Your long-awaited big break in your career comes with only one catch—it’s 1,294 miles away.
Relocating for work isn’t an easy task. You have to say goodbye to friends, find a new place to live, prep for new responsibilities at work and—oh yeah—check that little task “sell the house” off your list.
We’ll let you brood and groan for 30 more seconds, then it’s time to get down to business. Start with these tips for how to juggle all the moving parts of this sudden life change with speed and a little strategy.
1. No time for a traditional listing? Sell your house instantly to a cash buyer.
Did you know you can sell and buy almost anything online nowadays… even houses?
That’s right—you can get all-cash offers on your house with the click of a button. Granted, you won’t receive the same amount you would in a standard home sale. But in the event that speed trumps price, then this could be an attractive route: you can skip the time-consuming home sale process and instead close on a much tighter timeline.
Curious to get started? We’ll connect you with the best cash offer available in your area from our network of over 100 pre-approved iBuyers (instant home buyers). Just head over to the Simple Sale platform to enter a few details about your property. From there, you can compare the top cash offer against an estimation of what your house could fetch on the open market with the assistance of a real estate agent.
Selling Your House while Relocating for Work?
Find out what cash buyers are willing to pay for your home right now.
2. Get a head start on home prep and packing.
A week, a month, or six-month timeframe makes a cosmic difference in the outcome of your home sale. The extent of home preparations, the price you list your home for and the overall marketing strategy for your home sale correspond with how much time you have. If the traditional home sale is the best fit for your situation, start making a game plan for the tasks your agent’s deemed essential.
In 2017, the typical home sold was on the market for 3 weeks, according to the National Association of Realtors. Tack on the time it takes to get the home market ready, receive offers, and get through closing.
Here are 3 ways to get your home sale moving quickly:
Skip the DIY and hire professionals.
Sure, everyone knows you can mow the lawn yourself and deep clean just as well as the next person. But when you’re on a time crunch due to job relocation, it’s not the place to take on extra projects to save a few bucks. Call up your local painters, cleaners, landscapers, and movers to get the show on the road.
Start packing… yesterday.
You’ve got a lot of stuff, so what are you waiting for? As soon as your boss says the word, start packing up your house. It takes the average person about 3-5 days to pack up a 3-bedroom house, but always budget more time than you think you’ll need.
Be flexible and listen to your real estate agent.
Don’t dilly-dally over details that hold up your home sale. Make yourself and your house available for stagers, photographers, and showings when necessary. Stay in constant contact with your real estate agent. When in doubt, listen to your top real estate agent’s advice.
“If the goal is to move the property quickly, we need to have an open line of communication,” says Otten. “[The sellers] have to be relatively accessible and make sure the agent that they’re working with is going to communicate.”
3. Be realistic about pricing the house to sell fast.
The current real estate market trends in your area determine how quickly your home will sell and what price it will sell for. With your real estate agent’s comparative market analysis in hand, you can get a better idea of where you’ll need to price your house in order for it to sell fast.
“The agent should be going over what the market looks like and set the expectation up front,” says Otten. “In a market where prices are dropping, then you need to be significantly lower than everyone else because that’s how you’re going to stand out.”
Relocating for work puts a time constraint on your home sale, so to sell your house fast, you’ll probably have to price it below what other homes are selling for. If you price your home right, you stand to sell it faster and make more money than you would if it were overpriced.
“A lot of people have the misconception that if you start high, you’re going to get more money, but that’s not the case,” says Otten. “The longer you sit on the market, the less you are going to make at the end of the day. So honestly, you net more when you sell quicker.”
4. Talk to your employer about relocation packages and benefits.
If you’re relocating for a new job or a transfer within your current company, you might be eligible to receive a 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.
Each company is different, so discuss your relocation package with your employer as soon as possible.
5. Slow down—there’s no need to rush into your next home purchase.
“Generally speaking, you’ll need to sell before you purchase in the new location,” says Otten.
The proceeds from your home sale will help you secure your next home. Plus, waiting will save you from paying two mortgages if your old house doesn’t sell.
This also gives you a chance to learn the new area before you settle into a new property. Rent an apartment or house to learn your new area before immediately jumping into a new house.
6. Calculate how much you can afford to spend on your next house.
With your house on the market, you can start thinking about the next steps when you relocate for work. If you plan on staying in your new location for a long period of time, it might be a wise choice to put the proceeds of your home sale towards another home.
Here’s how to figure out your financial status post-relocation and how much you can afford for your next home:
First, find out how much your current home is worth.
Your home’s market value is determined based on the comparable homes that have recently sold in your area. A real estate agent can provide market insight to show you about how much your home will sell for. As a starting point, you can use Home Value Estimator to get a ballpark figure.
Calculate your home sale proceeds.
Once you know the ballpark amount of how much your home is worth, you can determine how much you’ll walk away with at the close of the sale.
Subtract the following costs from your estimated home value to determine your home sale proceeds:
- Your real estate agent’s commission (typically 6% of the sale price)
- Attorney fees
- Local fees (like HOAs)
- The remaining balance on your mortgage
The remaining balance is your approximate home sale profit.
Weigh the cost of living and home prices in your new city.
If you relocate to San Francisco from Lincoln, Nebraska, the cost variations will shock you and your bank account. With an average home sale price difference of nearly $800,000, you’ll find yourself trading in a mansion for a studio apartment.
As you plan your relocation, be realistic with your goals according to the cost of living in your new city.
7. Work with top performing real estate agents on both ends of your relocation
The stress of moving for work while selling and buying a home is a juggling act so vigorous it could land you on America’s Got Talent. That’s why you need the best real estate agent on your side every step of the way.
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.
For a smooth transition between cities, hire a top real estate agent to sell your home fast. Then, work with an expert real estate agent in your new city to find your next dream house in a prime location for the best possible price.
Sell your house while relocating for work—one baby step at a time
Moving is stressful. Selling a house is stressful. Work is stressful. You’ve hit the trifecta of stress but you’re not alone.
Take a breath and let an ace real estate agent maneuver you through your home sale, so you can check off one of your boxes on your relocation to-do list.
Next up, tell your friends and family you’re moving… we’ll let you handle that one on your own.
Header Image Source: (Alex Tan/ Death to the Stock Photo)