Life happens quickly. Sometimes you have to act on an opportunity and figure things out as you go along. Now that you’ve taken the job, you have a lot of things to figure out, starting with what to do with your house. At Dependable Homebuyers we get homeowners calling us or submitting their information on our website every week. When we speak with them we frequently get the response of, “I’m relocating and need to sell my house in Baltimore.” We’re seen your situation over and over again and are able to help.
We’re actively buying houses in Baltimore, MD and are looking to buy properties quickly. While you can list your property with a real estate agent, it could take months before the house sells and you’re no longer responsible for the house. Every month the house sits vacant mean more mortgage payments, more utility bills, more property taxes, and more insurance payments that come out of your pocket. Our clients find that selling their house quickly to Dependable Homebuyers leaves them with more money in their pockets when considering all the opportunity costs.
You Must Prioritize.
There is only so much time in the day. Every minute you spend trying to sell you house in Baltimore is another minute you can’t spend focusing on your relocation and your new job. The last thing you want is a situation where you end up keeping the property as a vacant house for years. Many people in your situation start with the good intention of renting the house. Over time they begin to realize how much work and money is required to get the house ready to rent. They procrastinate and push off dealing with the property until months and years have passed and the house is still vacant.
Although the market is currently stable in Baltimore, things can change overnight. Market prices go up and they go down. Holding onto a house without the expectation that it can lose value is a risky game that can end up costing you thousands of dollars. Unless you’re filthy rich, you probably can’t afford the risk of waiting to sell.
Most times, the right choices when you’re relocating is to sell your Baltimore MD house fast, especially when moving with kids.
Relocating And Need To Sell My House Fast In Baltimore: Here Are Steps To Take
There are a number of steps you should take when deciding what to do with your house when locating to another city:
Determine the value of your house
To do this you could contact a real estate appraiser who will charge a fee of $400-500 for an appraisal report. The other option is to reach out to us and we can give you a no cost no obligation valuation on your property. Once you know how much your house is worth you are able to make an educated decision on what option would be best for you.
Decide how quickly you need to sell your house after you relocate
This is an important step. Not having a set deadline is the easiest way to slip into procrastination. From a mental standpoint, think of how stressful it would be to begin a job in a new city while knowing that you have your property in Baltimore, MD hanging over your head. The longer you wait to sell your house the more you’ll pay in taxes, insurances, utility bills, and mortgage payments.
Even if you decide to list with a Realtor, I’ve seen professionals who moved out of state for a job and had their house on the market for over a year before selling. This could let you sell for a higher price but still walked away with less money when you consider all the costs of holding a property for so long. It’s important that you decide how fast you need to sell your Baltimore house and how long you’ll be able to maintain the costs of holding it while you’re starting your new life in a new city.
Decide what you want to do with your house BEFORE you start packing boxes
Get things started early so you don’t waste any time. Every month that you wait is an additional month that it’ll take to sell the house, costing you money in the process. If you don’t want to sell through a Baltimore Realtor then we are a reputable local house buyer and we’d love to make you a fair, all cash offer that can close in weeks. Just fill out the short form through this link to get started.
Calculate the value of selling your Baltimore house fast vs. “waiting it out” for a dream price
We all want to sell our houses for as much as possible. But one thing many people forget is how much it costs you to hold onto this house. The costs involved include:
- Mortgage. Remember, a majority of your mortgage will be thrown away to interest if you’re within the first half of your loan. Almost none of it goes towards principal!
- Insurance. This payment will be higher once you move since it will no longer be occupied.
- Taxes. Property taxes in Baltimore are sky high. They charge a whopping 2.5% of the property’s assessed value annually. That’s thousands of dollars each year!
- Maintenance. If your house is more than 10 years old then every day you own the property is another day that anything in your home could fail. Roofs can leak, fridges can break, basements can flood, and heating systems can fail. Is the slightly higher sale price worth the tens of thousands of repairs that could result from a burst pipe?
Let’s assume you want to sell your house for $200,000 and your mortgage payment is $1,200/mo, $100/mo for insurance, taxes $200/mo, and $100/mo for maintenance (lawn maintenance, repairs while you’re gone, etc.). When you add these expenses up you’re looking at $1,600/mo out of of your pocket! If it takes a real estate agent 6 months to sell that house it cost you $9,600 in holding costs + you had to pay $12,000 in real estate agent fees (assuming 3% for the buyers agent and 3% for the sellers agent).That’s $21,600 in LOST money. That doesn’t even take into consideration the value of your time, your stress in thinking about that property sitting on the market, the opportunity cost of what you could have been doing with that extra money during those 6 months, etc.
What if you could sell your house next week and avoid all these costs? Even if you sold your Baltimore house for a discount below the retail price, you’re still doing better by selling the house NOW. By selling your house fast at a discount to a homebuyer like Dependable Homebuyers as opposed to 6 months later at full price while paying holding costs and real estate agent fees the whole time.
Whatever your decision, it’s important that you make it quickly. If you want to go the real estate agent route, fantastic! Contact us at (410) 779-4622 and we’d be happy to refer you to a great agent. If you’d prefer to not have to wait and not have to pay any real estate agent commissions, then a good option would be to sell your house to us!
If you’ve got a great property and a lot of time on your side then you might consider putting your house on the market and see if you can get market value. There’s a strong chance that given enough time someone will fall in love and be willing to pay full market value.
In reality though, most properties are pretty average. They tend to be like the other houses on the market which have been sitting for awhile. Baltimore has a lot of housing inventory so unless your property is truly exceptional it likely will not stand out and you’ll find yourself waiting month after month.
Whatever your decision, we can help. Whether you’re looking to sell with a Realtor, or sell with us, you should contact us right away.
Who Is Dependable Homebuyers And How Can We Help You If You’re Relocating And Need To Sell In Baltimore MD?
We’re investors. We renovate properties, improve neighborhoods, and support our families by buying houses from Baltimore homeowners who need to sell their properties fast for one reason or another.
We work with sellers who…
- Need to sell their house fast (we can close in as little as 7 days if you need us to)
- Don’t want to hassle with listing a property with a real estate agent
- Don’t want to pay real estate agent commission fees
- Can’t sell their house for one reason or another (we buy houses in as-is condition)
- … or a variety of other reasons
We’re passionate Baltimore native and we believe in the Baltimore community. We want to treat you with respect and honesty. We’ll quote you a fair price, and we can close fast with cash.
We’re happy to help you find answers to your toughest questions about your Baltimore real estate, so please call us at (410) 779-4622 anytime.