When is the right time to sell your home? How hard is it to buy and sell a home at the same time? Does today’s real estate market make it extra challenging to do that? When you start thinking about making a move whether to upgrade to a bigger home, to downsize, or to move to a certain location, questions like these are quite common. Having the right realtor on your side can make all the difference. But in today’s market, how do you buy and sell a home at the same time?
In the next installment of our three-part series about Jon and Katie H. we explore the trials and triumphs of buying and selling a home at the same time. With most of our “Be Like” blogs we choose to protect our client’s identity by using fictitious names, however, their story, statistics, and emotional responses are authentic. This time around, with permission from our clients, their names are real.
The Next Chapter for Jon & Katie
In our previous blog, Jon and Katie just purchased and moved into their next ideal home. To recap, as their kids were growing, they sought a quiet neighborhood with families like them. And they found it ─ hockey rink and all. This blog continues their home-buying journey in 2021.
Although they loved their neighborhood, the needs of their family had changed. Now, they set their sights set on a specific area in the Twin Cities Metro to which to move.
Jon and Katie understood this move would be challenging. Not only was the real estate market very different from their last move in 2015, but they also had a very specific area where they wanted to buy. This meant they needed a well-connected, knowledgeable, results-driven real estate agent. Jon & Katie knew who to call.
How to Buy and Sell a Home at the Same Time
The 2021 real estate market presented its own set of challenges. Buying a home to move into could be difficult, the low inventory meant houses could be harder to find. It was more common to have plans to sell, possibly rent, and then buy. Or to buy, then sell. This was one of the first conversations Jarrod had with Jon and Katie. To get a clear picture of their timeline, objectives, and aspirations.
As Katie said “We had a very tight one-to-two-mile radius in our home search. We ended up a little outside of it a bit, but not far at all. We knew it was like looking for a needle in a haystack.”
The first step for them was selling their home. While this task was a little easier in 2021 than 2015, they also needed time to find a home for themselves. As luck would have it, we were able to find Jon and Katie a buyer who agreed to a contingency that would allow them more time to find a home for themselves.
The stress of trying to find a home was more challenging than either Jon or Katie thought it would be. One home captured both of their hearts. It had everything they were looking for and in the general vicinity where they hoped to move. So, Jarrod helped them put in a competitive offer ($60,000 over asking), but the competition for that home was too great. Jon and Katie’s offer was not accepted.
The hunt for a home was still on. Jon and Katie said, “We kept [Jarrod] busy.” Jarrod also gave them advice to move on from that house, and to be open to other possibilities. But time was not on their side. Not only with the contingency with their buyer, but being a schoolteacher, Katie wanted to find a place before the busy school year began. The pressure was on. Jon said “We felt like we had a really strong realtor and advocate on our side. I always felt Jarrod was able to work things out.”
Throughout the whole process Jon and Katie felt like they could lean on our team. Their buyers almost backed out of the deal, but we were able to get things straightened out. Our drive to help our clients meet their real estate needs and goals was ultimately what helped Jon and Katie find their next home. They found their home around the Fourth of July. Although Jarrod was on vacation, one of the benefits of working with our team is that we are a team. Seeing a home first or early was a big benefit in the market. Jon and Katie were grateful to be able to still see possible homes, and to even put in an offer. As Katie said, “Jarrod set us up with a realtor colleague, she also helped counsel us through how to make an offer.”
In the end, the teamwork paid off and Jon and Katie got the house! They were so pleased, the house was exactly what they wanted, plus it was around the location where they wanted live. Their whole family was excited to be closer to school, friends, sports, work, etc.
Be Like: Jon & Katie
Jon and Katie were thrilled with all the work Jarrod did and how he made their real estate goals happen. To buy and sell a home at the same time isn’t always easy, but with the right realtors working with you, it isn’t impossible. Jon and Katie loved Jarrod and his work so much they’ve recommended him to family and friends. (He also helped Jon’s parents!)
If you want to BE LIKE Jon and Katie and are looking to buy and sell a home at the same time, contact us at the Jarrod Peterson Real Estate Group with Edina Realty for a private consultation. Our team has helped over 1,482 home buyers/sellers/investors and received over 81 local and national industry awards for their client sales and service. Be on the lookout for the last part of our series.