistic budget. With reliable data in your hands regarding the project timeline and expenditures, you can make an informed decision.
You’ll have to determine if you want to go ahead and invest more in the home and make the repairs in order to reap a larger profit or sell the property “as-is,” deducting this expense from the asking price will give you a realistic current market value. You’ll be able to determine if an offer is fair for your home compared to other home values in Baltimore our professional buyers can walk you through each step of the process. We are pros at determining the home values in Baltimore. We can help you decide if selling to a professional buyer is the best choice for your property. Maryland Home Buyers can typically close in 30 days or less, and Maryland Home Buyers doesn’t take more away from your asking price, everything is figured into our offer. We don’t charge any commissions or transaction fees or require repairs, meaning no more waiting and thousands of dollars in overall savings! There are a lot of options available to you to consider when you’re ready to sell your house. Please contact us or give us a call today at (410) 657-2523 to discuss selling your house in Baltimore, Maryland.
Steve Groom is a local real estate expert and CEO of Maryland Home Buyers in Baltimore, Maryland. Steve is a life-long resident of Maryland and has a passion for real estate & for helping Maryland homeowners whose property has become an unwanted burden. Steve can be reached by phone at (410) 657-2523, by e-mail at marylandhomesolutions@comcast.net, or on the website at https://www.homebuyersmd.com/contact-us.