Seeking advice buying in MD real estate market

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Seeking advice buying in MD real estate market

Brooke Wano
Investor · Rockville, MD · Member since 2016 · 2 posts · 0 votes

My boyfriend and I are relocating from Pennsylvania to Maryland, and need to find a house that is less than an hour commute from both Rockville and Baltimore.  We have been looking in Howard County, Montgomery County, and Frederick County.  I've been approved for $215K and we are looking for a fixer-upper.  

We have been interested in several properties a this point, but each time we've found ourselves in a situation where there are multiple offers, several being above listing price.  In PA, we are used to offering between 70-80% of listing price and then negotiating from there.  Is this an effective strategy?  Are we wasting our time with these low offers?  

Should we expect to offer at or above asking to remain competitive, or should we remain patient and wait for a deal to come along?

Any advice is much appreciated!

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  • Christina R.
    Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    10y

    PM me. I'm a Realtor and happy to help you with your home search. I live in Laurel which is about halfway between Rockville and Baltimore. 

    Christina 

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  • Aaron B Lee
    Pocatello, ID · Member since 2016 · 46 posts · 11 votes
    10y

    Are you currently working with a realtor? 

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  • Dennys Passeto
    Investor · Gaithersburg, MD · Member since 2015 · 24 posts · 7 votes
    10y
    Montgomery county is going to be pretty expensive. And more competitive. If you can stay in Laurel as Christina R. mentioned, you'll save a lot of money and be able to negotiate more. If you would like a recommendation for an agent in Montgomery county, I can provide one for you.
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  • Carolyn F.
    Real Estate Agent · Laurel, MD · Member since 2016 · 15 posts · 5 votes
    10y

    Greetings @Brooke Wano! I can assist with your criteria in Howard county. First Let me know if you are currently working with a realtor. I reside in laurel area of Howard county which has easy access to Rockville and Baltimore. Threre are also other cities that you'll need to consider. 

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  • Sam Lin
    Real Estate Agent · Gaithersburg, MD · Member since 2016 · 99 posts · 32 votes
    10y

    @Brooke Wano Are you planning on fixing it yourself and eventually live there as a primary home? Or is there an investment angle (short or long term) here?

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  • Brooke Wano
    OP
    Investor · Rockville, MD · Member since 2016 · 2 posts · 0 votes
    10y

    We are working with a realtor but I am mostly bringing her listings that I find myself.  Someone with a lot of experience with investors would definitely be helpful. 

    We (meaning my boyfriend) will likely do most of the renovation ourselves.  We plan to live there for 3-5 years and either sell it or rent it, depending on how much it has appreciated. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Most things in MoCo if priced appropriately will sell at asking or above asking. Howard County is typically right around asking price. PG county may have a huge variance of way over or way under depending on the property and location.

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  • Account Closed
    Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
    10y
    Head toward frederick, or columbia etc, try to stay in the 270/70/95 triangle. take u to either place, and fixer upper houses around there can be reasonable if youre quick depending where. Avoid anything pg county or close to it. Your offer depends on the house, and the circumstances surrounding it. No rule of thumb on offer percentages. Though knowing what a house is worth is the gage to use for what to offer. That number is based off several circumstances, if your realtor has value, they will know that also
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