Selling House for Job Relocation In California

Sadly, the tax law changes in January 2018 mean that you can’t deduct moving costs for a new job anymore, even if it’s your dream job. Only military personnel following orders get tax benefits for their moving expenses.

Like with job-related moves, remember to include moving expenses when planning to sell your home.

Selling your home before relocating for work involves putting it up for sale on the market or selling it to a cash buyer or real estate investor before you move. This has several benefits.

Firstly, you’ll attract more offers and can sell at a better price. Additionally, you’ll have extra time to search for your new home and explore your new location.

Buying a new home in a different city will be easier if you have funds ready for a downpayment. This becomes feasible by selling your current home before your move.

Depending on your circumstances, you might end up selling your former residence post-relocation. This entails temporarily owning two properties, which could strain your finances by necessitating payments for two mortgages.

Attempting to sell a house after relocating to another state requires frequent travel for the sales process, resulting in a slower sale. This situation can be challenging, particularly if you’re still adjusting to your new surroundings.

To simplify the process of selling a home due to job relocation, there are cash buyers and real estate investors specialized in such scenarios. They buy properties quickly, so you can cash out and move on.

Many homeowners forced to sell post-relocation lacked adequate transition time. Cash buyers can expedite the sale, even with just a week or two before your move, as they don’t rely on lender approval for financing.

Many properties linger on the market because of incorrect pricing. Often, sellers aim for a high asking price, hoping for more profit.

To sell fast, especially with a job move, aim for a fair price. You can seek guidance from an appraiser or your agent, who can perform a comparative market analysis (CMA).

During a CMA, agents review similar properties recently sold nearby, comparing structure, size, and features to determine a suitable price.

There are many reasons why you should get your home inspected before you list it in the real estate market, but the most significant is that you’ll be able to get ahead of all the possible repairs. The buyer would not find any issue in your property that can forestall the deal.

When you make repairs, the buyers won’t try to haggle for a cheaper selling price. You can even list your home for a higher price since the repairs will increase its fair market value. 

Enhancing your property’s curb appeal can draw in more potential buyers. Typically, buyers scout properties they’re interested in, and if they like the exterior, they’re more inclined to explore the interior.

Per NAR, to boost your home’s curb appeal, prioritize cleaning, adding a new coat of paint, landscaping your yard, and repairing the roof.

Considering your job transfer, it might be a good idea to prepare for relocation by arranging storage for your belongings before listing your property. This could significantly affect the volume of offers you attract, as prospective buyers typically prioritize spaciousness when evaluating homes.

If you possess a substantial number of belongings, you could enlist the services of professional movers or a junk removal company. Alternatively, if you opt for a do-it-yourself approach, declutter and consider donating items you won’t be taking with you during the move.

Following the handling of your belongings, thoroughly clean your home, ensuring it is free from dust and pests before showcasing it to potential buyers.

Through the help of a real estate agent, analyze the market trends and list your house. Be sure to include professional photos of your home in the listing so you’ll attract more buyers.

You can also post your property on social networking sites, market it to your close circle, and stage open houses to sell your house quickly.

Since you’re partnering with a real estate agent, you won’t need to handle negotiations much. Just share your expectations with the agent, and they’ll manage the negotiations on your behalf.

Try not to disclose to the buyer that you’re selling due to job relocation. This could make them think you’re eager to sell quickly and negotiate for a lower price.

After negotiations have been made, you can now proceed to house closing. Your real estate agent will assist you through the whole process, but generally, you can expect a title search, home inspections, lender appraisal, and a lot more.

The closing process can take around 50 days from offer acceptance and the closing costs may incur $6% to 10% of the home sale.

You could inquire with your new employer about whether they provide a home buyout in addition to offering temporary housing. Essentially, this entails your new employer evaluating the market value of your property and purchasing it from you, alleviating the need for you to handle the selling process.

While not widespread, major corporations extend this benefit, particularly when relocating employees abroad. A home buyout represents the most substantial job relocation assistance offered by companies to their staff.