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Home ownership comes with a multitude of obligations such as mortgage payments, property taxes, and upkeep of the property. If you have also transformed into a landlord by renting your home to tenants, then you have accepted another set of responsibilities as well.
Selling your home through a realty can be an expensive and exhausting process. If you’ve had your house on the market through a realtor for many months, and the listing has expired without any offers, then you are probably feeling frustrated and wondering how to quickly sell your house.
If you are a homeowner and rent your house out to tenants, then you are entrusting other people to take care of your home, respect the property and neighbors, and pay their rent in a timely fashion each month. You may be lucky enough to get great tenants, but as a landlord you also run the risk of troublesome, unreliable tenants.
The real estate market tends to follow economic trends of prosperity and decline. When the economy is booming, more people have the necessary income and confidence to purchase homes. However, in times of economic decline, the risk of job losses, home foreclosures, or other financial losses increases.
The presence of a distressed home in your neighborhood can negatively impact the fair market value of your own home and property. If a distressed home sells for well below the average market price of homes in the neighborhood, then this can further lower your property value.