Most homes for sale in Maryland spend around 43 days on the market before they’re sold. While this is in line with the national average, it’s probably not fast enough for you if you want a speedy conclusion to your home sale.
There are certain things you should do when you want to sell your house for the highest price, but when your mantra is, “I need to sell my house fast,” all of these can be grave mistakes.
Read on to discover the most common home selling errors that can cost you more money and delay the sale of your home.
Hiring a Realtor
Hiring a realtor is one of the most sensible Maryland house selling tips, but that only applies if you’ve got time and money to spare. The average realtor’s commission payment amounts to around 5% of your home price, and traditional home sales can take many months to wrap up.
It’s true that a realtor can offer much-needed advice and has considerable reach for marketing your home, but there’s little they can do about slow home sales in Maryland.
Advertising Your Home to Mortgage Buyers
In a traditional house sale, most homebuyers need to apply for a mortgage to pay for their home purchase. This can be a drawn-out procedure and isn’t always successful.
You might receive an offer on your house, only to have the sale fall through if the buyer can’t get the financing they need. If their application is successful, lenders are also bound to request a home inspection to ensure they’re getting their money’s worth.
Home inspections are an added cost, and you’ll need to carry out any recommended repairs before you can sell your home. Unless the house is in pristine condition, home inspections almost always result in extra costs and delays.
Overpricing the Property
Homeowners view their properties through a lens of nostalgia, making them wholly unsuited to pricing their homes objectively. When you’ve lived in a home for a long time, you learn to overlook glaring defects, and you develop a fondness for it that can cause you to overlook glaring defects.
A real estate agent or appraiser can prove invaluable in this regard. They will calculate the fair market value of your home based on neighborhood comps instead of emotions.
Many homeowners overprice their homes to compensate for offers below the asking price, but a high initial price can drive potential buyers away. This means your home could sit on the market for a long time, resulting in the listing going stale.
Carrying Out Repairs and Improvements
It’s true that repairs and upgrades are an important part of house sale preparation in Maryland. A well-maintained home with desirable amenities will fetch a higher price and may even sell faster than its peers.
However, very few home improvement projects yield a significant ROI; that is, the value they add to your home barely equals the cost of the upgrade. Some homebuyers would rather carry out desirable home improvements themselves, as this gives them control over the work and budget.
So, if you’re looking to sell your home fast and you don’t have extra cash for upgrades, it’s better to sell the home as-is. This means you’ll have to sell the home for a lower price, but it can speed the sale up considerably.
Remember, Maryland law dictates that you must disclose defects in any of the below items to a buyer:
- Foundation and basement
- Roof and structural systems
- Plumbing, heating, and air conditioning
- Electrical systems
- Septic and water supply
- Insulation and drainage
- Wood-destroying insects
- Hazardous materials
Include zoning violations, nonconforming uses, easements, and whether improvements were made with the necessary permits.
This legislation applies in the case of an as-is sale, too. You must also declare any nonconforming uses, zoning violations, and easements associated with the property.
Not Approaching a Cash Buyer
Getting in touch with a company that buys houses for cash is the fastest way to finalize home selling in Maryland. These property investors buy homes in any condition, and they can close within days.
You won’t receive a top price for your property when you sell it to one of these companies, but you will save on the following expenses:
- Realtors’ commission
- Home inspections
- Repair costs
- Staging costs
Many home sellers find they end up with more cash in hand after selling to one of these companies.
Cash buyers don’t need to wait for mortgage approvals to buy your house; they have the cash on hand already, so there’s no danger of your sale falling through and no time wasted going back and forth negotiating a price.
The process is simple and involves only three steps:
- Request a no-obligation cash offer
- Undergo an in-person or virtual walkthrough
- Accept the offer and sell your home when it suits you
Cash home buyers usually fix and flip the homes they buy or refurbish them and rent them, so they’re happy to buy homes in any condition and renovate them.
I Need to Sell My House Fast: We Can Help
Tried and tested home sales tactics work great when you want to receive a high price for your home, but they can delay the process of selling a home quickly in Maryland. Selling your home as-is to a cash buyer is a much faster process.
DBC Homebuyers is a cash home-buying company that understands your need for selling a home quickly in Maryland. Our team is committed to helping homeowners sell their homes no matter what.
We pay cash for houses in any condition regardless of whether you’re facing foreclosure or have tenants in place. We can help you finalize a messy divorce sale or get out from underwater on your mortgage.
Our team is committed to helping every seller with customized service and solutions to suit their needs, and we can close at a time that’s convenient for you.
Don’t let ‘I need to sell my house‘ worries plague you any longer; reach out and receive a fair cash offer on your home today.