One of the most important aspects of selling a home is knowing the home value in Maryland. It is a vital part of the process because that value is a major determining factor when it comes to setting an asking price to put in your real estate listing. Making the determination, though, can be a challenge because it is not an objective process. You need the assistance of an expert in the real estate industry to ensure you have the information you need to figure out your home value in Maryland. Within this guide, you will find out all the things you need to know concerning home value in Maryland and other essential steps in the home selling process.
What is Home Value?
In a particular real estate market, your home value is the actual amount of money that your house and property are worth. There are several important factors that contribute to this value, and it is critical that all of these factors are considered before placing a value on your home. Some of these contributing factors include:
- Size of the home and property
- Layout and design of the house
- Condition of the interior and exterior
- Age of the home
- Features and amenities
- Upgrades and renovations
- Comparable home sales in the neighborhood within the last 6 months
Once all considerations have been made, your home value in Maryland can be determined and you will have a clear understanding of how much your house could reasonably sell for in the current local market.
How Do I Determine My Home Value in Maryland?
The primary question you may be asking yourself now is, how do I determine the home value in Maryland? Fortunately, there are a few different ways to figure this out. One of these methods is to examine current market trends in your area to help you figure out what homes that are comparable to your own are selling for and then make an educated guess as to the value of your own. This is not going to give you a very accurate or specific number on which to base your asking price, but it can be a start.
A secondary method which starts to get more accurate and specific for your particular situation is using online valuation tools and websites. This includes such tools as the Zillow Zestimate. Some of these tools are free to use and will provide you with a solid estimate of value for your home because it will incorporate a variety of different information about the house and current market (both public and user-submitted data) to estimate the home value in Maryland. Keep in mind that these are not going to be 100% accurate.
Lastly, consulting with a local realtor is another fantastic way to determine your home value in Maryland. Because realtors have insider information about the current local real estate market, you can use their expertise to give you a highly accurate value estimation and ensure that your asking price is fair, reasonable, and profitable.
What Should I Know About Local Market Conditions?
Local market conditions will play an important role in determining the home value in Maryland, so it is a good idea to start your home selling journey with an analysis of the market. When you do so, be sure you are working with recent home sales data that you can use to compare against your home. Be aware of which homes are most similar to your own in order to determine how much you could reasonably expect to get from a home buyer.
You will also need to understand how the current supply and demand for homes is working in your local real estate market. Does the market currently favor sellers or buyers? If it is in favor of you as the seller, then it may be the right time to put your home on the market and wait for multiple offers above asking price to come in. In a buyer’s market, you may need to rethink your expectations. Be sure you continue to monitor market trends before you list your home for sale and throughout your time on the market. It would be wise to check real estate forecasts before you list as well.
Are Online Valuation Tools and Websites Accurate?
The accuracy of online valuation tools varies from website to website, depending on how many factors it uses and how much public data is available. The Zillow Zestimate, for example, is known for a high level of accuracy and ease of use for homeowners.
In most cases, using these online valuation tools is quite easy. All you need to do is input the address of your home and, perhaps, answer a few questions about the house. Once completed, the system will do the rest, and you will have the resulting valuation in hand very quickly.
How Accurate is Zillow Home Value?
So, exactly how accurate is Zillow? That is a question that we often get, so we will help you understand the accuracy of Zillow’s estimates a bit more. It is important to remember that there will always be an error rate to keep in mind because this is not an expert appraiser looking at your specific home. Rather, it is a program that can only use the data that is available. According to Zillow, the “median error rate for on-market homes nationwide is 3.2%,” depending on the availability of data in a specific location. The error rate increases for off-market homes (7.52%), but this is because the availability of information is dramatically reduced for these types of homes.
Which Home Valuation is Most Accurate?
Although online home valuation tools are quick and easy to use, they may not necessarily give homeowners the most accurate and specific home value in Maryland. They can help you by offering you an estimate of value that can be used to set your listing price, but it will not be as accurate as the valuation you would get from realtors and/or professional appraisers.
Within a reasonable level, online home valuation tools such as Zillow Zestimate and Redfin are fairly accurate, but the data that is publicly available affects the accuracy of these estimates. Because these estimators rely on publicly available or homeowner-inputted data, they cannot compete with the home values of realtors and professional appraisers.
Do I Need to Hire a Professional Appraiser?
Home sellers, throughout the real estate process, usually do not need to hire a professional appraiser to give a home value because lending companies will often ask home buyers to hire one. They need to make sure that the loan amount is not higher than the actual amount that the house is worth before they approve the loan. However, a professional appraiser will be the one to give you a 100% accurate report of your home value in Maryland.
To develop the appraisal, the professional will come to the house and gather the necessary information. Essential factors are considered once the tour is complete, and the appraiser will take his or her time to determine the most accurate home value in Maryland for the homeowner.
It is important to remember that these professional appraisals are not free and will cost you a significant amount of money, so you should weigh that cost with your current stage in the real estate journey. However, with an appraisal in hand, you can show home buyers that the asking price you have listed is fair and reasonable. This will help ensure that you are able to get as close to your asking price (if not over) as possible.
Is Fair Market Value the Same as an Appraisal?
Fair market value and appraised value are not the same thing even though they are often used as interchangeable terms. When you know the appraised value, that is the amount which the house is actually worth using all of the contributing factors that determine home value in Maryland. On the other hand, fair market value is the amount of money that a home buyer is willing to pay for the house in the given Maryland real estate market. This number can easily change, depending on the market conditions and other external factors that may not actually affect a particular home’s inherent value.
How Much Are Homes Appraising for in My Area?
Redfin has the most up-to-date data when it comes to home value in Maryland. According to Redfin, home prices in Maryland increased 0.8% from May 2022 to May 2023, even though the number of homes sold decreased by 24%. The median sale price for homes as of May 2023 was $421,800, and the number of available homes decreased year-over-year by 16.9%. Unfortunately for home sellers, 49.2% of homes in Maryland sold below listing price in May 2023.
Should I Hire a Real Estate Agent?
In short, yes! Realtors are always a great idea when it comes to the home selling process, but they are invaluable for determining the right asking price for your home as well as the current market value of your home. Why? Because realtors have access to all of the most important information needed to determine accurate home values such as comparable homes in the area, sales numbers, and real estate market trends.
Realtors also provide their clients with vital real estate information and resources that are necessary for success along the real estate journey. Real estate experts have experience, knowledge, and skills that will help you succeed and get answers to the questions you may have. At Your Home Sold Guaranteed Realty - Vinny Steo, our realtors are always happy to speak with you, get to know you and your family, and ease any stress you may be experiencing during the process.
When you talk to a realtor, be sure you ask that professional what factors they include in the valuation, how long it will take to determine the value, and how close to the asking price you can get using the home valuation estimate.
How Can I Improve My Home Value?
Improving your home value in Maryland can be a challenge once it has been established unless the estimate is incredibly low. If it has already been valued at a high price, you will need to make noticeable improvements and differences in order to improve the value at all whatsoever. This may mean to add square footage to the house with an addition or finishing a previously unfinished basement or attic space.
In order to maintain the value that has already been established, you need to complete regular maintenance and upkeep so that the curb appeal is kept up. This can easily detract from the value, so maintenance is important. Also, be sure to stay informed about the local real estate market trends so that you know how much others have been selling their homes for in the area. You will find lots of information online and on real estate forums that can be used to figure out the ideal ways to increase your home value in Maryland.
Can a Realtor in Maryland Find My Home Value?
Are you ready to sell your property but want help determining the home value in Maryland? If so, be sure to contact expert realtors in the area such as ours at Your Home Sold Guaranteed Realty - Vinny Steo. We have the experience, knowledge of the local real estate market, and skills to get you all the information you need, including the most accurate home valuation. Additionally, we will develop the strongest market strategy to make sure that you can quickly and easily achieve your home selling goals.
When you are set to put your home on the market and begin your home selling journey, give our team a call at 410-220-0016 or fill out the form on this page with the requested information to get a detailed response from our realtors. We will be happy to answer any questions and address all of your concerns to make sure you are comfortable and confident in your decisions throughout the process.
We look forward to hearing from you and helping you begin your real estate journey!
More Questions Home Sellers Ask
Is it hard to sell a house in Maryland?
Selling a house in Maryland can be both straightforward and challenging, depending on various factors such as the current real estate market conditions, the location of your property within Maryland, and its overall appeal to potential buyers. In a seller’s market with high demand, it may be easier to sell quickly, but in a buyer’s market, it could take more effort and negotiation.
How do I price my home when I sell it?
To price your home effectively in Maryland, research recent sales of comparable properties in the same area. Take into account factors like the size, condition, and unique features of your home. Consulting a local real estate agent with expertise in the Maryland market can also help you arrive at a competitive and realistic price that attracts potential buyers.
How do I find the best realtor in Maryland?
Finding the best realtor in Maryland involves some research and due diligence. Begin by seeking recommendations from friends, family, or colleagues who have experience with local real estate transactions. Look for real estate agents with a successful track record of sales in Maryland and knowledge of the specific area you’re interested in. Interview multiple agents, ask about their marketing strategies and experience, and choose someone you feel confident and comfortable working with throughout the selling process.
Who covers closing costs, the buyer or seller?
In Maryland, the allocation of closing costs is typically negotiable between the buyer and seller. Usually, both parties share some of the expenses. While the buyer traditionally covers more of the closing costs, the specifics are determined through negotiation and can vary depending on the terms agreed upon during the real estate transaction.
What is the best time of year to sell a house?
The best time of year to sell a house in Maryland is generally during the spring and summer months. Warmer weather tends to attract more buyers who are actively searching for homes. Additionally, families often prefer to move during the summer to coincide with the end of the school year. However, market conditions can vary, so it’s essential to stay updated on local real estate trends to identify the most favorable time to sell in Maryland.
Are house prices in Maryland dropping?
Housing market conditions are subject to change based on various factors, including the economy, interest rates, and demand. Our team can answer any of your questions if you give us a call or email us.
Is 2023 a good year to sell a house in Maryland?
If the Maryland real estate market remains stable or experiences growth, 2023 could potentially be a good year to sell a house. But if you’re thinking of selling, make sure to give us a call and we can help answer the question more specifically.