Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 30, 2021

Maryland Home Inspection (What To Expect)

Every Real Estate professional will tell you that the importance of a home inspection prior to submitting a purchase offer cannot be overstated. You may be wondering why that is, well we'll discuss why the home inspection, though not required in Maryland is so important, what to expect, and how you can best avoid any major surprises when it comes to the condition of your future home. 

 

A Maryland home inspection is a vital part of the home-buying process. It's your first chance to look around the house and assess for yourself what you're getting into in terms of its condition. It's your chance to inspect the property for any problems so you can work out a deal with the seller regarding who pays to rectify them.

 

A Maryland home inspection will provide you a list of faults to negotiate with the seller to repair or the possibility of a catastrophic event that could be on the horizon for the property that will allow you to back out of the agreement. The inspection report provides a detailed report to the homebuyer, similar to a new manual, with maintenance advice and schedules to follow.

 

It is expected that your real estate agent be present at the home inspection, in some cases, the seller's agent will also be present at the property inspection. 

 

Upon completion of the home inspection, you can expect the inspector to go through the home's systems with you and give you some maintenance advice. The inspector will write the final reports, which will include photographs, but being present on the day of the inspection will be quite beneficial since he will be able to physically explain the problem to you.

 

Common areas pricey issues are found

 

During the inspection be sure that the inspector included the areas listed below in his report confirming that they were indeed inspected if any of these areas are not included it's important to ask why as these areas are the places where the most expensive issues will be hiding. These home locations are as follows; Foundation, Plumbing, Roof, Land the house sits on, Basement, Exterior, and Attic.

 

Other areas that are important to inspect (Links to sites that explain exactly what to look for) 

 

Something that can be very helpful is to create a property inspection checklist based on all the common areas of issue mentioned in this article to ensure the inspector has inspected all these areas. 

 

Ensuring House is up to Code 

 

You should also have the home inspectors examine to see if the house is up to code, especially if it is pretty old. Maryland's older residences were built according to the current building code of the time. A property may have been subjected to several changes and renovations over the years, posing a significant risk that it is no longer up to code. Fixing up a home so that it gets up to code is likely going to be an expensive endeavor so it's essential to ensure that is the home not up to code to uncover this before purchase so that negotiations can be made with the seller. 

 

A Scary Thought

 

It's a scary thought that the home you buy and invest so much into may not be as advertised when you move in and problems start happening as time goes by. Failure to get a home inspection with a reliable professional can quickly turn your dream home into a nightmare. Luckily you now have the knowledge of what to look for during a home inspection and with K2 Home Group our agents have the experience needed to ensure a thorough inspection and the network of licensed home inspectors we can recommend to every buyer's individual situation. Contact us now to get the conversation going, our agents are eager to answer any of your questions.

April 7, 2021

Twenty Real Estate Terms that Maryland Home Sellers Need to Know

Selling a home can be a trying time. First, you must prepare your home for the market which includes a long list of to-do items like cleaning and fixing minor or major issues. Then, you have to list your home which is a whole new world of real estate terms and big numbers.

That’s why you need to know real estate terminology before you list your home for sale. It could help you make the right decisions as you prepare for this extreme life event.

Whether you’re thinking about selling your home or you’ve already listed it, we’re here to help. Keep reading for a comprehensive list of all the important real estate terms that Maryland home sellers should know.

Real Estate Terms Sellers Need to Know

Real estate jargon is a complicated language with a lot of terms and definitions. Not knowing what something means when your real estate agent or buyer or even banker is speaking to you can cost you time and money in the long run. It can also cause you to be taken advantage of if you’re not careful.

Take a look at these terms and make yourself familiar with them so that you can have educated discussions with all involved throughout the process of selling your Maryland real estate.

1. Listing Agent

If you’ve already listed your home, you may be familiar with this term. The listing agent represents the seller to home buyers and buyer’s agents.

2. Real Estate Agent

Sometimes also known as a realtor. Realtors must be members of the National Association of Realtors. Real estate agents and realtors can represent buyers and sellers as long as they hold current licensing.

3. Real Estate Broker

Real estate brokers generally work over other agents. They have passed a state broker’s exam and met a minimum number of qualifications to earn this title and responsibility.

4. Buyer’s Agent

You may have had a buyer’s agent when you bought your home. This agent represents the buyer during the sale process and transaction.

5. Loan Officer

A loan officer assists buyers with the purchase of a home. They generally work for mortgage brokers or banking institutions.

6. Commission

Real estate agents and loan officers earn a living off their commision. This is the premium charged, typically a percentage of the sale of a home, for services provided.

7. For Sale By Owner (FSBO)

If you are interested in selling your home without representation, you may list it yourself. You will be solely responsible for advertising the home. This is an easy way to avoid paying commission.

8. Owner Financing

May also be known as seller financing. This definition is just like it sounds – the buyer finances the home directly through the seller thereby bypassing conventional mortgage lenders and financial institutions.

9. Multiple Listing Service (MLS)

One of the most important real estate terms to know when trying to sell a house is MLS. The multiple listing service is a nationwide listing site where agents and sellers can list details of their property for sale so that buyers can find them.

10. Staging

Many sellers find it beneficial to stage their homes according to trends in decor and design in order to appeal to buyers’ interests. You can hire a home stager or do it yourself.

11. Pre-Qualification

In realtor terms, a pre-qualification simply means that a buyer has the credentials to purchase a home.

12. Pre-Approval

A pre-approval indicates that the buyer has the financing to purchase the home.

13. Appraisal

When selling your home, you must have it appraised in order to evaluate the market value. The appraiser will determine this value by comparing your home to other homes in the neighborhood.

14. Equity

Once your home is appraised, you will know how much equity is in the home. This is the amount of worth minus the difference in what you owe on the home. In other words, it is the profit you will receive for selling the home if you receive the full asking price.

15. Inspection

Each home for sale must have several inspections before a mortgage company will approve the purchase. This may include structural inspections, pest inspections, and others upon request of the buyer. Maryland does not require a home to be inspected before the sale, often buyers will desire a home inspection before an offer will be written.

16. Contingency

Contingencies are certain stipulations in a real estate contract that must be met before the final sale of the home. These are generally provided by both buyer and seller.

17. Counteroffer

Once a buyer offers you an amount on your home, you should always come back with a counteroffer. This should be a lower amount than what the buyer proposed but within your comfort range.

18. Purchase Agreement

There’s always a lot of paperwork when it comes to selling a house. Including a purchase agreement. This agreement demonstrates the buyer’s intent to purchase your home.

19. Title

A home title is similar to a car title – it represents your rights to the property. Each time a home is sold, the title is transferred from seller to buyer which gives the buyer legal rights to the property.

20. Closing

The closing is the last stage of a sale transaction. You will meet with the buyer and any agents that have been involved as well as a title closer to sign all necessary documents which legally transfer the property from you to the buyer.

Final Thoughts

Knowing all of the proper real estate terms will benefit you throughout the process of selling your home. Keep this real estate glossary with you as you navigate buyers and agents so that you have something to reference when they start throwing around mortgage language. Not only will you feel more confident, but you’ll also come off as more knowledgeable to those you’re dealing with.

While being well versed in these terms that are sure to come up in any transaction is very important, what is also essential is being represented by an experienced real estate agent with expertise in your market and that will advocate on your behalf to negotiate the best price and terms for the sale of your home. Our agents at K2 Home Group are just that and we would love to hear from you! Just head over to the contact us tab on our site menu to get the conversation started.

 

Posted in Sellers blog posts
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates