Buying a Home in Baltimore Maryland - TOP 5 Mistakes to AVOID! Every day, hundreds of people relocate to Baltimore Maryland, and we have assisted many of them in finding the perfect house. As a result, we've discovered that there are numerous factors to consider while relocating here, which we'll discuss in this video. We'll show you the five most common blunders to avoid when purchasing or relocating to Baltimore Maryland.
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Everything we thought we knew about purchasing a home in Baltimore has completely changed over the last year.
You see the year started out with record lows in inventory.
Then there was extreme competition for the homes that were available on the market and then, if you were lucky enough to get your offer accepted, you were stuck paying potentially tens of thousands of dollars over the appraised value just to get the home and then what happened? The market completely shifted.
You see with all this craziness happening right now with the Market's instability.
There are certain things that you need to be aware of, and mistakes you must avoid before starting to purchase a home in this crazy Market So.
Today we're diving in and we're looking at the top five home buyer mistakes to avoid when purchasing a home in Baltimore Maryland and we're getting after it right now.
What's up everyone, it's Adam Taylor with the Relentless home group of Cummings and Company realtors right here in Baltimore, Maryland, hey! If this is your first time to our Channel and you're, looking to learn all about life in Maryland, great news, you're on the right spot, We Do videos talking about living here, working here, chilling here and most importantly, getting out and enjoying everything you can do right here in Baltimore Maryland.
So if that is the information that you're looking for, please consider hitting the Subscribe button down below, don't forget to give it a little bell, a click that way.
You're alerted every time we put out another video now right now my team and I.
We are receiving phone calls text, messages and emails from folks all over the world.
Looking to make a move right here to Baltimore.
We absolutely love it.
So, if you're thinking about making a move, my team and I, we would love to help you in that transition.
But we need one thing from you and that's for you to connect with us.
So please give us a call shoot us.
A text message, send us an email or even click the link down below and schedule an appointment with one of the members of our team.
So we can help you out in your transition right here to Baltimore Maryland.
So after helping dozens of clients, move and relocate here to Baltimore over the last few years, we've noticed some of our clients had similar challenges when relocating and in this video we've gone through.
Everything and we've boiled it down to these top five mistakes that you need to avoid when making a move right here to Baltimore and ultimately, by following these steps, we're going to set you up to win and get your offer accepted.
All right mistake: number one is trying to do this.
All on your own now, I know what you're saying you're, probably saying all right: here's the part where he's going to tell me I need a real estate agent guess what I am and you're absolutely right, but here's why number one purchasing a home not only in Maryland or anywhere in the U.S, is a very complex process.
There's lots of moving parts and there's lots of things that you need to know and you need to avoid doing when purchasing a home.
In addition to that with your home search you're out there.
Looking on realtor.com Zillow, Redfin, all of the syndicated sites and you're, seeing all the homes that are available right there, along with all the tens of thousands of other homeowners that are searching for homes right now, but here's what you don't know right now in our company we actually have a private Facebook group, where we have dozens of homes that come onto that group.
Each week and agents are saying: hey I've got this coming on here in this part of town and we have access to those listings before they actually hit the market.
So there's additional inventory, that's available to you that you wouldn't know about without working with a real estate agent.
In addition to that, you got to think about these things, especially if you're coming across country who's, going to help you out with your insurance needs who's going to help you out with getting home inspections set up.
Oh God forbid.
There are problems in your home.
What contractors are you going to turn to? What about your homeowners association documents, condo documents, I can go on and on here my friends, here's the deal, and- and this is what it really comes down to- you- need somebody working on your behalf: who's going to fight and negotiate like hell to get you the best offer on the terms that you want and set you up to win what we do.
We go out to win and we go out and get aggressive and get our offers accepted.
Usually the first, maybe the second time we're not out there writing 5 10 15 offers, but goodness sake.
What on Earth? Do you want to do writing that many offers? So, if you're looking to win, we want to help you in this crazy Market.
Here in Maryland, mistake number two getting late start now: here's what may happen in reality.
You may notice that you're getting transferred here in the next month from your job or you may have military orders that you're being relocated to one of our military installations.
Here in Maryland or, furthermore, great news, you just got accepted to Johns Hopkins University and you need a place to live.
Here's a deal if you don't plan this out, you're going to fail.
My mother always told me growing up Adam if you fail to plan you're planning to fail, and that is absolutely right, but sometimes the inevitable happens, and we don't have that much time.
Here's my recommendation to you.
If you know or you're thinking about moving here to the Baltimore metro area within the next year.
Let's have a conversation.
Let's get you started, let's get you set up on our system, let's just sort of answer your preliminary questions and then, as you go along and you learn more about the city, you learn more about.
Maybe even the suburbs too, where you would like to live.
We can help sort of steer the ship for you and navigate you here home safely, so that you're not feeling behind the eight ball.
You're not lost, and this process is a pleasant one, not a one.
That's chaotic and you're sort of flying by the seat of your pants.
So the best thing to do give us a shout so that we can get you going and set up as early as you can mistake.
Number three: you know it and you've heard it before it's fomo, the fear of missing out I can already see it right now.
You've probably got six searches set up on Zillow, Redfin and realtor.com.
Looking for places to live here in Baltimore am I right and every time you're at work or you get a break.
Your boss isn't looking you're hitting refresh and seeing what popped up on the market.
Here's the deal I told you before with proper planning we're going to get you the results that you want, we'll get you set up on our system so that you're going to get notice of all the homes that come up right away as soon as they are made active and the homes that we have here in-house we're gonna, let you know as soon as we hear about anything that meets your needs now this can get quite chaotic and as the market gets competitive, you know what their strategies that we put in place to help you out to make sure you don't miss out on the home that you really want.
Let me give you an example.
Last summer, Ethan and Katie were making a move here to Baltimore Katie got accepted into one of the programs over at Johns Hopkins University, and they were looking for a great place to rent here in Baltimore and they wanted to be in a specific neighborhood.
So every time something came up, they were scrambling to make the drive down from Jersey down here to Baltimore and one maybe both of them could come to the appointment now.
The thing is they put a lot of stress on them and it wasn't something that was pleasant to have to come in and look at a place.
They were very particular and they wanted the right place in Locust point where I'm going with this is we have these things called cell phones that we all carry in our pockets these days, and we can do video tours for you.
So, just in case you are tied up and you do want to see a home we're going to put our eyes and ears on it for you and give you a video perspective of what we're seeing right away so that you can make the right decision and not miss out on these great opportunities.
Mistake number four choosing the wrong lender now.
I know what you can say: hey I want to go where I can get the lowest interest rate and and get the best deal possible, and we want you to have that now.
Here's the reality of things when we are presenting offers and preparing offers we as agents.
We want to have a conversation with your loan officer, here's red flag number one.
If we can't get a hold of your loan officer on a Saturday or Sunday when we're out looking at homes or into the evening, because they're not available.
That's mistake: number one, because we're going to need what they call pre-approval letter to get your offer submitted or a commitment letter for that matter.
In addition to that, if the company that you're getting your loan through has.com listed at the end of it I hate to break it to you, but we're wasting our time trying to write up your offer and get it accepted these agents here they don't want to deal with an internet company because here's what happens you work with a team when you do your mortgage online, so one day you might call in you get Bob and Bob tells you a few things to do.
The next day you call back you're getting Susie and Susie's going to say hey.
This is what you need to do and then, oh by the way, Larry's he's coming in the next day and he's going to be helping you out there.
We don't know who to talk to so trust me when I get offers on the listings for the folks that I help sell their homes here.
I'm looking through this thing and I'm grilling their lender, oh by the way, did I tell you.
I was a mortgage lender for 17 years prior to jumping into real estate sales full time yeah.
So I've got the experience.
I know the questions to ask the tough ones that they don't want to answer.
Do you have pay stubs tax returns, all the documentation that you need? Have you running through automated underwriting? Do you have a commitment letter, those things? How far have they gone through it, but the biggest thing- and this is going to put a bow on this whole thing here it is communication.
That's why I'm giving you all these crazy examples here, because if you don't have proper communication, weekly updates getting out ahead of problems before they arise, you're going to be in trouble.
So we recommend lenders here.
It is a very extensive process, just based on my background that I have with mortgage financing.
I only want people that are going to run their business.
The way I need them to they're, going to update us ahead of problems and they're going to get great deals for our clients and treat them just like family.
Just like we do be careful when choosing a mortgage lender.
If you need a recommendation, hey we got your back for that as well.
Five playing offer games in in reality right now, people are out there trying to play, games left and right and I told you the market ramped up and now it has sort of shifted and people still think we're back in like April right now trying to play people on submitting offers way over asking price.
Listen that nonsense is gone.
It's like my daughter and I we're sitting there playing Uno all right.
We got our cards held up right now and she's trying to pull one over on me and I'm.
Like look you, turkey, I know, you don't have anything because I already had those cards, and you know she flips her hand around she's got nothing.
That's the same case with a lot of these real estate agents out there trying to get you to bid up on yourself and make you second-guess your offer.
So here's what we do number one: the market determines the price: okay, not a real estate agent, not the seller, the market.
Now, if you want the home, what we strongly encourage you to do right out of the gate, is to put the best offer together with terms and financing, all of it a complete package that you feel comfortable doing.
Okay, you ultimately, at the end of the day, hey you're, writing the check for it.
I'm, not writing the check and nobody else.
So you got to make sure you can afford the house number one, but you have to be okay.
If there are repairs to be needed to the home, are you going to do them? Are you going to make the seller do them? How do you feel about that? Maybe you don't know contractors here.
Maybe you don't like doing that types of stuff maybe do who knows, but we're going to listen to what your needs are and your comfort level and ultimately put you in the position to win, and we get one shot to do this, my friend so offer games.
We don't apply them because the last thing I want you to do, and here is that you lost a home over 500 or 5 000 for that matter.
When you knew you could pay in cash even right out of the gate, so let's go win.
Let's go find you a home.
So my friends there you go.
Those are the five mistakes you need to avoid when purchasing a home here in Baltimore Maryland.
Now, as I mentioned in the beginning of the video, my team and I hey, we want to crush it and we want to negotiate 8 on your behalf when finding a home here in Maryland.
But the only thing is, we need one thing from you and that's for you to reach out to us to start the conversation.
So, let's go find you a home.
Give us a call shoot us.
A text, send us an email schedule, an appointment with us using the zoom link down below whatever you need to do hey.
We got your back we're moving right here to Maryland from Baltimore down the bay to the beaches in Ocean, City Maryland.
We got you covered until next.
Video take care.
- Looking At Only One Mortgage Rate Quote.
- Not Working With A Real Estate Agent.
- Buying More Home Than You Can Afford.
- Not Checking Your Credit Report.
- Waiving A Home Inspection.
- Spending All Of Your Savings.
- Not Saving Up Enough Money.
- Not Making The Right Down Payment.
Some of the common mistakes buyers make are making lowball offers, holding out too long for the "perfect" home, and getting distracted by the "flashy" details and ignoring the actual quality of a home.Is buying a home in Baltimore a good investment? ›
Conclusion. Buying a real estate property in Baltimore is a great investment decision due to the steady property appreciation rate. Before going ahead with the transaction process, determine whether you prefer living in it and selling it sometime in the future, or if it'll strictly serve as a rental property.What should I be careful about when buying a house? ›
- Not Keeping Tabs on Your Credit.
- Searching Before Pre-Approval.
- Not Shopping Around for Mortgages.
- Buying More Than You Can Afford.
- Not Hiring a Real Estate Agent.
- Lines of Credit.
- Making Big Purchases on Credit.
- Moving Around Money.
- #1 Your Down Payment May Not Be the Biggest Hurdle. ...
- #2 You Probably Will Have to Compromise. ...
- #3 Be Emotionally Ready for Financial Surprises. ...
- #4 A Mortgage Can Be Cheaper Than Rent. ...
- #5 Your Lifestyle May Call for Buying Instead of Renting.
- Improper Surface Grading/Drainage. This was by far the most frequently found problem, reported by 35.8% of the survey respondents. ...
- Improper Electrical Wiring. ...
- Roof Damage. ...
- Heating Systems. ...
- Poor Overall Maintenance. ...
- Structurally Related Problems. ...
- Plumbing. ...
Sometimes the hardest part about buying a home isn't finding it, it's getting it. That means there are too few homes and too many people needing a place to live. That means there are more buyers than sellers. That gives sellers the advantage, meaning it's a Seller's Market.What is the biggest risk in real estate? ›
Lack of Liquidity
Because of the lack of liquidity, you could end up selling below market or at a loss if you need to unload your property quickly. While there's not much you can do to lower this risk, there are ways to tap into your property's equity if you need cash.
- Inflation and Interest Rates.
- Geopolitical Risk.
- Hybrid Work.
- Supply Chain Disruption.
- Labor Shortage Strain.
- The Great Housing Imbalance.
- Regulatory Uncertainty.
That rule says people should spend 50% of their income on necessities, 20% on savings, and 30% on "splurges and fun." The study found that, if you're a renter, you need to earn $81,592.98 in order to live comfortably in Baltimore. The median income in Baltimore, according to the study, is $52,164.
- Homeland. Average sale price: $506,000. ...
- The Orchards. Average sale price: $493,000. ...
- North Roland Park/Poplar Hill. Average sale price: $479,000. ...
- Guilford. Average sale price: $475,00. ...
- Roland Park. Average sale price: $440,00. ...
- Inner Harbor. ...
- Cedarcroft. ...
|1 ADULT||2 ADULTS (1 WORKING)|
|0 Children||3 Children|
|Required annual income after taxes||$31,759||$79,432|
|Required annual income before taxes||$37,422||$94,227|
Once you decide you're ready to buy a home, it's time to set a budget. A good place to begin is by calculating your DTI. Look at your current debts and income and consider how much money you can reasonably afford to spend each month on a mortgage.What are your top 3 things that you would look for when buying a house? ›
- The Location. They say the three most important things to think about when buying a home are location, location, location. ...
- The Site. ...
- The Neighborhood. ...
- The Home's Curb Appeal. ...
- The Size and the Floor Plan. ...
- The Bedrooms and Bathrooms. ...
- The Kitchen. ...
- The Closets and Storage.
The three most important factors when buying a home are location, location, and location. Too often I hear people talking about making decisions based on the home itself, instead of the location, and that is a mistake.What 3 things should you be aware of when buying a house? ›
- Roof Condition. ...
- Reliable HVAC. ...
- Plumbing Issues. ...
- Water Damage and Mold. ...
- Noise Level. ...
- A Good Foundation and Home Exterior. ...
- Outlets and Appliances That Actually Work.
|Most difficult step of buying a home||Percent of respondents|
|Finding the right property||56%|
|Understanding the process and steps||13%|
|Saving for the down payment||13%|