Is Your House a Ball and Chain?
Used to be, the average American was said to move once every seven years, most often for a job or to retire.
But now the recession has taken another victim: The ability of many Americans to remain footloose and mobile. According to the New York Times, “domestic migration” has been drastically limited, for two very simple reasons:
1. People can’t sell their homes, especially if they’re upside down on their mortgage.
2. With unemployment rising and employers cutting ⎯ not expanding ⎯ their workforce, there are fewer reasons to move.
So people are staying put, waiting for the day when real estate prices recover and jobs become plentiful once again.
Are you planning on moving in the near future, and if so, has the bad economy affected your plans?
