Career Peace

If your job search wasn’t tough enough already, now you have a new issue to think about: the housing market and it’s accompanying woes. Years of over-building (decades in some parts of the country) have created a flood of available housing choices. And when the supply of housing is high and the demand for that housing remains steady, prices have one place to go: down. That could mean trouble if you’re in the middle of a job search or career change.

Here’s the good news: we’re in a buyer’s market. The depressed housing market means bargain basement prices for you if you’re planning on a job relocation to take your next position.

Here’s the bad news: we’re a buyer’s market! That means if you’re trying to sell your house to take a job in a different city or state, your timing had better be impeccable. It may take a long time to sell the house you live in now. Longer than it ever has in recent years.

This means you run the risk of having two house payments at once - something most of us can ill afford.

Take Conrad Coles, for example. Conrad lives in the southern suburbs of metro Atlanta where he owns a $528,000 house, according to the Atlanta Journal & Constitution.

Back in April, Conrad took a job in Richmond, VA with a major petroleum company, leaving his family back in Atlanta to until his house sold. His new company gave him 45 days of living expenses - pretty standard in corporate America for his executive level. Both Conrad and his new employer figured 45 days would be more than enough for him to sell his home and relocate his family to the Richmond area.

But it wasn’t. Here it is June 13, 2007, and the “For Sale” sign still decorates his front yard in Hampton, GA.

Major U.S. corporations typically pay anywhere fromj $60,000 to $100,000 to relocate a senior executive from one place to another. That figure is designed to cover moving expenses, househunting trips, realtor commissions, and closing costs (not to mention taxes). And that’s the average - some companies pay even more for top-level executive talent.

But not every job seeker is so fortunate. Even junior level executives seldom get a relocation package of any significant size. And there’s very little protection for them if their houses take longer than expected to sell.

If your job search or career change means relocating to a new city, this is an issue you must consider. If you cannot afford the prospect of two housing payments, you may have to make a tough choice.

You may have to limit your job choices to employers who offer a significant job relocation package to provide this level of safety. If that’s not an option for you, you may have to consider putting off changing jobs until there the housing market shifts back in the seller’s favor…at least for a little while.

Tags: Job Relocation, Job Search