You’ve been offered an amazing career opportunity: a big promotion that’s you’ve been dreaming of. But there’s one problem: you have to move to another city.
The timeline is short and you need to get settled quickly. If you’re already a homeowner, this can be problematic.
Do you list your home on the open market and hope it sells quickly, or obtain short-term housing in a new city, leaving the home vacant while you try to sell it? Why not contact a home investor?
Only you can answer these questions, but there are a few things to consider before you make the final decision.
What condition is your home in?
Be honest with yourself. Is your home in good repair? If it doesn’t need more than a good cleaning and new plants, you may be able to sell quickly.
However, if your home has major repair problems, you’ll need to fix them or to find someone to take the house as-is. Do you have cash on hand to fix those problems right now? Are they minor or major?
Don’t guess at this. Get a home inspection and an estimate so you have hard numbers to work with before deciding.
How are your finances?
Will your new salary allow you to pay rent, a mortgage, or two mortgages at once? Will you get a relocation bonus?
Think about all of the costs involved with keeping two homes. Remember, you’ll still need home insurance on the home you’re leaving behind. You’ll need to pay for lawn or landscaping services. You’ll probably have to keep the utilities on, too.
You might be able to solve some of these problems by renting your home, but make sure you run the numbers. Can you afford home repairs if anything goes wrong for your tenants? What happens if your tenants don’t pay rent? How will you market the home to find new tenants, and how long will it take? Examine every possibility.
How much equity is in the home?
If you’re upside down on your mortgage you might have no choice but to sell the home to pay the old mortgage off.
However, if you’ve been in the home for awhile, your remaining balance may be reasonably small.
You also may simply be concerned with trading in your old home for a new home. In that case, your can afford to sell your home for less to get a down payment on your new home. In this case, selling fast might be the smartest move.
What does the market look like?
If you’re in a seller’s market you might risk putting the home on MLS, since it will likely move quickly. However, if you’re in a buyer’s market, the house could sit for months.
But how can you tell? Talk to a real estate expert. For example, we’re happy to answer your questions over the phone.
News and industry publications can also provide some clues. For example, Dallas is a seller’s market, but Houston is a buyer’s market. Houston homes are on the market for 55 days or more, which isn’t ideal if you’re moving.
However, a seller’s market doesn’t guarantee a fast sale. Dallas homes are still taking an average 39 days to sell.
Finally, you can bring up current real estate listings. If there aren’t many homes in your price range and many of them are under contract, it’s probably a seller’s market. If there’s a large inventory and houses have been sitting on the market for months then it’s a buyer’s market.
Don’t want to sell on the open market? We can help.
You’ve run all the numbers and have determined you can’t afford to sell the home the traditional way. You don’t have the cash in-pocket for repairs, or you think the home will sit for months. But you still have to move and take that job. Now what?
Contact us. We’ll give you an offer within 24 hours. If you like the offer, we can close in as little as 7 days!