Buying a Home in Maryland: FAQs
Alliance Mortgage Funding has helped people buy homes in the Old Line State since 1993. Here are some questions they often ask us about homebuying in Maryland:
What part of Maryland is most expensive?
Montgomery County, has the highest average Sales Price of any county in MD. This is due to its immediate proximity to Washington, DC. However, the states capitol, Annapolis has the highest average Sales Price of any town in MD.
What part of Maryland is least expensive?
Somerset County, the southernmost county in MD has the lowest average real estate prices in the state. Typically the further you get from the Cities of Baltimore and Washington, DC the less expensive the real estate will be.
Is Maryland generally considered an affordable place to own a home?
Areas of Maryland are very affordable to own a home, while other areas have some of the most expensive homes in the country. So it depends on where in Maryland you are looking to purchase a home.
How can I keep track of how “hot” the Maryland home-buying market is?
Contact a local REALTOR to keep you updated on current market trends. We work with many of the finest real estate professionals in the area. Please contact us for a recommendation.
What are Maryland-specific laws or taxes I should know about?
Maryland State Transfer Tax is waived for buyers purchasing a primary residence, who have never previously owned a home in Maryland. In addition to the State Transfer Tax there are additional transfer taxes that vary from County to County.
What are Maryland property taxes like, generally?
Maryland property taxes are generally very affordable. It varies from County to County but on an annual basis they typically run about 1% of Assessed Value. Property taxes in Baltimore City are much more expensive, about 2% of Assessed Value.
Are there any Maryland home-buying incentives - like tax incentives?
Local municipalities in Maryland offer grants to certain home buyers. The amount of these grants vary based on County of subject property and need of home buyer.
What’s the best way to find and vet all the people I’ll need to help me (agents, title companies, inspectors, etc.)?
Ask family and friends for referrals to local professionals, and always check out their online reviews.
Our team is dedicated to earning your trust and to delivering the smooth home-buying experience you’ve been looking forward to. Call us today at 410-683-1500 or contact us online to experience the Alliance Mortgage Funding difference.