Facebook
X
Pinterest
Copy Link
DECEMBER IN REAL ESTATE IN THE ELK VALLEY
In the true style of a mom in December – I’m feeling a little behind!! But not so behind that I was going to miss my monthly contact with you! Let’s jump right in, I know you’re busy too!
I’m a sucker for 901 Fernie – I think it’s my trips to the spa there… I always leave feeling good.Or maybe it’s the idea that my husband spent his teen years going to high school in those walls… I don’t know. Whatever it is, I really love these condos. So 302a gets my FAVORITE LISTING OF THE MONTH TITLE. Priced at $1,275,000 and listed by Miriam Leishman. https://listings.kar.realtor/listing/Fernie-BC/302A-901-2nd-Avenue/23zvn?u=678841
A home in Fernie, with THIS MUCH SPACE and at THIS PRICE – 1201 8th Avenue gets my vote for Best Value. It’s close to everything, and I’m always drawn to a wrap-around porch. This property is listed at $799,000 by Lisa Grabas. https://listings.kar.realtor/listing/Fernie-BC/1201-8th-Avenue/23v0o?u=678841
There has been only ONE new vacant property listed in the last month! Check out this beautiful lot at the Ski Hill listed at $529,000 by Jolanda Bjorkman.
https://listings.kar.realtor/listing/Fernie-Rural-BC/Lot-31-Currie-Bowl-Way/2401x?u=678841
The Highest Priced Listing in the last month goes to… 5271 Highline Drive. With TEN BEDROOMS you could house your own little army in there! I would love to take a look inside. Listed at $2,900,000 by Jason Andreola.
https://listings.kar.realtor/listing/Fernie-Rural-BC/5271-Highline-Drive/23db5?u=678841
The lowest priced listing on the market in the last month is J82 – 100 Red Cedar Drive. This unit is has 1 bedroom and the current owners have made it look a lot more “homey” than some of the others I’ve seen. Nicely done. This property is listed at $75,900 by Sean Miller.
https://listings.kar.realtor/listing/Sparwood-BC/J82-100-Red-Cedar-Drive/23sws?u=678841
Mariah’s Listings
I’m excited to share that my 1072 6th Avenue listing sold this month – congratulations to the sellers and the new owners!
I have a listing that will be coming off the market at the end of the month, if anyone is curious about it before it’s no longer available – 402 6th a Avenue is listed at $699,900 and I’d be happy to take you for a tour! https://listings.kar.realtor/listing/Fernie-BC/402-6a-Avenue/20v28?u=678841
If you follow me on social media or know me IRL you have DEFINIETLY heard me go on and on about this new listing. 802 4th Avenue is the Old Nurses Residence Bed and Breakfast. It has five bedrooms and five bathrooms in the main house, plus a two-car garage and carriage house on the property. I hosted an open house there on Sunday December 18th and will plan to do another in the New Year if you’re keen to take a peek. This iconic Fernie property is listed at $2,000,000.
https://listings.kar.realtor/listing/Fernie-BC/802-4th-Avenue/240b4?u=678841
TIPS FROM A LOCAL MORTGAGE BROKER!
Stephanie Roughead is quickly becoming a favorite of mine.
She put this together for me to share with you. Thank you Stephanie!
What is a Pre-Approval and why do you need it?
If you are house shopping, you have no doubt been asked, ‘Are you pre-approved?’ If so, awesome, as this shows that your Realtor truly has your best interest at heart and is covering off one of the most important steps of the home buying process. So, what is a pre-approval, and why is it so important? Read on to find out!
A pre-approval is where you work with a Mortgage Professional and complete a thorough discovery on all aspects of a mortgage application AND verify it with documentation. This includes:
- Completing a Credit check to determine your credit history, credit score and any borrowing payments you currently have on your Bureau (ie. other loans, credit cards etc.)
- Reviewing your employment and income and verifying the data to the applicable documentation. This may include paystubs, employment letters, T4’s, Notice of Assessments or T1 Generals. Your Mortgage professional will guide you as to which documents are required, based on the type of employment you have and what types of income will be acceptable to a Lender, and which will not.
- Discussing your assets and down payment capabilities including options for where your down payment can come from and the documentation that will be required to verify it.
Once all the above information is gathered, your Mortgage Professional will review it carefully and calculate your debt- servicing ratios. These ratios determine the amount of mortgage you can approve for, based on your income, down payment abilities, and existing debts.
One thing that many people are not aware of is that a pre-approval does NOT take into consideration a property. A pre-approval is done at the first stages of house shopping; therefore, a property has not yet been found. When you find a property and make an offer, the pre-approval is then converted to a formal application, and the property details are now included. That is why, even if you have been pre-approved, you should still make an offer conditional to financing! The pre-approval pre-qualifies you as the Borrower, but the property itself is not examined until the formal application stage. If the Lender has issues with the property, the financing condition will help protect you.
Be careful of being ‘pre-qualified’ which can be disguised as a Pre-Approval. Pre-qualifying is often done on your own, using an online calculator or tool. While this may be helpful for some very preliminary #’s, it is not a substitute for a true pre-approval.
Just like you wouldn’t go shopping without knowing how much money you have, a pre-approval ensures you are house shopping at a price point that is feasible for you. This way you can shop confidently and eliminate the disappointment of finding a dream home that you cannot afford. It builds a great foundation for when you do find the right property as most of the application is already complete and is a great opportunity to get some rates held! Many lenders will offer pre-approval rates that can be held for up to 120 days, and in today’s interest rate environment, this can help save you thousands of $$$. Therefore, think Pre-Approval to save you both time and money!
Purchasing, Renewing or Refinancing? Email me at stephanie@advancedmortgage.ca and let me show you what a best-in-class experience, tailored to you, looks like!
Thank you all for taking the time to look through and read.
I appreciate you staying connected with me.
On December 1st I did a spin for a prize for everyone on my email list – and the winner was Aaron Godfrey of Sparwood. The next spin will be March 1st and I look forward to thanking you with another little gift. I want you to know how much I appreciate you!
Have the loveliest of holidays and I look forward to catching up with you in the New Year!
Mariah Runions
REALTOR®
250.430.7732
