| Why is “I want to sell my house” the | | | | called a property tax and can run into the |
| most common phrase a real estate expert hears? | | | | thousands of dollars per a year for an average to |
| This is a common phrase because, with the | | | | an above-average valued house. This cost can |
| current economic downturn, both at home and | | | | simply be too expensive for many homeowners |
| abroad, many homeowners are desperately | | | | to afford. Added to this cost are additional |
| seeking ways to generate extra income. | | | | expenses associated with homeownership. These |
| Oftentimes the best or easiest way to generate | | | | include homeowner insurance and association fees. |
| this extra income is to sell your house. Other | | | | All of these expenses combined can make owning |
| reasons why this is a popular phrase include: the | | | | a house very expensive. This only adds to |
| inability to pay property taxes on the house, the | | | | popularity of the phrase “I want to sell my |
| sudden loss of a steady income, or even just to | | | | house”. |
| downsize to a more manageable property. | | | | Finally, as a result of the economic downturn, |
| With economies around the globe stuttering, and | | | | many people are being laid off or fired from their |
| in many cases receding, an increasing amount of | | | | jobs or occupations. This creates an atmosphere |
| homeowners are deciding to cash in on their | | | | of general decline, making home ownership more |
| properties. This means that they are looking to | | | | and more difficult to attain and then retain. The |
| sell their houses, in most cases, as fast as | | | | month of November alone saw nearly half a |
| possible. There has been a dramatic increase in | | | | million job loses – by far the most on record |
| the number of houses for sale in the average real | | | | in recent years. This staggering loss has forced |
| estate market. When there is an increase in | | | | more and more people to seek alternative forms |
| available properties of this magnitude, then prices | | | | of income. Selling their home is great way to |
| decline. This is a basic principle of supply versus | | | | generate a lot of much needed money. Thus, |
| demand. As the supply, in this case houses, | | | | there has been an increase in the interest related |
| increase, the demand will decrease. This decrease | | | | to residential real estate. Others simply are |
| in demand leads to lower market values. Market | | | | attempting to sell their house because they find |
| values around the country have plummeted by | | | | their current residence too hard to manage. |
| record rates. Thus, even more people are | | | | Real estate agents are seeing an increase in the |
| searching for advice on how to sell their home. | | | | homes that are for sale. This is because of three |
| Rather than seeking to generate extra income by | | | | reasons: one – homeowners are always |
| selling a house, individuals may be seeking a quick | | | | looking to make money by selling a desirable |
| sale of a property simply because they can no | | | | house; two – owning a home is expensive due |
| longer afford to own it. In most states, though by | | | | to taxes, insurance, and fees; three – |
| no means all of them (Florida and Nevada are just | | | | managing a large house is sometimes too difficult. |
| a few that do not), tax personal property. This is | | | | |