Baltimore is filled with older homes. Built in the 1940s and the 1950s, they were top of the line homes in their day. Over 60-70 years these homes have gone from modern, brand new homes to end-of-life junkers. Plumbing needs to be replaced, electrical systems are eroding, the plaster is no longer level and the framing is starting to deteriorate. Homes lose value as they get older and most market buyers are not willing to take on such a large project. Here are some reasons why an older house in Baltimore is more difficult to sell. This is especially relevant for those who have inherited a home in Baltimore.
Baltimore City is Full of Old Homes
Living in Baltimore city means that your home is probably older than the ones in the suburbs. The closer you get to the inner harbor the older the home typically are. Because of urban sprawl, houses were built out from the city center to fill most of Baltimore proper. This huge burst in homes came between 1940 and 1960. This boom in construction means that Baltimore housing inventory is starting to age. Your home is likely not unique and if you were to list your house today there is little that would make it stand apart from the inventory that is already listed. The only thing you can do is sell your house for less than any other person currently trying to sell theirs.
Old Homes Have Less Value
You can renovate the home all you want, but the fact is that an old home is not never going to be as attractive as a brand new one. Older homes do not offer the same amenities as new builds. They typically don’t have central AC, they feature flat roofs, the bedrooms are small and don’t accommodate queen size beds as well as new ones, the basements have lower ceilings, and they rarely feature open concept main floors. Despite any amount of work you invest in the house, it’s possible that its age has already turned-off a number of buyers.
Old Neighborhood are Less Convenient
In general, old properties are build in order neighborhoods. At the time we did not have conveniences like stripmalls, towncenters, and biking paths. Newer suburban neighborhoods are built with these conveniences in mind. If you’re trying to sell your older Baltimore home then you may be working with a reduced buyer pool who do not require these conveniences.
Older Houses are Appraised Based on Other Older Houses
When you sell your house, it’s worth what other houses have sold for in that neighborhood. Unfortunately there are a lot of distressed older houses in Baltimore that sell for distressed prices. When you go to sell your house it’s value will be determined based on what these other houses in poor condition sold for. Renovating your house helps, but when it comes down to it there’s nothing you can do when the house next door sold for half of what you’re asking for.
Selling an Older House In Baltimore is Hard, but Dependable Homebuyers can help!
What are you waiting for? Sell your house fast – AS IS!