Ready to Move out of California?
We can help you make that happen
It’s no secret that now is a popular time to pack up and venture out of California. Cashing out and starting a new adventure is hard to pass up if you’re itching to be somewhere new and different.
That said, there’s been lots of talk these days about a shift to a buyer’s market.
In the Conejo Valley: Demand remains relatively strong due to record low inventory of homes for sale – signs of a seller’s market.
When you’re ready to start your new life in your new state, you have options:
4 ways to coordinate your move out of California
while making sure you don’t end up homeless:
Option 1:
Sell and Buy at the Same Time
Timing the sale of your current house with the purchase of your new home can be a bit tricky – but doable. And while it can be a bit challenging, it’s commonly the ideal scenario.
You might like this option if you know where you’re moving to next and would like to move directly from your current house into your new home without needing to unload your u-haul more than once.
The problem is, chances are you won’t be successful buying a new house if it’s contingent on the sale of your current house, especially buying in another state.
SOLUTION: Sell your current home with a rent back. This has become very common and many buyers expect it nowadays. In this scenario, you negotiate a rent back at the time you receive an offer for your house. We typically shoot for 60 days. That way, you can close on your current house, stay there while you shop for a new house, and buy a new house non-contingent.
Do you need to sell first? If any portion of your down payment and closing costs for your new home are coming from the sale of your current home, then your new purchase is contingent on the sale of your current home.
Option 2:
Sell Your CA House First and Rent in New State
The risk to Option 1 is you may not be able to close on your new house in that time frame. In that case, you would need to find a rental while you house hunt. Renting first may also be a good way to get acclimated to your new state before you commit to buying a home.
This option might be for you if you’re not too familiar with where you’re looking to move but maybe have heard good things about it, or you’re following a gut feeling. Taking a year or so to rent will help you get to know your new area without tying you to a specific spot.
Keep in mind, short term rental homes are often hard to find so you may need to commit to a 1 year lease minimum. Apartments typically offer short term and furnished rentals for a premium. Airbnb’s may be an option too. However, whichever way you decide to go could mean finding storage and moving 2x or more in a year.
Finding a Realtor® in your new state.
You’re going to want to get on the phone with a local agent and get a feel for the market in your new area. RE/MAX has a network of top ranking agents across the country. We can help you get in touch with a real estate agent you feel will help you find the perfect new home for you and your family. We help vet and match you up with the right realtor who’s active in your market and understands your needs and it doesn’t cost you anything.
Option 3
Buy a House in Your New State First and Sell your CA House Later
If you can afford to buy a new house without using the equity in your current house, this is the quickest and easiest way to high tail it out of here.
When you’re ready to sell your home, keep in mind that furnished homes typically show better than vacant homes and definitely better than half vacant homes. It’s best to at least open up escrow with your new buyers before you pack up the truck and move. If that’s not an option, then wait to list until after you’re fully out and the house is clean and ready to go. Staging is an option too, but usually not necessary for most homes.
The good news is, you don’t need to physically be here to sell your house. We can take care of everything here while you’re getting settled in your new state.
Option 4
Buy or Rent in Your New State and Rent Out Your CA Home
If you don’t need the equity from your current house, you could turn your home into a rental property. The rental market is hot and you most likely could rent it out fairly quickly.
First, you need to decide if you’re comfortable being a landlord. There are some risks to consider:
- You may have to cover the mortgage if the home sits vacant for a period of time between tenants.
- You never know how well a tenant will maintain the property.
- Ongoing maintenance can get expensive over time.
- Since you will be out of state, you would probably need to have it professionally managed which runs about 7-10% of each month’s rent.
- You may have some challenges to deal with if your tenant stops paying. California is a very tenant friendly state – evicting a tenant can be tough and expensive.
- Additional tenant friendly legislation could always be in the works that could affect landlord rights.
If you do decide to go the rental route, we can help you find and vet a good tenant too.
As you start to really plan out your move and figure out which options work for you, no matter the path you decided,
I am here to help.
Meet Michael
Get to know the Conejo Valley Guy and see why my expertise is the perfect roadmap for your real estate venture.
