How do I factor a lousy housing market into a job offer?
May 30, 2007 10:23 AM Subscribe
An opening for my possible dream job has come out of the blue (I'm currently employed). How do I factor in a lousy housing market and the fact that I would have to sell my townhouse when evaluating this job offer (which would require relocation)?
posted by karmagirl to Work & Money (11 answers total) 1 user marked this as a favorite
A friend and mentor that I've known for several years has offered me what could very well be my dream job. The offer is unexpected, as I'm currently employed and haven't been actively looking for a job. Nonetheless, it's a great offer that could be very hard to find in the future so I'm going to look into it. The main problem I have right now is that the job would require relocating to South Carolina from the D.C. area, and right now the housing market is (as we all know) not so good for sellers. I just bought my townhouse last year, and currently the places in my area are selling for at least $20K less than what I paid for mine.
So, the question I have is this: how do I factor this into weighing the pros and cons of the official job offer when I receive it? I've already researched a salary range, and I know to take other benefits into consideration (health care, vacation time, bonuses, 401K, etc.). I'm hoping that the new company would be able to offer some sort of relocation assistance, but I doubt they'd be willing to cover any loss on the sale of my townhouse! The area in South Carolina is about 40% less expensive than where I live now, so that should help some, but I'm trying to figure out how much of a hit I could take on selling my current place and still be able to recover when buying a new place. I know that I'll be able to get more house for my money in SC, but I want to be careful so that I don't end up what would essentially be a parallel move if I had to take too big of a hit on my current house. As long as the salary is good (I'm aiming for at least equal to my current pay, knowing that the cost of living is less in SC) and the benefits are comparable, this would be a no-brainer, but the housing situation adds a big twist. I don't really have a problem moving for the right job (I actually moved across the country for my current job, which I've had for two years), but this is the first time I have to look at it from the perspective of a (new) homeowner.
Any thoughts or advice on this sticky situation would be greatly appreciated!