If you reside in Maryland or you own property in the area that you’re thinking about selling, you likely have questions about the best way to proceed. For your convenience, we have created this guide catered to homeowners in the Maryland area to help make selling a house in Maryland a fast, simple process.
Best Time of Year to Sell a Maryland House
The best time for selling a house in Maryland depends on secondary factors. For example, if your primary goal is to sell the house as quickly as possible, then listing the home in early springtime (around March) is your best option. However, if you’d like to make a decent profit on your sale, you’ll want to list the home during the summer (around July).
Are houses selling faster in Maryland this year than last year?
Thanks to the emergence of COVID-19 vaccines and the slow return to normality, houses are once again selling quite well in Maryland. The way that restrictions have lightened to some degree makes it to where houses are able to sell quicker than what was possible in 2020.
House Selling Costs in Maryland
The costs associated with selling a house in Maryland depend on which sort of sale you’re attempting and the monetary amount it ends up selling for. If you’re selling the home through a real estate agent, you’ll need to think about staging costs, realtor commission fees (5-6%), and other assorted listing fees.
Additionally, whether you’re selling through an agent or as an independent seller, you’ll probably need to cover closing costs, filing/paperwork fees, and the labor that goes into meeting contingencies.
However, if you’re selling a house in Maryland to a direct buyer, there is usually no cost on the seller’s part.
Legal Requirements and Considerations
Though you likely want to sell your house fast in Maryland, you’ll need to take the time required to familiarize yourself with the legal requirements and considerations for doing so. Because there are laws involved in Maryland real estate, many aspiring home sellers opt to work with agents or direct buyers who are fully aware of the laws they need to follow for a successful sale.
What are some of the options for selling a house in Maryland?
When selling a house in Maryland, homeowners have a few options when it comes to the selling route they can choose.
They may decide to go the traditional route and sell the home through a real estate agent, or they may choose to sell the house alone.
If a homeowner decides to sell the house on their own, they may go with a standard for-sale-by-owner (FSBO) approach, or they may offer potential buyers a rent-to-own arrangement.
Finally, a homeowner may choose to sell their property for cash to an investor, which is ideal for buyers who want a quick sale that doesn’t require a significant monetary investment to complete.
Maryland Purchase and Sale Agreements
A purchase and/or sale agreement notes all of the important information about a home sale in a contract. This includes the price of the home, loan terms, and the obligations expected from both the buyer and the seller. This is the legal document that binds both the buyer and seller to the agreement.
When selling a house in Maryland, you’ll want to be sure that you fully understand the terms and conditions of your agreement before you sign it.
Negotiation Process – Offers, Counteroffers & Acceptance
During a home sale, the buyer will typically make an offer on a property that they’re interested in. If the seller accepts the offer right away, the transaction can proceed. If the seller does not accept the offer, they can either produce a counteroffer or completely reject the offer. Once the price of the home has been agreed upon, the contingency process can begin.
During this time in the negotiations process, buyers and sellers can come to additional agreements about the home following inspections and appraisals.
Escrow Process in Maryland
The negotiation process can also be referred to as the escrow process. When selling a house in Maryland, the escrow process involves the exchange of written requests and instructions that need to be agreed upon before completing a home sale. Part of this agreement involves providing down payment funds as well as paying for inspections and appraisals to be completed.
Closing Process in Maryland
Once every step of the selling process has reached agreements and everything is in order to sell, the home sale can be closed. Selling a house in Maryland has a closing process that’s much like the process in any other US state. Paperwork is signed and processed, and then the home sale is determined to be complete.
Selling a house in Maryland can be a difficult process if you don’t go into it well-informed about what’s expected along the way. In order to avoid running into issues along the way, we recommend that you follow the tips below.
- Make sure to find the right company to sell your house.
Don’t simply choose the first company that comes your way when selling a house in Maryland. Instead, take time to research your options and choose a reputable company to work with.
- Make sure you’re ready to decide when to sell your house.
Take your time and think about why you want to sell your home and what you plan to do once it sells.
- Bypass real estate agents.
Real estate agents are not the best option for everyone, especially if you’re planning on selling a house as-is in Maryland. If you’re looking to sell your home fast, easy, and free, take a look at your options for professional home buyers.
- Forget retail buyers.
If you’re not selling your home through a real estate agent, you’ll want to make sure you’re still working with someone who has your best interest in mind. If you’re pursuing the cash sale route, avoid retail buyers and work with a professional investor who will help you through your sale and offer you a fair price.
- Gather necessary data of your Maryland home.
To be sure that you’re getting a fair offer when selling a house in Maryland, you’ll want to be familiar with 100% of the information available on your property. Gather as much data as you can so that you can be aware of what your home is truly worth.
- Skip any type of fix-up.
If you don’t want to invest in upgrades or repairs, you’ll want to seek out a professional cash buyer who does not require you to make any changes to your home. Research your options carefully and choose a buyer who will make you a fair offer without expecting you to jump through hoops to sell your home.
- Make sure you have the right price in mind.
While you want to be sure you’re getting a fair price for your home, don’t aim too high or low. Too high of an asking price will make people bypass your home sale for other, more reasonably-priced homes. Too low of an asking price will make people worry that your home is not in good condition.
- Make sure your house is accessible anytime.
Viewers want to come and see houses when it’s convenient for them, often during evenings and weekends, and if you’re selling your home the traditional way, you’ll want to make sure that your home is available whenever possible.
Selling a house in Maryland can look different for home sellers depending on the route they choose to pursue. Whether you plan to sell your home through an agent, as an independent owner, or you want to work with a cash buyer, do your research. Take your time to ensure that you’re making the best possible decisions to fit your needs.
If you’d like to discover how we make home sales easy, we’re more than happy to discuss your selling options with you. Give us a call and we will help guide you through selling a house in Maryland, including making you a fast, fair cash offer on your home.