Relocation - Housing Markets are Causing Hesitation

 

Relocation experts say common reasons job candidates hesitate to uproot often has to do with people's reluctance to leave their comfort zones, their families and their friends.

 

A relocation survey on mobility trends found that family issues were still the dominating reason employees turned down a job that would require relocation — 65% of those surveyed believed that to be a top concern.  Sixty-one percent named cost-of-living and housing concerns as a top issue, while 22% said that selling the home, specifically, was a top concern.

 

For many employers, the addition of these housing-market hurdles for job seekers is coming at a bad time. 

 

If you do find yourself facing a relocation decision, consider these tips:

• An employee considering a move for a job should be clear on the details of the company's relocation policy before accepting the job.  Any concerns should be directed to the human-resources professional.  Don't be afraid to ask for what you want.
• Know the tax implications involved.  The majority of a relocation package can be considered taxable income; "if a company chooses to cover the tax liability for that benefit, you come out much further ahead."
• Flexible relocation policies might allow an employee to substitute one expense for another, customizing the package to suit the individual's needs.  If, for example, you don't need temporary housing, you might be able to substitute those dollars for the expense associated with storing household goods.  Candidates might negotiate a lump-sum package if they'd rather hold on to the home until the local real-estate market improves.
• If you're selling a house to relocate, realize it's unlikely you'll "make a killing" in many of the current markets.  To ensure a quicker sale, make the cosmetic changes that are necessary before listing the home and price it correctly from the start.

 

Are you facing a possible job relocation?  If so, we'd love to hear your comments about how the real estate market may or may not affect your decision to relocate.

 

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