I'm a free-lance programmer, so jobs can come from anywhere.
I'm lucky enough to live in a fairly well-connected (as in public transport) town in a fairly small country. This means I can get to more or less any major city in this country (the Netherlands) within an hour and a half.
I am thinking of moving, since on average I can save a lot of traveling time doing so because by far most clients I work for are located in the Amsterdam/Utrecht region, so moving there will safe me traveling time and generally make things easier.
Note that I already have jobs in other regions. In your situation, I would very much prefer moving if I already landed a job (in other words, try to get the job first, then move). On the other hand, if you seriously can't get any job at all, you're not risking much.
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