Selling House for Job Relocation In SF Bay Area

For many, exploring new job chances means not only shifting careers but alrt_ateso moving to another state or country. While this can be exciting, relocating to a new city is challenging, especially if you’re on a tight schedule and own property.

When selling a property for job relocation, homeowners typically have three main choices: hire a real estate agent and list the property, opt for a guaranteed buyout, or sell to a cash buyer or investor. If the real estate market isn’t favorable, the owner may also decide to rent out the property.

When you commit to relocating for a new job, you’re also committing to selling your property (unless it’s a temporary move). To help you prepare for the process, here’s a detailed guide covering considerations before selling your property and your selling options.

Selling House for Job Relocation In SF Bay Area

Relocating for a new job is a huge life decision, especially if you plan to move out of state. That said, you must first ensure that all your main bases are covered.

Here’s a checklist of all the things you have to consider before relocating and selling your property.

What to Consider Before Selling House Due to Job Relocation SF Bay Area

Home Worth

If you just bought your house, chances are, you haven’t accumulated much equity yet. So, before you consider selling due to a job move, make sure your home’s value can cover the mortgage and the costs of selling it.

Keep in mind, that you’ll likely need to spend on repairs, staging, and marketing. Plus, while your home is on the market, you’ll still have to cover property taxes, insurance, utilities, and more.

On top of all this, don’t forget about closing costs, which could be 6% to 10% of your home’s value, including your real estate agent’s commission. This is a significant expense that will eat into your sale proceeds.

All these expenses can be tough to handle, especially if you’re also buying a new home in another city.

To prepare, determine your home’s exact value with a home appraisal or comparative market analysis (CMA). This will help you set the right asking price when selling due to a job relocation.

Relocation Package

Many firms provide assistance for employees moving jobs. This helps keep them on board and aids newcomers. 

In a 2019 survey of 2,800 people, 62% said they’d relocate for a job if it’s convenient. A job relocation package eases the financial and logistical burden of moving.

The specifics of relocation assistance can vary, often depending on your role. But typically, it covers:

  • Moving costs, like hiring movers
  • Temp housing
  • Living expenses during the transition
  • Storage fees
  • Help with a down payment for a new home
  • Travel expenses
  • Lump sum payment
  • Moving insurance
  • Tax assistance
  • Support for family

Some top-tier packages might even include buying a new home. So, it’s wise to negotiate with your new employer.
Knowing what’s in your relocation package can help you set the right price for your property.

Capital Gains

When you put your property on the market because of a job move, you might dodge capital gains tax on a chunk of your profit—up to $250,000 (for singles) or $500,000 (for married couples). This applies if you can show that your present house has been your main residence for at least two of the last five years.

If you don’t meet the requirements for this benefit, you could still get a partial break on capital gains.

Capital Gains In SF Bay Area

Requirements of the IRS for work-related move tax exclusion

  • You were transferred to a new location that is at least 50 miles from your old home or office.
  • You haven’t worked on-site before and you’ll work at a job that is at least 50 miles from where you live.
  • The requirements mentioned above are true for your home co-owner or your spouse.

If you’re puzzled by capital gains tax and it’s eating up your time, consider consulting a tax expert. They can also assess if you qualify for a tax break related to job relocation.

Moving Expenses

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.

Local Real Estate Market

Even if you’ve made up your mind to sell your house and accept the relocation offer for your job, the sale hinges on the local real estate market’s performance and the timeframe your employer allows for the sale.

In a strong market, your property could sell within weeks. The National Association of Realtors (NAR) reports most properties sell in just 16 to 17 days.

However, in a sluggish market, finding a buyer might take considerably longer. In such cases, you might consider leasing your property until a buyer emerges or explore options with a quick-cash home buying company to expedite the process.

Local Real Estate Market In SF Bay Area

Plan for Housing After the Sale

Before you sell your house and relocate for your dream job, you must also consider where you’ll live when the house is sold. If you reach the closing table weeks or months before the job relocation date, you may find yourself homeless.

To avoid this, you must plan. While selling your house, start searching for a new home in the new location where you’re moving.

Plan for Housing After the Sale In SF Bay Area

Sale-Leaseback Agreement

If you sell your house well before you’re set to move into your new place, chat with your realtor and the buyer about the chance of a sale-leaseback deal.

This deal, sometimes known as holdover or seller rent back, lets you remain in your previous home for a bit. The buyer becomes your temporary landlord until you’re ready to finalize everything.

Sale-leaseback deals are quite prevalent now since many sales occur rapidly and sellers frequently lack time to secure and complete their new home purchase.

While you may sell your house the day before you relocate, this happens rarely. Typically, people find themselves selling the house months before or after relocating.

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.

Generally, you have three options when selling the house for job relocation: hiring an agent to handle the real estate transaction, choosing relocation home buyout, and selling to a cash buyer or real estate investor.

Aside from these three, you can also keep the house and rent it out while relocating for a new job. This is if you plan to go back, retire there in the future, or can cash flow.

To learn more about your options, check out the comprehensive details below.

When to Sell Your Home for Job Relocation In SF Bay Area

Hire a Real Estate Agent and Sell on the Local Market

If you have plenty of time before moving and aim to maximize profits from selling your property, opt for the conventional approach by engaging a real estate agent and putting your property on the market.

Some agents specialize in locating buyers for homes sold due to job transfers.

But if time is tight and funds are limited for major repairs because you’re financing a new home, this path might not suit you.

If you determine that hiring an agent and listing locally is the best course, here’s the sequence of steps to sell your property:

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.

Relocation Company

Your fresh boss might enlist a relocation firm to manage the sale of your current property and help you secure a new one in a different area. Keep in mind that relocation firms aren’t real estate agents, but they do simplify the moving process by overseeing your home sale.

In particular, these relocation firms with guaranteed buyout options may:

  • Directly buy the house from you.
  • List your house in the local real estate market and if it isn’t sold after a specified safe, buy it from you.
  • Help you process a home sale. You’ll list the house for sale by owner through the help of an agent and when you have received an offer, the GBO company will process everything.
Relocation Company In SF Bay Area

If GBO acquired your property directly, your job move would be hassle-free. This also applies if your property meets GBO’s market stay timeframe. However, if the relocation service only aids in the property sale, timing isn’t assured— which is inconvenient for urgent moves. Additionally, relocation services often offer less than standard buyers. Their offer may fall below market value. Review the contract carefully.

Sell the House to a Cash Buyer or Real Estate Investor

Selling to a cash buyer or real estate investor is a smart choice when you’re pressed for time to move, your company’s relocation package isn’t competitive, or your home is in poor condition.

For instance, cash buyers and real estate investors offer quick closings, sometimes within seven days, by providing a fair cash offer shortly after evaluation.

This is much faster than the months spent on property repairs, staging, and marketing. Plus, you avoid the hassle of hosting open houses, which disrupt schedules and demand constant upkeep.

Another benefit is that cash buyers and investors buy homes as-is. Even if your property requires significant repairs like foundation or roof work, they’ll still make an offer.

The only downside is that you might receive less money compared to a traditional sale.

Sell the House to a Cash Buyer or Real Estate Investor In SF Bay Area

However, if your home needs extensive repairs costing hundreds or thousands of dollars before listing it, selling to cash buyers or investors could still yield more profit.

Rent it Out Rather Than Sell

If you’re unsure whether to keep or sell your home, consider renting it out instead.

Renting out your property, especially if it’s in a location with high demand or desirable features like a pool or good location, can be a smart move. This is especially true if your home is close to schools, hospitals, and other amenities renters look for.

Renting might also make sense if you have an emotional connection to your home or plan to return if a job transfer doesn’t work out.

Rent it Out Rather Than Sell In SF Bay Area

However, being a long-distance landlord can be challenging. You’ll need someone to manage your property and handle any issues or maintenance. You’ll also have carrying costs like property taxes, insurance, and homeowner association fees, not to mention the possibility of two mortgages.

Additionally, you’ll need a solid rental agreement that follows state laws and outlines tenants’ rights.

Being presented with an opportunity to relocate for a job is a significant chance for advancement in your career. However, it also poses several challenges, one of which is dealing with the sale of your current home.
In our previous discussion, you gained insights into the various factors to consider when selling a home due to job relocation. We also explored the different avenues available for selling your property, such as listing it on the market or engaging with a real estate investor.
If you’re pressed for time and prefer not to handle the complexities of selling a home from a distance, you may want to consider receiving a cash offer from a company specializing in purchasing properties.
Here at We Buy Houses in SF Bay Area, we offer competitive cash offers for properties like yours, streamlining the selling process to facilitate your swift relocation to a new city.
To learn more about selling your home in SF Bay Area due to job relocation, simply fill out the form below or give us a call at (408) 557-7554.

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The Easiest Way To Sell Your House Fast In SF Bay Area

You’re in the driver’s seat when you accept our cash offer for your house. We make the process simple, fast, and easy to follow when working with us. You have no obligation to accept our cash offer for your home when contacting us for a fair cash offer for your home. No matter the reason you want to sell your house, we want to buy your home as is. Remember that you get many benefits that include no real estate agent commissions, no cleaning, no improvements, and no stress. Our cash offer for your as-is house assures you of fast cash payment at closing with a reputable Title company. You can count on our company to give you a fair cash offer for your home! If you’re still thinking, “I need to sell my house fast”, calling us could be your best decision all day. 🙂

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Gagan Saini

Author: Saini

My name is Saini, and I founded the We Buy Houses in SF Bay Area team with years of experience in the real estate industry. I have assisted numerous sellers in selling their homes quickly, “AS-IS”, and for a fair price.

He’s been featured in multiple publications including Yahoo Finance, GoBankingRates, LegalZoom, The Mortgage Report, Apartment Therapy, US News and World Report, and SuperMoney among others.

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