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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.

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.

Your home fits your needs, but is it ready to impress buyers? Ask yourself these three questions before you list it.

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.

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.

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 sold for around $40,000 more than their initial list prices in 2021, according to data from the Real Estate Staging Association.

The best time to sell a house is when it’s likely to spend the shortest amount of time on the market. In Maryland, like many places around the country, that tends to be the beginning of the summer. In June of 2021, homes were selling in around 12 days, according to Redfin. By January of 2022, that time had ballooned to 33 days before beginning to drop again.

Some homeowners try to sell their home without a real estate agent to avoid paying commission fees on the deal. However, the right real estate agent will prove to be much more valuable than the 3 percent you’ll need to pay them. In fact, recent figures from the National Association of Realtors shows that FSBO (For Sale By Owner) listings typically sell for $260,000, while agent-assisted listings go for $318,000 — a difference of more than $50,000. It’s not just about money, either. A real estate agent will put in work and time to craft your listing, host open houses and negotiate with buyers to make sure you maximize your profit.

Choosing your asking price is the most important piece of selling your home in Maryland. Too low, and you run the risk of missing out on thousands of dollars. Too high, and you might lose some interest from budget-conscious buyers — or, even worse, you might need to drop the price. It’s a problem that more sellers in Maryland have been facing: Nearly 34 percent of listings decreased their asking prices in July, per Redfin. So, while you can take some preliminary steps to figure out what your house is worth, your agent should play a key role in helping you understand the sweet spot for pricing. He or she will walk you through comps of similar recently sold properties in your area, and likely create a thorough comparative market analysis, to determine an appropriate price.

Most Maryland sellers will need to complete the state’s residential property disclosure and disclaimer statement. It’s a four-page form that outlines all known defects of the property, from the condition of the gutters and downspouts to any past zoning issues. And if you are part of a homeowners association, be sure to request copies of recent meeting minutes, bylaws and documents of the association’s financial health, as the buyer’s representatives will want to review all of this information.

There are ways to speed up the timeline if you’re in a rush to sell. Here are four ways to get to the finish line faster.

As the seller, you don’t necessarily have to go to your closing day in Maryland. Instead, you can let your attorney deal with the final details and hand over the keys to the buyer. You will, however, need to understand how much it costs to sell your house so you know how much you will actually be able to put in your bank account.

You’ll need to pay the real estate agents involved in the deal, which typically runs 3 percent of the sale price to your agent and another 3 percent to the buyer’s agent. In addition to that 6 percent fee, Maryland’s transfer taxes and recordation taxes can take a sizable chunk of your profit.

If now is the right time for you to sell your house in Maryland, start looking for a professional real estate agent right away. Ask some of your friends and neighbors for recommendations, and arrange time to sit down with at least three agents. Ask them these essential questions to understand how each one can help you maximize the profit from your sale.

Yes. Sellers have closing costs to cover in every state. In addition to covering the real estate commissions in the transaction, sellers in Maryland typically split the cost of transfer taxes and recordation taxes with the buyer. The state charges a transfer tax of 0.5 percent of the sale value, but there are additional charges at the county level. All those taxes add up quickly: According to ClosingCorp, in 2021, the average closing costs in Maryland totaled more than $14,700, with more than $10,000 of that amount coming from taxes.

Yes. Sellers can opt for the FSBO, or For Sale By Owner, route. However, if you’re thinking about selling your home without a professional real estate agent on your side, be aware that a significant amount of work goes into the process, which you will have to handle all on your own. The commission fee you’ll pay for a Realtor is well worth it.

Yes — median home prices in the state have increased by more than 5 percent in the past year. Additionally, there is limited inventory for buyers to pick from, which is making homes sell very fast. In 2022, the median number of days on the market is just eight, according to Maryland Realtors.

There is no requirement to hire a lawyer when you’re selling a house in Maryland. However, selling a house is a complicated process — especially in Maryland, where tax rates vary from county to county and certain exemptions can impact a seller’s financial obligations. With that in mind, it’s smart to have an attorney on your side, looking out for your best interests, when you’re selling your house.

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.

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