House hunting is the first step when buying a home. WRONG!

When you are a serious homebuyer, you must be intentional and competitive. I know, I know, nobody wants to be in competition. We’ll get to that later.

First, what is a mortgage pre-approval? A mortgage pre-approval is a verification from a mortgage lender that you qualify to buy a property based on your credit history, credit scores and other factors. The “pre” in front of the word “approval” is short for preliminary, meaning the lender still has to validate all of your information to issue a final approval before you close. Think of a mortgage pre-approval as an initial “green light” for a home loan.

Why is there power in a pre-approval?

First, it saves you time from scouting out homes outside your price range. You refine your search to look for homes that make sense financially. It allows you to know your borrowing capacity and helps you determine what your monthly mortgage payments will be, based on the downpayment you plan on making.

A pre-approval also communicates that you are a serious and credible buyer – with a mortgage pre-approval, you are announcing to stakeholders in the transaction “I am a serious buyer and that my financial situation is sound and would like to make an offer on your property.”

It gives you more negotiating power. Remember I mentioned competition? In case of multiple offers on a same property, it will give you an advantage over other buyers who have not been pre-approved.

You don’t want to fall in love with a home that you cannot afford, right? What if you found a place that is perfect for you, but someone ends up getting it because he has a pre-approval and you have not even considered getting one?

Obtaining a pre-approval is free and does not commit you to anything. Why would you not get one?

Please talk to your lender or mortgage brokers and get pre-approved. The next step, CALL ME.

Scarlet Cirio, Your Winnipeg REALTOR®

431.335.4285 | info@scarletcirio.com

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Just because you can do something yourself, doesn’t mean you should. In a world where the internet has made it possible to DIY almost anything, never underestimate the value of hiring a professional realtor.

Why is it important to hire a realtor? I can give you so many reasons why. And here are the top ones:

MARKET KNOWLEDGE – We have access to valuable resources. Knowledge and experience of the local market combined, allows us to find what you’re looking for or how to price and position your home if you’re listing it.

NEGOTIATION EXPERTISE – You might say, negotiation is just about haggling. Wrong. It is about knowing what you can reasonably ask for and when you should refuse. As realtors, we know when to relent and when to push back. Also, we will help you navigate contingencies to cover your bases.

PAPERWORK MANAGEMENT – We help you with all the disclosures and organize documents to ensure costly mistakes are avoided and closings proceed in a timely manner.

PROFESSIONAL CONNECTIONS – We network amongst other professionals within the brokerage, lending, home inspection, and appraisal to efficiently process real estate transactions. We know people who will get things done.

PRICE GUIDANCE – As a realtor we help you understand today’s real estate values when setting the price of a listing or making an offer to purchase.  Because we know how to work with these numbers.

So, please STOP googling all your questions.

Whether you are looking to buy or planning to sell your home, now or in the future, Here is my number, GIVE ME A CALL. Let’s chat and make the move.

Scarlet Cirio, Your Winnipeg REALTOR®

431.335.4285 | info@scarletcirio.com

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Alright, so you’ve decided that condo is the best choice for you. You love it, it perfectly fits your lifestyle and you want to buy it. STOP!

Before you jump into that, make sure that you look into these key things when buying a condo. 

First, CONDO fee – As an owner, you will pay a monthly fee that is your share of the operation and maintenance of the condos common property elements. You need to know what is and isn’t included in the fees – Is snow removal and landscaping included? How about parking or property management fee? You have to know this, because condo fees are payments on top of the monthly mortgage you pay your bank. And if there are things you need, but are not included in the condo fee, that means you have to pay for that.

Next, RESERVE Fund – When you pay your condo fees, a portion of the amount is allocated to a Reserve Fund. This fund ensures that the condominium has enough money to pay for major repairs and replacement of common elements. It could be the roof, sewer, plumbing, sidewalks, depending on the type of condominium. It is very essential that a condo has healthy reserve fund. This reduces the likelihood of you contributing additional funds for special assessments, or at least minimal contribution to one if it happens.

Another thing, ask questions about any anticipated special assessments. Is the condo corporation renovating an entire parking lot? Is the complex due for a roof replacement in the next 4-5 months? You have to know this because the funds that will cover these expenses will be coming from the reserve fund, and if insufficient, the condo unit owners.

Finally, consult with your lawyer. Condominiums have declarations and bylaws which usually are pages and pages of documents containing all the rules and responsibilities that each unit owner has. All the meeting documents as well as minutes will be included in the package that you will get as a condo unit owner.

I hope this information helped you. If you have more questions, feel free to reach out to me. If you are planning to buy or sell your home, GIVE ME A CALL. Let’s chat and make the move.

Scarlet Cirio, Your Winnipeg REALTOR®

431.335.4285 | info@scarletcirio.com

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On September 6, the Bank of Canada kept the key policy rate at 5%. What’s next? Are we in the clear yet? We will see what happens at the next announcement on October 25.

Homebuyers are now wondering: Am I still capable of purchasing a home?

True, mortgage rates have increased significantly creating an affordability issue among Canadians. Do you know that there are several actions you can take to make the most of the situation when purchasing a home during a period of high-interest rates?

First, research and compare mortgage options. Explore different mortgage lenders and loan products to find the best interest rates and terms available. Compare offers from multiple lenders to ensure you secure the most favorable rate possible.

Second, negotiate with sellers. In high interest rate situations, sellers might be more motivated to close deals. Negotiate purchase price and other terms to offset the impact of high interest rates.

Finally, focus on long-term benefits. Remember that homeownership offers various advantages beyond interest rates. Building equity, potential tax benefits, and the ability to customize and invest in your property can make home ownership worthwhile, even in a high-rate environment.

It’s essential to consult with mortgage professionals, financial advisors, and real estate agents (Hi!) who can provide guidance tailored to your specific situation and to help you navigate the process and explore strategies to mitigate the impact of high-interest rates on your home purchase.

I would be glad to discuss to see if it might be a good time to start your home search or home selling journey.

If you have questions or would like to discuss how you can start with the home-buying or home-selling process, feel free to reach out to me at 431.335.4285 or send me an email at info@scarletcirio.com. I would love to help you reach your real estate goals!

Scarlet Cirio, Your Winnipeg REALTOR®

431.335.4285 | info@scarletcirio.com

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Attention, First-time Home Buyers! Have you saved up for the downpayment of  your future home? If you haven't yet, let me share something with you.

The Government of Canada has introduced a new vehicle to make home ownership more accessible to Canadians. Introducing the First Home Savings Account?

What is the First Home Savings Account or FHSA? Who are eligible to open this account? How does it work and what makes this account special?

An FHSA is a tax-advantaged account designed to help Canadians save up for a downpayment for the purchase of their first home. Your contributions to the FHSA are Tax deductible when you file your taxes – meaning, the amount you will contribute to this account reduces your net taxable income, which in turn results to tax savings! Want more good news? Qualifying withdrawals from FHSA (including investment returns) are tax-free! Qualifying withdrawal means the withdrawal must be used for a 1^st home purchase.

So you see, FHSA combines the amazing powers of an RRSP and TFSA. It takes the best features of these 2 accounts to give a new and better way to save money for your first home.

You can contribute up to $8,000 per year once opened, up to a lifetime of $40,000. That is on a per person basis. To sweeten the deal, any unused contributions can be carried forward to the next year.

If you are between 18-71 years of age, is a current tax resident of Canada and have not lived in a home that you or your spouse or partner- owned in the current year of any of the previous 4 calendar years and is opening the account to save for buying a home in Canada, better contact your bank to arrange for an account opening!

If you have questions or would like to discuss how you can start with the home-buying process, feel free to reach out to me at 431.335.4285 or send me an email at info@scarletcirio.com. I would love to help you reach your real estate goals!

Scarlet Cirio, Your Winnipeg REALTOR®

431.335.4285 | info@scarletcirio.com

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