Top 5 Tips for First-Time Home Buyers in Maryland’s Competitive Market
Buying your first home in Maryland can feel daunting, but with the right strategy, you can secure your dream home in 2025. From Baltimore’s vibrant Federal Hill to the suburbs of Severna Park, here’s how to succeed in a competitive market.
Top 5 Tips:
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Get Pre-Approved: Lenders assess your credit history and debt-to-income ratio to determine loan eligibility. Pre-approval signals to sellers you’re serious, especially in hot markets like Silver Spring (median home price: $538,000).
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Understand Your Priorities: A 2024 study by the Joint Center for Housing Studies at Harvard found buyers prioritize schools, safety, and space.
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Budget for Closing Costs: Expect 2–5% of the purchase price for closing costs, including title fees and taxes. Maryland’s transfer tax is 0.5%, but local rates vary (e.g., 1% in Baltimore City).
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Work with a Local Expert!
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Act Fast, but Smart: With inventory tight in areas like Towson, be ready to make offers quickly, but always include inspection contingencies to protect your investment.
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