Tips On How To Sell Your House When The Company Leaves Town Case Study

In Massachusetts, the median price of a home is roughly twice the national median, and the percentage of income devoted to mortgage payments in the greater area of Boston is 44.9%, the second highest in the country after San Francisco at 46.7%. State spending on housing programs, as a percentage of the total state budget, was 2.9% in 1989, but only 0.7% in 2002. State spending for open space acquisition or preservation has also decreased, but not as much as the rate of decline for spending on housing. Inversely, Boston Housing Report Card 2002 estimates that 15,660 units are needed annually to ease the affordable housing crisis. While it is evident affordable housing is a serious, present concern, open space preservation is pressing in its own spot light. The Sierra Club estimates the total land lost to sprawl is about 100 million acres, of which 25 million acres were lost from 1982 to 1997. Since 1945, Massachusetts has lost more than 1.3 million acres of farmland. More than 3 million of the Commonwealth's 5.2 million acres are undeveloped and unprotected.

Right now, the median price for a home in the area is $450,000. The sales price has risen by $75,000 in just the last year. During the same year, the average price per square foot rose from $224 to $238. Since the sales price has risen by 20 percent in just the last year, right now is a good time to enter the marketplace before prices

Where there is darkness there is ultimately light and the various homeownership opportunities under the current economy reflect this notion. Real estate prices

The two most affected states were Oklahoma and Arkansas. The difficulty of finding a job or making any money caused people to start looking elsewhere to prosper. This place of possible success was the state of California. Many people left everything behind and moved in the hopes of successfully relocating in California. Despite the situations in California not being much better than that of their home, the state still received a steady flow of people into the state. Before long, “in the rural area outside Boise City, Oklahoma, the population dropped 40%”. (Mass Exodus) and it became “safe to say that 300,000-400,000 Oklahomans, Texans, Arkansasians, and Missourians moved to California”.

Additionally, there are many vacant buildings and lots in these towns where production facilities used to sit that could still be used and would not take away necessary farming land. Furthermore, incentives could be offered to the plants if they opened in these rural areas. Local government (not state or national, as that could cause even more issues) could provide small tax cuts to the business for opening in their town, such as a lowered taxes on the land on which they build their facility, or lowered tax rates on the water supply for the building. Because these towns will be receiving more income from sales tax as new people travel to the area, these small cuts will be minuscule in the eyes of the money that will be flowing in from the new jobs being formed. Luckily for these plants, in many rural areas, there are already abandoned buildings that could be bought and used for production. Additionally, these businesses will benefit by opening in small towns by having committed workers who live nearby and will be willing to work their hardest for the company. In recent times, many politicians have promised to bring jobs back to the United States. If these politicians stay true to their word, unemployment single caution light that hangs over the center of my town is a warning to those who are entering the town. It says, “Turn around; there absolutely is nothing here.”

This would eventually lead to the increase in the cost to maintain and own property in densely populated areas like New York City, Chicago, Las Vegas and

Interestingly enough, the decline of a major American suburban area went unnoticed for several years. Several economists realized that the failure could’ve been caused by the lack of actual “metropolitan-ness” in the area, meaning that the city wasn’t economically associated with the suburban towns that surround them.

Although this industry was thriving in every way possible, the city became too reliant on it because when the auto industry left Detroit, the economy made a dramatic decrease. While the auto industry was still there, the city

From an economic standpoint these businesses hired hundreds and even thousands of workers, to fulfill the need within the rising market. This caused a rapid influx of people to flood the cities in search for jobs and their piece of the “American Pie”.

The problems that a small community would face when the major industry closes are significant job disappearances, plunging house values, and huge losses in the community's tax revenue.

So with spatial mismatch becoming a bigger issue as time went by, city gentrification became a routine for all cities creating even more disparity in ranges of wealth. People who have lived in their homes for a long time are now being forced out by plans to incorporate more businesses and malls. Property taxes began rising and as the city centers changed, people weren’t able to afford products in their own communities anymore. They dispersed to different sectors of the city, some moving completely out of the city. Gentrification not only affects where people live. It also affects local businesses. Small business owners can’t keep up with the rent because the community around the owners are now very high in value with new businesses, condos,

Two economic factors affect supply in a stable housing market, price of related goods or similar houses, and the price of the good, best represented by style or size in the case of the housing market. The affluence of a community typically determines how much homes sell for in those communities, and therefore communities where a lot of people want to live become areas where average home prices are high. (Kumar, 1) There is little space in these affluent communities, and therefore little supply. A good example is New York City, where no homes are available, only apartment buildings, and very few apartments are actively exchanged each year.

With the loss of population and jobs, city had loss of tax base and entered into the vicious circle where within the cities, there was a deterioration of basic services, whereas in the

While providing high quality housing for millions of people across North America, the sprawl of Suburbia has harmed the

The overall health of the economy has a significant impact on the real estate industry. The economy is measured using indicators such as the GDP, employment percentages, manufacturing activity, and price of goods. When these indicators identify a sluggish economy it translate directly to declining real estate sales. RE/MAX and the customer alike are directly affected by the economy. A slow economy consists of decreased homes sales while a flourishing economy affords the customer the opportunity to buy, which relates to an increase in home sales for the realtor. (Amadeo, 2016)