Have you looked at your property value in Maryland recently and decided it might be time to cash in? With home prices surging since the beginning of the pandemic, Maryland homeowners have enjoyed quite the increase in equity. However, you won’t get to keep all your profits when selling a home in Maryland. Selling a house costs a lot of money here, as the state has high transfer and recording taxes, which you’ll need to factor into your budget. Read on for everything you need to know to help your bottom line when you list a home in the Old Line State.
Are you ready to sell?
Median home prices in Maryland climbed by more than 5 percent over the past year, so you might be wondering whether you should sell your home now or wait. After all, what if your property jumps by another 5 percent by next year? However, all signs point to a slowdown in the housing market. In fact, median sale prices in the state actually declined between June and July of 2022, from $410,000 to $399,000, according to data from Maryland Realtors. So, if you have a plan in place for where you’re moving next and you feel comfortable about the cost of living in your next location, now is a good time to craft your selling strategy.
Preparing to sell
Your home fits your needs, but is it ready to impress buyers? Ask yourself these three questions before you list it.
1. Is it worth upgrading your home before you sell?
Should you invest more money in your Maryland home to impress prospective buyers? Probably not. Rather than spending a lot of cash on a really big project, like a kitchen remodel — and potentially not making it back — it’s wise to consider smaller, more economical ways to boost the value of your property.
2. What should you repair before selling your home?
First impressions are everything, especially in real estate. So, if you were a potential buyer looking at your house, are there any major issues that might turn you off? Address visible problems like leaky faucets, chipped paint and fraying carpet. However, there are some areas you shouldn’t fix. If you have an older refrigerator or an aging washing machine, for example, don’t bother spending money to get new ones.
3. Should you pay to stage your home?
Staging your home can help your property stand out to buyers. The cost varies, depending on whether you need just minor cleaning and decluttering or major assistance with furniture rentals or more. The investment can pay off in a big way, though: Staged homes …….