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 $4,890. 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. Additional costs like storage and insurance can further jack up the price.

It’s worth noting if the house you’re buying comes with everything you saw in it, such as appliances and window coverings, Brokaw shares. In some areas, it’s commonplace to leave these items with the house, while it’s not in others. Having to buy new appliances could also impact your budget.

Lastly, relocating sometimes means having to change your transportation methods. Brokaw says that when people move north to Michigan, they sometimes are not prepared for the snow and ice the winter can bring.

“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.”

5. 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.

“It’s really imperative, if they are working with two Realtors® in different areas, that those Realtors® speak with each other. High communication will allow the client to have a successful transitional move,” Brokaw explained. “If they’re completely on their own in both different areas, sometimes there tends to be problems.”

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.

Agents can also help you figure out all the factors noted above. How those factors play into your priorities for the move will help shape a strategy they can help you execute. There are also many complexities when it comes to selling a house while buying a new one. Brokaw explains she can help clients write contingencies into their contracts or use bridge loan products to get their new house.

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 very quickly, there’s no guarantee of how long it can take. A cash offer allows you to complete an all-cash transaction and walk away from your house 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 10 days.

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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