Relocating for a Job When You Own a House

2. Research home values in your target city

If you know the general area you’re moving to, you should start researching home values in the city or county. If they’re significantly higher or lower than your current area, that’s something to factor into your budget.

For example, if you can sell your house for $500,000, but houses in your new area cost a median of $350,000, you could have about $150,000 to spare. On the other hand, if you’re moving to a more expensive area, it’s good to know now so you can budget accordingly.

Additionally, a real estate agent in your new location can help you pinpoint where exactly you may want to live. Instead of simply searching for the cheapest area or a neighborhood close to your job, an agent can help you find a specific area that fits your needs.

“It’s the worst thing you could do, in my opinion, to move somewhere where you don’t know where you’re going,” says Bethany Brokaw, a top real estate agent in Michigan. “You just pick it because you like the house but do not look into the location and then you realize, I’m an hour from here, and I’m two hours from there. What was I thinking?”

3. Look into days on market

The average days on market is another important factor to consider. Days on market refers to how long a house in your area typically sits on the market before it’s sold.

It’s important to know this statistic for both your current area and your target area. Knowing the average days on market for your city can help you estimate how long it’ll take you to sell your house. Thus, you can plan the rest of your move more accurately.

Meanwhile, knowing the average days on market for your target area can help you understand how quickly the local market moves. If houses don’t sit on the market for very long, you might have to keep a more active eye on listings and be ready to make an offer. However, if homes sit on the market for many days, you might have more bargaining power heading into your home purchase.

4. Consider relocation costs

The logistics of moving, including moving all of your belongings to a new place, should also factor into your budget and strategy.

“If they’re going all the way across the nation, and if they don’t have a relocation package from their job, that can be quite expensive, a lot more than what people think moving traditionally is,” Brokaw explained.

Some companies offer their employees relocation packages that offset or cover the cost of moving. Ask your company if you aren’t sure of its offerings. However, if you don’t have a relocation package, it’s either up to you to move your stuff yourself, hire movers, or use some mix of the two.

Depending on the companies and services they offer, you can find some cost-effective offerings. But as Brokaw says, moving is typically more expensive than many people realize.

Moving a two- to three-bedroom home 1,000 miles can cost anywhere from $3,506 to $6,643. Prices depend on the cost of fuel, tolls, and labor. It also costs more to hire full-service movers who pack up your belongings in addition to moving them. Extra expenses like storage and insurance can also add up quickly.

5. Take into account the not-so-obvious expenses

Aside from the actual moving costs, there are other expenses that can sneak up on you during a relocation.

Brokaw recommends checking what comes with the house you’re buying, from appliances to window coverings. Some sellers leave these items behind, while others take them along, depending on local customs. If you have to buy new appliances or coverings, that’s another expense to factor into your budget.

Moving to a new place might mean changing how you get around. Brokaw points out that people moving to northern Michigan, for example, don’t always realize just how much snow and ice they’ll have to deal with in winter.

“It’s very traditional for people to have all-wheel or four-wheel drive vehicles here,” she explained. “I have had clients actually have to switch their car just because they moved.”

6. Factor in the costs of selling your home

You should also consider how much it’ll cost you to sell your home. In addition to prepping your house for sale, which can include painting, professional cleaning, and staging, you also need to pay a commission and some closing costs. Altogether, this can be up to 10% of the home sale.

So when you’re budgeting for your next purchase, make sure you don’t add the entirety of your home sale into your budget. And although you can work with low-commission agents or sell your house “by owner,” you’ll usually get more money out of the transaction by working with a professional and seasoned agent.

According to our internal data, the top 5% of agents in the country help clients sell their homes for as much as 10% more than the average real estate agent.

Connect with a top agent to assist

To make your home sale and purchase as easy as possible, connect with top agents for both of your transactions. It’s best to hire two agents: one where you live now to handle the home sale, and one where you’re planning to move to handle the home purchase. Brokaw encourages anyone relocating to introduce the two agents to each other so they can communicate about timelines and strategies.

Working with top real estate agents can help you get the most money out of your home sale and purchase the right home in an area you don’t yet know. Local agents have an impressive knowledge of their areas and can help you find the perfect neighborhood for you based on your priorities.

Real estate agents can help you sort through all these factors and figure out what makes the most sense for your move. Once you know what matters most to you, they can help you put together a plan and make it happen.

Things can get tricky when you’re selling your current home and buying a new one at the same time, but you don’t have to figure it all out on your own. Brokaw says she can help clients add contingencies to their contracts or explore bridge loans to help them buy their next home.

Some companies might buy your house from you, sell it for you, and give you the profits to make your move easier. Additionally, some relocation packages include the services of a relocation specialist, a real estate agent trained and experienced in assisting employees navigating the moving process.

Brokaw encourages people who are relocating to seek out alternatives to their company-assigned real estate agent, as you’re always allowed to hire your own agent.

“You can go to HomeLight and pick your agent. You do not have to use someone that’s automatically assigned to you,” she explained. “They tend to be newer [agents] that are given quite substantial referral fees. You’re allowed to choose someone that has the experience and has helped people with relocation before.”

If you need to sell fast, consider a cash offer

If your relocation needs to happen sooner rather than later, you may benefit from a cash offer. While it’s possible to sell your house fast on the open market, there’s no guarantee of how long it can take. A cash offer lets you sell your house and move on in less time than a traditional sale.

Homelight Simple Sale allows you to see what your house might get in a cash sale from local investors in your area without any commitment. You can receive an all-cash offer in 24 hours and get paid in as few as 7 days.

»Learn more: Want to make the most of your home sale without leaving money on the table? Use our Home Cash Offer Comparison Calculator to compare as-is and fixed-up-home offers side by side and find out which option could give you the best deal.

Meanwhile, if you need to buy quickly to stay ahead of the competition and avoid missing out on great homes, HomeLight’s Buy Before You Sell program could help you get into your next home before selling your current one. Instead of scrambling to sell your house first, you can use your home’s equity to help fund your next purchase. This gives you more flexibility to make an offer on a new home without waiting for your current property to sell.

With this, you can also avoid the stress of trying to coordinate two closings at once. Once you’ve moved into your new place, you can focus on selling your old home on your own timeline. It’s a convenient option if you’re relocating for work and want to make the transition a little less hectic. Learn more about HomeLight’s Buy Before You Sell program in the video below.

Smooth move: Selling and buying a home during a job relocation

Relocating for a job can make buying and selling a home challenging, but with careful planning and a sound strategy, you can make it less overwhelming. Work with a top-performing real estate agent so you can sell your home quickly, find a new place in your desired neighborhood, and time these real estate transactions right. Stay organized and flexible, and you’ll experience a smooth transition and settle into your new home with ease.

Sell Fast With an All-Cash Offer

If your new job needs you ASAP, getting a great cash offer on your home can be much faster for a traditional sale, freeing up your home’s equity so you can get a jump start on putting down roots in your new location.

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