| #ffffff;" /> | | | | property slowly, but predictably increased in value. |
| “I want to sell my house now,” is | | | | Therefore, a house that an individual paid one |
| what many people are saying in these difficult | | | | hundred thousand dollars for in 1980 may have |
| economic times. But why are they looking to sell | | | | been worth one hundred and twenty thousand |
| their homes as fast as possible? Traditionally, | | | | dollars by 1985. This means, that if the home |
| house selling has been a way to cash in on an | | | | owner chose to sell his or her property in 1985, |
| investment. For decades residential properties | | | | he or she was generate twenty thousand dollars |
| increase in worth or appreciated in value | | | | in profit. This profit could then be used for a |
| consistently and predictably. Therefore, the longer | | | | down payment on a larger or more desirable |
| you held on to your house, the more likely you | | | | home and the process begins all over again. It this |
| would be able to demand a higher asking price. | | | | way individuals can slowly increase their net worth. |
| However, in recent months, for the first time in a | | | | Iin recent months the paradigm has been turned |
| decade, house prices have been plummeting. Last | | | | on its head. Instead of steadily appreciating in |
| November, the housing declined more than any | | | | value, the vast majority of residential properties |
| other month on record. This means that the | | | | have begun to depreciate in value. To understand |
| longer you hold onto your house, the lower the | | | | this better, think of an automobile. As soon as |
| asking price for the property will be. It has | | | | you drive a car off of the lot, it is suddenly worth |
| therefore become necessary, for many home | | | | less. Other than some restored classics, you can |
| owners to sell their property as quick as possible, | | | | never sell a car for as much as you bought it for. |
| or they risk losing even more money. | | | | Houses have suddenly gone the way of the car. |
| For a generation, home ownership was part of | | | | Now, the longer you own a house, the more likely |
| the American dream. It meant that a person was | | | | it is that you are going to get less than what you |
| financially stable and was working towards being | | | | paid for it. Therefore, instead of slowly increasing |
| financially independent. Owning a house was seen | | | | your net worth, owning a house slowly decreases |
| as an investment in your future, a savings | | | | your financial situation. It becomes much harder |
| account, if you will, that a parent could pass down | | | | for the average person to better him or herself |
| to their children after death. For many people, | | | | financially, and more and more people try to sell |
| owning a home was the only thing that they | | | | their homes before they lose too much money. |
| owned outright. It was intended to be stable | | | | Thus, the “sell my house” in the |
| investment that would help generate personal | | | | phrase “I want to sell my house |
| wealth over time. This idea became so because, | | | | now” is not the key part. People have |
| for many decades, residential properties slowly | | | | always wanted to sell their homes. The key word |
| appreciated in value. This meant that, barring any | | | | is “now”. |
| natural disasters or general lack of upkeep, a | | | | |