Three Issues to Consider Before Listing Your Home for Sale
Finding the right buyer for your home is not an easy task. It requires a lot of time, planning, and effort on your part. The good news is that residential properties all over the country have increased in value since the Great Recession. So, the effort you put in can help you earn a decent profit.
Let us take a look at three of the key issues you need to consider before listing your home for sale:
This is the first and possibly the most important factor you need to consider before listing your home for sale in Maryland. A lot of homeowners tend to have unrealistic opinions about their property’s value and end up pricing it too high. This is one of the reasons why some houses tend to stay on the market for a long time without an offer.
In order to avoid pricing your property out of the reach of potential buyers, you need to do a lot of research. Here is what you can do to make sure your property is competitively priced:
- Make a note of the selling price of all the recently sold homes in your neighborhood. These homes should be comparable to yours in terms of their size, amenities, and features.
- Find out how long it takes on average to sell a home in your neighborhood.
- Find out the difference between the listing price and the sold price for homes that are similar to yours.
If you are not able to set the right price for your property based on the aforementioned details, it is a good idea to get it professionally appraised. Generally, it is a good to set your asking price 5% to 10% higher than the going rate for comparable homes in your neighborhood, so that you can have some room for negotiation with potential buyers.
2. Curb Appeal
Studies show that most buyers decide whether or not they are interested in buying a home within 10 seconds. This is why it is extremely important for you to put some effort into improving your home’s curb appeal.
Here is what you can do to make sure your home looks appealing to potential buyers:
- Clean, clean, and clean. Your home should look, feel, and smell clean.
- De-clutter and get rid of all the unwanted space fillers from your home so that it looks spacious to the buyer.
- De-personalize your home by removing all your personal items, pictures, and collectibles. It will make it easier for the buyer to visualize living in your home with their family.
- Fix loose or broken handles, repaint the doors, windows, and walls, clean your pool, and place some potted plants and other natural elements to your front yard.
You should be careful not to spend too much money on improving your home’s curb appeal. If you do, you might have to increase the asking price accordingly, as a result of which you might price yourself out of the radar of potential buyers. So, make sure to spend money only on things that are likely to yield a positive return on your investment (ROI).
3. Disclosure or Disclaimer
As a Maryland resident, this is something you need to decide before listing your home for sale. When selling your home, you are legally required to disclose the defects in your home to the buyer. The amount of information you are required to disclose depends on whether you choose the disclaimer option or the disclosure option.
If you opt for the disclaimer option, you can sell your home on an ‘as is’ basis, disclose the latent defects (defects that might not be spotted by the buyer during an inspection), and provide a disclaimer stating that you do not make any warranties regarding the condition of your home.
If you opt for the disclosure option, you need to fill out a detailed questionnaire, in which you have to answer a number of questions about all the possible defects in your home.
The disclaimer option can reduce your risk of liability (the buyer suing you for not disclosing certain defects in your home) significantly. On the other hand, it can prompt the buyer to negotiate for a lower price, since they have no idea how much they have to spend on repairs and renovations.
With the disclosure option, the risk of liability is slightly higher, since you have the responsibility to disclose all the material defects in your home to the buyer. It can, however, help you sell your home for a higher price, since the buyer is likely to feel more secure about the purchase.
Experienced Real Estate Lawyers in Maryland
If you are planning to sell a home in Maryland, the attorneys at the Law Offices of Matthew S. Evans III can help you. We can evaluate the offers made by potential buyers, advise you on what to disclose and what not to disclose to the buyer, review all contracts and documents to be signed, and guide you through the closing process.
You can contact our firm at (410) 626-6009 for a free consultation with our attorneys.