Thanks to the current oversupply in the housing market, fewer workers want to relocate. Those who do often want significant help unloading their old houses. Meaning: Your organization may need to revamp its HR relocation policies in light of the down market.
In today’s market, home buyers are clearly in the driver’s seat. But that puts home sellers in the hot seat. Home prices began to tumble in 2006 and have fallen even further this year.
The sub-prime mortgage crisis and insecurity about job prospects (the U.S. economy lost 4,000 jobs in August, the first drop since 2003) has buyers and sellers nervous.
Indeed, the National Association of Realtors (NAR) says psychological factors are mostly to blame for real estate sluggishness.
The Worldwide Employee Relocation Council (WERC), a Washington-based association, calls the current situation a “perfect storm” for employer home-sale and relo programs: Inventories are rising...(register to read more)