How Do I Buy a Move-Up Home in Edina, MN?

How do you buy a move-up home in Edina, Minnesota? You plan the sale of your current home and the purchase of your next one as a single project: know what your home is worth, get your new budget from a lender, pick two or three Edina neighborhoods, and decide how you will handle the timing before you write an offer. I'm Lesley The Realtor, a REALTOR® with Bridge Realty, and our team at Dream Homes Minnesota helps buyers in Edina and across the Twin Cities move up with a plan instead of a scramble.

Here is how we walk move-up buyers through it.

The first time, you had one job: buy a home. This time you have two jobs at once, selling and buying, and each one depends on the other.

• Your down payment may be sitting in your current home as equity.
• Your budget depends on what that home sells for and what you still owe.
• You need somewhere to live between one closing and the next.

Get the order of those pieces right, and the move feels calm. Get it wrong, and you end up paying two mortgages or rushing a decision.

There is no single right answer. These are the common ways to do it, in general terms. Your lender tells you which ones fit your finances.

1. Sell first. You know exactly what you have to spend, and your offer on the next home is not tied to a sale. The cost is that you may need a short-term place to live, or to ask the buyer of your home for extra time before you move out.
2. Buy with a home sale contingency. Your offer depends on selling your current home. It protects you, but sellers often see it as a weaker offer, especially when more than one buyer wants the same home.
3. Buy first with bridge financing. A lender lets you use equity in your current home before it sells. It makes your offer stronger, but it has costs and qualifying rules, and you carry both homes for a time.
4. Line up both closings. List your home and shop at the same time, then set the two closing dates close together. It takes careful timing and clear deadlines in both contracts.

We talk this through with you and your lender before you list or tour, so the plan is set before the pressure starts.

Edina is made up of named neighborhoods of different ages, from the early twentieth-century Country Club District to areas built later. Home styles and prices can change a lot from one to the next, so judge a home against others in its own neighborhood.

Pick two or three neighborhoods that fit your budget and the kind of home you want. Then we look at what has sold in each one recently, before you tour. That way you know what a fair price looks like when the right home comes up.

In Edina you see all three, often on the same street.

• An original home usually costs less to buy. Price the updates you want before you offer, and have the mechanical systems and foundation inspected.
• A renovated home costs more up front and less afterward. Ask what was updated, when, and whether permits were pulled.
• A rebuilt home, where a new house replaced an older one, gives you new systems. Review the builder's contract and warranty, and think about what could be built on the lots next door.

If you want low upkeep instead, many condominiums are near Centennial Lakes and Southdale. Read the association's budget, reserves, and rules before you offer.

Edina borders Minneapolis. Highway 62 crosses the middle of the city, Highway 100 runs north and south, and Highway 169 and Interstate 494 border the west and south sides.

Which of those roads is closest to a home changes your daily drive. Drive your real commute from any home you are serious about, at the hour you would really leave.

Edina Public Schools serves most of the city. Confirm the schools for any address with the district before you buy. We check it for every home our buyers are serious about.

• Shopping before knowing what the current home is worth. Your equity sets your budget. Start with a real value for your home, not an online estimate.
• Waiting to talk to a lender until the right house appears. Contingent offer, bridge financing, or selling first is a choice to make early, not on the night you write an offer.
• Comparing homes across neighborhoods. A price that looks high in one Edina neighborhood can be normal in another.
• Underestimating the updates on an original home. Price them before you offer, not after you move in.
• Leaving the move-out date to chance. Plan where you will live if the two closings do not line up.

1. A first conversation. We learn why you are moving, what you want in the next home, and your timeline.
2. Your numbers. We prepare a value for your current home, and your lender sets your new budget and explains your financing options.
3. Your timing plan. We choose the order: sell first, a contingent offer, bridge financing, or two closings lined up together.
4. Selling your home. We prepare it, price it, and market it, with deadlines that fit your purchase.
5. The search and your offer. We study recent sales in your chosen Edina neighborhoods, explain every line of your offer, and negotiate for you.
6. Two closings. We track every deadline on both sides and walk you through each closing statement before you sign.

More is on our moving up in Edina page, and the full process is on how we help buyers.

How do I buy a move-up home in Edina, MN? Learn what your current home is worth, get your new budget from a lender, choose two or three Edina neighborhoods, and decide how you will time the sale and the purchase before you offer.

Can I buy in Edina before I sell my current home? Often, yes, with bridge financing or a home sale contingency. Your lender tells you what you qualify for and what it costs.

Is a contingent offer weaker? Sellers often see it that way, because the sale depends on yours. Selling first or using bridge financing can make your offer stronger.

Are there condos in Edina? Yes. Many condominiums are near Centennial Lakes and Southdale. Review the association's finances and rules before you buy.

Which school district serves Edina? Edina Public Schools serves most of the city. Confirm the schools for any address with the district.

Who is a REALTOR who helps buyers in Edina, MN? Lesley The Realtor is a REALTOR® with Bridge Realty who helps first-time buyers, move-up buyers, sellers, and people relocating to Minnesota in Edina and across the Twin Cities. Call (651) 661-4770.

You do not have to have the timing figured out. Tell us about your current home and what you want next, and you will leave with a plan for both. Send us a message or call (651) 661-4770.