Getting the news that you’ve been hired for that long-awaited promotion or new job in an office across the country is incredibly exciting – congratulations! People have been embracing the big change in their careers and addresses, as the number of people moving for work inched up from 15.8% in 2021 to 16.1% in 2022. To help you navigate this transition to your new home, here are our top tips.
Sell Your House Fast So You Can Focus on Your New Job
Use HomeLight’s Simple Sale platform to sell when you’re ready without the hassle of paying for repairs, prepping for listing, or dealing with showings.
Determine if your company has a relocation package
The first thing you need to do if you’re moving for a job is to 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. Sometimes, your company will provide temporary housing or 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 43 years of experience, explains.
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Laurie Davies Real Estate Agent
Laurie Davies Real Estate Agent at The Keyes Co.
Currently accepting new clients
- Years of Experience 43
- Transactions 253
- Average Price Point $599k
- Single Family Homes 180
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 and move
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, your house will sell infinitely quicker.
Typically, the timeline of home sales is 84 days — attracting a buyer takes about 41 days from October through November, followed by an additional 43 days to close a loan.
In contrast, when you sell your house for cash, you can close between seven to 10 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 a cash offer in your area from our network of cash buyers. 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.
It’s a common misconception that starting with a high price will yield more money, but that’s not true. If your price is off, your property will linger on the market longer, which usually means you’ll end up making less. Selling quickly — with a fair price — can mean more money in your pocket.
Also, when you work with a real estate agent, they can recommend how to increase your property’s value and 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 sellers’ agents sell homes faster and for more money, while top-performing buyers’ 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:
- The remaining balance on your mortgage
- 3% to 6% of the sales price for your real estate agent’s commission*
- Attorney fees
- Local fees
- Taxes
*Although the new agent commission rules decoupled the buyer’s agent and seller’s agent fees, you may still feel compelled to cover the buyer’s agent commission to lock down a sale. The typical cost is 2% to 3% of the home’s sale price, depending on your negotiations with the buyer.
Remember that when researching house prices in the new area, you should also look into the cost of living in that area. You may come from a rural area where everything has 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. However, 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. The low housing inventory creates another layer of complexity.
Although finding a house to buy may be challenging, you still have to find a place to live when relocating for work. We recommend considering renting close to your new job. It may not be ideal, but you can start your life in the new city and won’t have sleepless nights worrying about buying 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 homebuying easier. You’ll have a lot on your plate, and a top-rated real estate agent will be there for you every step of the way.
Connect with a Top Agent
It takes just two minutes to match clients with the best real estate agents, who will contact you and guide you through the process. We’ve introduced over 1 million buyers and sellers (and counting) to top local real estate agents.
“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 will feel all sorts of emotions and wonder if you’re forgetting something. You may even doubt 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 anxious about buying a house in a new area, talk to a real estate agent with 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)
English (US) · 