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Job Relocation and a Depressed Housing Market

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Uncertain economic times affect employers and employees alike. In addition to other types of financial insecurities, the sluggish housing market is a major concern for many people looking to relocate for work. Homes are no longer worth what they once were, and selling a home can be difficult, especially on short notice. According to a survey from Worldwide ERC, a depressed housing situation is responsible for 91 percent of the difficulties employers have when relocating their workers. This results in job opportunities that cannot be filled, and it makes many workers pass up otherwise excellent job offers.

Relocating can lead to many valuable new opportunities for employees, but some families are reluctant to do so due to their negative equity situations. Although prices are starting to go up in some areas, selling a home is still a risky proposition. Housing recovery is expected to continue unevenly for the next few years, and some people are not willing to take a risk on moving while the market is so unstable. Unfortunately, this can lead to missing out on a job that could be beneficial: If a short-term assignment turns into a long-term one, it can lead to a substantial income boost for the employee.

Temporary Housing: A Possible Solution for Relocation 

While buying and selling homes is not always a valid solution due to troubled economic times, other solutions are available to people relocating for work. Short-term furnished apartments, also called corporate housing, are swiftly gaining in popularity. These apartments usually offer short leases, and they're much more affordable and comfortable than living out of a hotel while trying a new job.

Short-term furnished apartments allow employees to move on a temporary basis without needing to relocate the entire family. This allows the employee to try out a new job opportunity without running the risk of selling the family home short or losing it entirely. If the opportunity turns into a more long-term job assignment, the employee can look into buying a new home in the area.

Of course, short and mid-term job assignments can be hard on families. Depending on the distance between your home and the new job, you may have difficulty seeing your family on a regular basis. Nevertheless, corporate housing is a short-term solution that can help buy you more time for dealing with your home. By taking advantage of this temporary housing, you can keep your job, home and financial security.

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