Evaluating possible relocation - selling house stress

[sjc0816]

My husband and I are considering a job offer a couple of states away.  He really wants the job and his pay will increase 40% at a minimum (could double based on bonuses and commission).  We would be moving to slightly less cost-of-living area. I am a SAHM.

The hesitation/stress we have about this move is our current house.  We live in a pretty hot area but our house needs some work.  The house across the street went on the market last week and had 5 offers on day 1.  I know we can sell....but we're trying to figure out what to do/fix before listing in the spring.  We need some siding replaced and the entire exterior of the house painted.  We have about 5 windows that are not functioning (rot...need replaced).  We need to paint the interior and will likely have to offer a carpet allowance.  We want to do SOME of these things....but not sure we have the funds to do them all at prior to selling a house that we are leaving. 

This company is offering a lump sum signing bonus in lieu of a relocation package (15k) and we need to use most of it for the moving truck.  We have money saved but don't want to deplete it to fix our house.  We keep talking about how it would just be easier and less stressful to stay...but that would be stupid. Right?  Fear of the unknown is keeping us stressed right now.

We are in a medium-sized metro and there are not many jobs here in his field...so the relocation part is necessary.  But his job now is decent and well-paying but the hours and stress are horrible.  New job is much more balanced and more pay.

Sorry if this post is all over the place....we are trying to make the best decision here. 

I'd love some advice regarding the house.

[Another Reader]

Make a list of what you think needs to be done.  Then call the two or three best agents in your neighborhood, tell them you are tentatively being relocated, and you want an evaluation of the house you will have to sell so you can get it in shape.  Let the agent walk through the house and tell you what he/she thinks needs to be done.  Their list is likely different than yours.  They should also give you an estimated selling price with the minimum that needs to be done in repairs and a selling price with more repairs and updating.  You need two or three for different perspectives, and also to make sure you are getting an honest evaluation.  Once you have an idea of what needs to be done, you will be in a much better position to decide how to proceed.  You will also have a good idea of which agent you will hire if and when you are ready to sell.

[FrugalFan]

I agree with a previous poster that getting an agent's perspective would be a good idea. If you don't want to deplete your savings, you could also just sell "as is" and lower the asking price accordingly. The increased salary will probably make up for the lower price in a very short amount of time.

[Zamboni]

^^Great advice.

Staying because of a house that needs some work is quite silly. In fact, I would say it is a totally ridiculous reason for not moving. It sounds like the move and new job have a lot more upside than staying.

You can always move and then let the work be done on the house after you are gone. Plenty of people have work done on a house after they move out coordinated by a local handyman. It's not like you have to get it all done prior to vacating the home.

Also, get more moving quotes and consider seriously downsizing your belongings, because using up most of $15K for a move seems pretty high. Consider that people move across oceans and bring little more than clothes; you probably don't need all of that stuff you have.

[iluvzbeach]

We have just been through what you describe. We were (are) moving out of a "hot" market and there were many things I wanted to do to the house to ensure top dollar and a quick sale. My husband on the other hand didn't feel we needed to put any money into the house; he felt like people would want the opportunity to make changes to their liking. We agreed to meet with a realtor to get their opinion. Our realtor ended up saying the market was hot enough that we didn't need to make any changes. Sure enough we listed it and received multiple offers on the same day, within one week of listing, at full price and we don't even have to make any repairs. So glad now we didn't spend the money to make updates/repairs in advance. Also, our house was appropriately priced...not too low, not too high.

With regard to moving truck costs, 15K seems way too high. We are using UHaul and including an auto-transporter for a car and the total cost will be $2,400 + fuel costs for a 2,000 mile move.

You can do this without spending a ton of money and bank some of that 15K in the process.

[Bearded Man]

I agree with the poster above me. The key in this situation is to price it below market actually. Get lot's off offers and create a highest and best bidder situation. The worst thing you can do is try to price it too high and have it sit there for months. Every 30 days it sits on the MLS it is killing it's price even further...

Better to price under market and let the bidding frenzy drive the price back up.