Getting the news that you’ve been hired for that long-awaited promotion in an office across the country is incredibly exciting – congratulations! You (and 19 million other Americans thinking of relocating during the hot job market of early 2022) get to take the next step in their careers, which requires relocating for work. Here are our top tips for transitioning to your new home.
They should ask if there are relocation benefits when they accept the position. Relocation packages assist sellers in interviewing agents with the sale of their house; they may help with moving or moving expenses. The company may also help them with a Realtor® on the other end to secure temporary housing if their property isn’t ready, too.
- Laurie Davies Real Estate AgentCloseLaurie Davies Real Estate Agent at The Keyes Co. Currently accepting new clients
- Years of Experience 41
- Transactions 201
- Average Price Point $486k
- Single Family Homes 140
Determine if your company has a relocation package
The first thing you need to do if you’re going to be moving for a job is determine if your company has some kind of relocation package. A company may or may not get involved in the cost of the move, so talk to your company to see how they’ll assist you. In some cases, your company will provide temporary housing or provide reimbursement for moving expenses.
“It’s more of the norm that if you’ve accepted a position in another location, usually the company will assist with the whole move from where they’re originating and to where they’re moving to,” Laurie Davies, Florida’s top-selling real estate agent with more than 41 years of experience, explains.
“They should ask if there are relocation benefits when they accept the position. Relocation packages assist sellers in interviewing agents with the sale of their house; they may help with moving or moving expenses. The company may also help them with a Realtor® on the other end to secure temporary housing if their property isn’t ready, too.”
Options for selling your current home
1. Outsource some of the items on your to-do list
Selling a house can involve work to get your home ready to be listed, but you don’t have to tackle each task on your own. You can hire professionals to help whittle down your to-do list. These professionals can include:
- Contractors to tackle home improvements or repairs
- Painters to repaint the interior and exterior (if needed)
- Landscapers to get your curb appeal on point to make a great first impression
- Full-service movers to help you pack, move, and so much more
2. Sell quickly with a cash offer when relocating for work
If the company doesn’t have a relocation package, but you worry about relocating and need to sell the house fast, you can sell your house online and receive a cash offer with a few clicks of a button. Although you may not receive the same amount of money for your property as you could with a traditional home sale (the average sale takes 51 days to settle), your house will sell infinitely quicker. In some cases, you can close between seven to ten days!
If that piqued your interest, here’s how it works.
Head over to HomeLight’s Simple Sale platform and enter a few details about your property. Then, our platform will connect you with the best cash offer in your area from our pre-approved network of iBuyers (buyers who will buy your home instantly). You’ll then be able to compare the top cash offer against the estimated value of your home if it were on the open market.
3. Work with a real estate agent
If you aren’t in a position where you need to sell quickly, working with a real estate agent to sell your home is a must! They know your local market better than anyone and can run a comparative market analysis to develop a competitive yet fair price for your property.
“Many people have the misconception that if you start high, you’re going to get more money, but that’s not the case. The longer you sit on the market, the less you will make at the end of the day. So honestly, you get more when you sell quicker,” says Zach Otten, a top real estate agent in Denver, CO, who’s sold over 83% more properties in Denver than the average agent.
Also, when you work with a real estate agent, they can make recommendations regarding how to increase your property’s value and how to stage your home. Additionally, they’ll have marketing tools and a robust network to ensure your house reaches the broadest pool of well-qualified potential buyers.
Think of your real estate agent as your personal assistant through your home sale. Top seller’s agents sell homes faster and for more money, while top-performing buyer’s agents are experts in negotiations and neighborhoods.
Navigating housing in your new location
1. Learn as much as you can about your new city beforehand
Figuring out housing in a new and unfamiliar place can be daunting. “Learn some information about the new area and see if properties are available that would suit your needs or are in your price range before putting your house on the market,” recommends Davies. In many locations, “there’s a shortage [of housing], and you should know what’s available in the new market.”
Also, researching housing prices in the new area will help you figure out how much money you’ll have to put toward your new home or how much you’ll need to finance if the proceeds of selling your current home won’t cover the costs. The costs you’ll need to subtract from your sale proceeds can include:
- Remaining balance on your mortgage
- 6% of the sales price for your real estate agent’s commission
- Attorney fees
- Local fees
Remember that when you’re researching house prices in the new area, you should also look into the cost of living in that area as well. You may come from a rural area where everything is a reasonable price, but the cost to live in your new city could be much higher or vice versa.
Note: If you don’t know the estimated value of your property, don’t worry! Our home value estimator uses market data from trusted sources to provide an estimate, though for the most accurate pricing aligned with your selling goals, we recommend working with a top agent.
2. Consider renting before buying in the new city
If you’re relocating for work, need to sell quickly, and your new company doesn’t provide a relocation package, you may have difficulty finding a house to purchase in your new city right away. Throughout 2020 and even in 2021, bidding wars were a common occurrence. Even though bidding wars drove prices up by $100k or more, housing inventory was still at all-time lows in January 2022.
Although finding a house to buy may be challenging, you’re still going to have to find a place to live when you’re relocating for work. We recommend considering renting close to your new job. It may not be ideal, but you will be able to start your life in your new city and you won’t have sleepless nights worrying about trying to buy a house while selling your old one.
Davies adds that if your company does have a relocation package, you may have access to temporary housing. “With the way the market is now, the company probably has to give people a long time to find a new house because there isn’t as much inventory on the other end.”
3. When you’re ready, connect with a top buyer agent
An agent familiar with your new city or town can help make the homebuying process easier. You’re going to have a lot on your plate, and a top-rated real estate agent will be there for you every step of the way.
“The real estate agent is there for you, and their experience will help you get this done. I think an experienced agent specializing in relocation is an essential part of the process because they know how to do it and make sure that you get to your destination at the right time with the least amount of stress,” adds Davies.
Relocating for work should be exciting, not stressful
As you embark on this new chapter of your life, you’re going to feel all sorts of emotions and wonder if you’re forgetting something. You may even have your doubts about whether you’re doing what’s best for you and your family. It’s okay to be worried – it’s a huge step!
If ever you feel like you’re getting in over your head, take a step back and breathe. If you’re feeling anxious about buying a house in a new area, talk to a real estate agent that has experience working with relocating families and voice your concerns. They aren’t just helping you buy a house! They’re helping you start this new chapter of your life on the right foot.
As Davies says, “We’re here to remove that stress and help you have a smooth transition.” And again, congratulations!
Header Image Source: (Alex Tan/ Death to the Stock Photo)