Selling Your Home Due To A Job Relocation

Although you might be excited about the opportunity to move somewhere new and your career, there are many hurdles that must be overcome before you can settle in your new home. Therefore, make sure to review all options for handling your existing house before making any major decisions.

• Relocation Package Negotiation

  Nearly 70% of US companies offer new hires or employees relocation incentives. If you don't know what your employer offers in terms of relocation incentives, ask.

  Your new job relocation package can be negotiated, just as the job offer itself. So speak up and ensure you reach an agreement that is both good for you and your financial situation.

• Standard Relocation Package

  Most commonly covered expenses include moving expenses (including packing supplies and services of a professional mover), temporary housing in the new city, transportation costs, and a trip to the city to look for housing: storage costs and vehicle relocation.

• Assistance With Down-Payment

  One of the more unusual but generous features in some relocation packages is down payment assistance. This is where the company offers to help you pay down the down payment for your new home in the area where you are moving. This is especially useful if your move will be to a more expensive location or if there's little equity in your home.

• Relocation Home Purchase

  This is the ultimate in relocation offers. Your employer will use a relocation company to buy your house. Sometimes, it may only be listed for a short time. Then, two independent appraisals are used to determine a fair price. This option is usually only available to senior employees or highly sought-after individuals, but you might want to consider it if it's available. It removes much of your risk in the selling and buying process.

• Evaluation Of The Selling Market

  Most relocation situations require you to sell your home as soon as possible. However, it can be difficult to manage to sell a house far away while also adjusting to new job demands.

  You should also research the market in your area. These insights will allow you to sell your house quickly at a fair price.

• Employ An Agent

  You may be wondering what to do when you sell your house. Hire a local agent. You want to sell your house quickly, so find an experienced agent familiar with the process and help you create a winning selling strategy.

• Find The Market Trends

  The speed at which you can sell your house and the price it will sell for depend on many factors. However, it is important to consider the market conditions in your area. It may take longer to sell if you are in a buyers' market where many listings are competing for few buyers. You'll sell faster if you're in the seller's market because there are so many buyers who want to bid on a limited number of homes.

• CMAs Are Worth Considering

  CMA stands for Comparative Market Analysis. It's simply a report that your agent creates for you. It looks at the average sale price of comparable homes and how long homes have been on the market. A CMA can help you set your price and your timeline.

• Is This A Good Time For You To Sell?

  Consider feedback from your agent and market trends. Then decide if it's the right moment to sell. Are houses selling quickly? Are homes selling quickly in a sellers' market? Is it a seller's market?

Option 1: Selling Your House

You may be wondering, especially if it is your first house sale, what should I do?

• Inspect Your Home

  Sellers often pay for their own inspection before they list. Although your buyer will likely do another inspection as part of the purchase process, it is nice to know in advance about any major repairs or red flags that could cause a buyer to reduce their offer.

• Make Things Look Better

  You are responsible for the curb appeal of your home. Therefore, make sure you take time to maintain your landscape. Also, make any necessary repairs inside your home that you have been putting off.

• Professional Photos

  You will need professional photos to make your home stand out. These photos are usually only a few hundred dollars and will help you highlight the best aspects of your home.

• Staging

  You can stage your home by doing simple things like moving furniture around and decluttering. Or you can hire a professional stager. It doesn't matter what. Staging is a great way for buyers to imagine themselves living in the home.

• Open Houses

  Ask your agent about his/her plans to hold open houses. These open houses are a great way for you to attract a lot of people to your home. The more people that see your house, the better chance you have of finding a buyer.

• Selling Price

  Based on market trends and information from your agent, determine a list price to attract potential buyers.

Potential Downsides

• You might have to wait for your home to sell:

  This could slow down your ability to purchase a new home in your new area. Talk to your bank to discuss a bridge loan or an equity line of credit. These loans allow you to access the equity in the house that you are selling and make a downpayment on a new home.

• Your house could sell quicker than you expected:

  While you would love to see your home sell, you might be without a home if it does not sell immediately. You can negotiate with the buyer to determine if they are willing to rent back the house to you for a few months while your final moving preparations are made.

Option 2: Purchase A Second House Before You Sell

It can be a great option if you have the financial means to buy a house in your new area before selling your home. However, you'll be looking from far away and will likely have to schedule many showings when you can get there. A real estate agent who has relocation experience is a must. Ask for recommendations from your friends and family to help you find someone you can trust.

These Are The Top Benefits Of Buying First:

• Only One Move Is Required

  You'll find a permanent home once you are ready to move on.

• You Can Start Your New Job Quickly

  You can focus on your new job and not worry about finding a place to live if you first find a place to call home.

Potential Downsides

• Two Mortgages:

  You'll be paying more than one mortgage each month. This is why you should sell your home as soon as possible.

  Slow sale of your existing home. It may take longer than expected, depending on the condition of the housing market that you are leaving behind.

• Limited buying power:

  If you have equity in your home that has yet to be sold, you might need to reduce your budget to make it available for your down payment.

Option 3: You Can Rent It Out

You can also sell your house by not selling it. It is possible to keep your home but rent it in certain situations.

• Strong Rental Market Profits

  Renting in strong markets can allow you to charge rent than your mortgage monthly costs. This will give you additional income.

• Improvements Qualify For Tax Benefits

  Tax benefits are available to rental property owners for any home improvements that they make. For more information, consult your tax professional.

• You Can Immediately Move

  Instead of waiting for your house to sell, find tenants and fast-track your move to your new place.

Potential Downsides

• Property Management Fees:

  These monthly property management fees can quickly reduce your rental income, and it can be difficult to manage it from far away.

• Costs of Carrying:

  You'll still have to pay for property taxes, HOA fees, homeowner's insurance, and homeowners' insurance.

• Maintenance and Upkeep:

  You'll need to manage repairs from far away. This can be costly and stressful.