In the past, realtors have spent their marketing budgets on billboards, bus benches and print ads but we have come a long way since then. There are plenty of realtors hard at work in Winnipeg and the surrounding areas and social media is the best way to stand out from the crowd. Realtors may work with an agency but ultimately are left to create their own brands, find their own leads and cultivate an approachable online presence.

Everyone knows that, when used properly, social media can be an effective and reliable tool to grow your business but what isn’t obvious is how to make the most out of these platforms. More than just throwing up a few photos or quick reels, making the most out of social media requires research, strategy, design and execution. It can take years of study and hands-on practical training to develop an effective social media strategy. During this period, time, effort and energy are taken away from daily operations and attention to your business.

Working with an experienced agency like Socialish Co. means being able to hit the ground running with an effective media strategy. In addition to creating dynamic graphics and captivating captions, a media agency is able to create catered content according to your target audience across multiple platforms for a more effective approach. As a generic realtor who only posts listings or open house announcements, you will get left in the dust — but Teah and her team won’t let that happen. Socialish Co. creates unique voices and distinct branding, as well as an effective pathway to communicate with clients.

Brand Development & Social Media: A Socialish Co. Strategy

Selling real estate is not a one-man show but relies on a team of committed and knowledgeable professionals and luckily for the Dino Stepic team, that includes Socialish Co. In the same way that social media strategies can help realtors reach customers and grow their business, effective media strategies benefit companies and contractors of all sizes, in all industries. The goal of any social media agency is to help businesses grow and that is a huge advantage to small businesses and corporations — but how do they do it?

Socialish Co. creates and manages social media accounts but that is a simplified way of looking at it. Experienced digital strategies also involve creating and scheduling ad campaigns to cast a wider net and put your brand front and centre in front of the desired audiences. Building a large following online isn’t just an easier way to engage with your current audiences, or connect with potential customers in real time, it adds legitimacy and credibility to your brand.

The team at Socialish Co. promote your business but they also oversee all of the seemingly minor details that make up your online presence. Teah and her team handle everything from hashtag research, content creation, content calendars, install conversion tracking pixels, create analytics reports and create engaging ad campaigns based on your budget.

Winnipeg Home Values: Why You Should Schedule a Home Valuation

For many Manitobans buying a home is the biggest investment that they will ever make. Whether you found your forever home last year or bought it in the 1980’s the value of that property will have changed — so, what’s it worth now?

The Winnipeg housing market moves in bursts and has been on a steady incline year after year. Even if you have no plans to list your home, there are plenty of reasons to stay informed about what your home is worth. When you know the value of your home it can help you decide what type of improvements or renovations can be made, ballpark your property taxes and insurance and can help you decide whether or not this is your forever home or you’d like to sell.

Why is a Home Valuation Important: Getting to Know the Benefits

You can’t just put a price tag on a property. In fact, even a similar home in the same neighbourhood may have a wildly different sales price. While there might be an average price for homes in different areas across the city there are a few unique factors that will contribute to overall pricing. For example, consider a 2 bedroom, 2 bathroom house. An attached home of these specifications will have a much lower listing price than a detached home or the same size and style.

When Renovating: Renovating a home adds personality and curb appeal but it will also impact the overall value of your house. Depending on the current value of your house, as well as the potential value that can be added, you can create a renovation plan that maximizes both your budget and your return. A real estate agent can help to decide what upgrades will benefit your space the most. With the cost of living on the rise across Canada anything that can help to reduce utility bills and daily running costs are great ways to add value to your home and stretch your budget. In this case, updated windows, roofing and even solar panels might be your next big project while a can of paint might be the cheapest, easiest option nut does come with a lower ROI in the moment.

Pulling Equity: If you have held a mortgage on your current home over a period of years you will likely have equity built up. If you find yourself dealing with large amounts of debt or are looking forward to a major expense, you might consider remortgaging. A valuation makes it possible to go to the bank with hard figures that will expedite the application process.  

Property Tax & Insurance: Knowing the value of a property is beneficial across a wide range of industries. Understanding what your home is valued at can help to create a more informed insurance policy for peace of mind, as well as giving you an idea of how your property taxes are structured.

When Selling: For many homeowners in Winnipeg their first homes are starter homes. If you relocate for work or are looking to grow your family, there are plenty of reasons to move. It can be fun to spend a day browsing open houses but it you don’t want to get your heart set on something that you can’t afford. Pre-approval for a mortgage is a great starting point for building your budget but understanding the value of your home can help to determine the sales price of your listed property and provide a more clear view of what you can put toward a new house.

The size, property type, location and market conditions will all have an impact on the overall value of your property so it is always a good idea to consult a home appraiser regularly to stay informed. There are plenty of home valuation tools on the market but none of these will be as effective as a professional home appraiser. If you are struggling to find a reliable appraiser, just consult your real estate agent and/or a member of the Winnipeg regional real estate board to connect you with an industry Pro.

There are plenty of larger companies that make the bulk of their business through long distance moving services across North America — but what about the locals? If you are moving locally you might be in a tight spot with limited availability and surge pricing that makes hiring a reliable mover feel impossible. Winnipeg businesses understand that this is a huge problem that can put people at risk of unreliable movers, damaged items and having to blow their budget on last minute bookings with raised pricing.

Stress-Free, Full Service Moving in Winnipeg 

No matter who you are, you’ve probably had a bad moving experience at one time or another. It is incredibly stressful to bounce from friend to friend looking for a truck to borrow, collecting boxes from local stores and then the physical act of having to pack and move heavy items. On the other hand, maybe you’ve had a bad experience with a moving company that didn’t meet your needs or caused unnecessary damage to your things. Instead of dealing with a worst-case scenario it is important to create a list of moving requirements based on what you want, need and the type of property you are dealing with.

Residential Moving: Your things aren’t just stuff, they are full of sentimental value and they are very important. A good moving company will recognize that and will treat your belongings with care — in fact, they’ll even help you pack! When moving from one house to another, homeowners are going to feel a little out of sorts and that is what makes proper organization so important. Labelling boxes clearly can help movers transport your belongings to the right room, making the unpacking process simple and easy for you.

Commercial Moving: When you are dealing with a commercial move, you aren’t just dealing with items, you are putting your business in someone else’s hands — and that can be tough! In addition to moving standard office furniture like desks and chairs, moving an office means dealing with expensive machinery like copiers, computers, scanners and more. Moving an office also means moving confidential information. Moving customer files and financial information demands a high level of trust so it is important to put your faith in a reputable company and that is what makes referrals so great.

Aseme Moving: Your Local Winnipeg Movers 

The moving industry is incredibly competitive and more often than not you’ll experience moving companies in Winnipeg being rushed from one job to another, meaning they are frantic and less careful than they should be. We know that you have a ton of options throughout the Winnipeg area but Aseme Moving sets themselves apart from the rest by priding themselves on genuine care for their customers and their belongings. 

After working with a less than professional moving company, Thiery Niyubuhungiro saw a need for experienced, compassionate and affordable moving services in Winnipeg, he jumped into action to provide those services himself. With a mission in mind and an arsenal of moving equipment, Aseme Moving is ready to tackle residential and commercial moves of all sizes.

In addition to offering affordable moving prices, fully insured services and reliable crews, Aseme Moving sells competitively priced moving supplies. Aseme is your one-stop shop for prep, packing and peace of mind for local moves in the Winnipeg area.

If you are considering buying a luxury home, it is important to discuss your needs with a REALTOR®. With experience in luxury real estate, a local agent can help to identify the needs of their clients and find a property that ticks all of your boxes.

Luxury Winnipeg Real Estate: What to Know

The needs of every family, couple and individual are unique, so your home should be the same way. Heritage homes have character but are often small with little room for storage, while modern homes are often built on a template, meaning a cookie-cutter layout that likely won’t suit your needs. If you are having a hard time finding the perfect house to turn into a home, a luxury listing is the answer.

Advantages of Luxury Real Estate in Winnipeg:

More Space: With the cost of living on the rise, more and more families are choosing to live in communal homes on larger properties. Sharing a family home should not mean sacrificing your privacy or ability to live comfortably and this is where more square footage is a game changer. Additional bedrooms are great for residents and homeowners but they also create an easy space to host friends and family. Hosting a family reunion, holiday or entertaining visiting guests from abroad is incredibly easy in a home with extra bedrooms and bathrooms.

High End Amenities: Luxury homes are built using luxury materials, both for aesthetics and durability. A larger home often means larger rooms and the ability to create your ideal space, like a home fitness centre. More often than not, luxury properties will already come with amenities like swimming pools, large manicured gardens and gourmet kitchens. High ticket homes offer high end appliances like stoves, refrigerators, dishwashers, washers and dryers. 

Customization Options: Home buyers often don’t finalize a sale with the intention of moving again but it happens! Luxury homes can change hands multiple times and contractors understand that. Many aspects of high end homes are modular or easily customizable. This means being able to tweak layouts and features without the need for a full remodel.

Attractive Neighbourhoods: When you are browsing homes for sale, you should also be browsing the neighbourhoods around them. A great house in an undesirable neighbourhood will not get the same amount of value as the same house in a safer area within a good school district. Communities and surrounding amenities will effect the purchase price of a house, so it is important to speak with an experienced REALTOR® to fully understand the bigger picture. Luxury properties are often in the most desirable parts of the city, or on sprawling yards just outside of it. If you want to live in a high end home but don’t want to sacrifice quick access to grocery stores or nightlife, let a REALTOR® locate your ideal property.

Resale Value: High end properties are built for resale. Throughout Winnipeg, Manitoba, populations are on the rise and so is the demand for larger houses. Investing in a luxury home is just that, an investment. Simple additions and updates over time can help to keep homes on trend and help to maintain curb appeal and value over time. Home buyers can rest assured that their property will not lose value. 

Choose an Experienced REALTOR®: Finding an agent that is well-versed in the purchase, sale and lease of luxury homes can help to properly value homes before sale and negotiate on your behalf. A listing agent is fighting for the best price for their clients but it is up to the buyer’s agent to ensure that their clients are making the most out of their budget. A REALTOR® will also be able to inform you of the additional costs of owning a luxury home, like higher taxes, closing costs and identify professional services rendered by REALTOR® adjacent services (home inspections, etc.).

Obstacles to Owning a Luxury Home:

Use Restrictions (Communal Spaces Only): If you are choosing a high end home in a community, there may be some restrictions on amenities. For example, if you are sharing a swimming pool with other residents there may be issues with terms of use accessibility.

HOA: A homeowner’s association can be a helpful addition to managing communities around your home but it can also be a pain! If you are looking to do repairs, construction projects or landscaping, you may be faced with vendor restrictions. Even if you want to use independently owned and operated contracting services, an association may be able to veto your preferred companies in favour of their own.

Higher Property Taxes: Depending on the lot size of a property and the area that it is located in, you can expect a higher rate of property tax. Instead of being blindsided by this number at the end of the year, REALTORS® will discuss comparable properties in the area.

Luxury homes are a big financial investment but they are also an investment in your overall quality of life. If you find the perfect property priced high and featuring all of your desired features and enough space to create a cozy and inviting environment for residents and guests, just call Dino Stepic. Experienced agents are full of valuable insights into the attractive qualities and what to watch out for when committing to a luxury home.

How many times have you heard this? Renovating a house before putting it on the market can contribute to a faster sale and a higher realized price but this comes at a cost. There is a big difference between investing in a can of paint or new hardware for cupboards compared to a full renovation project. Potential buyers are drawn to move-in ready homes. For home sellers, renovating in the hopes of realizing a higher sale price can mean incurring a lot of new debt and all of the interest that comes along with it — but not anymore!

If you are selling your house but having a hard time coming up with the funds for pre-sale renovations you are in luck! By working with local renovation experts, Dino Stepic has found a way to not only protect sellers from the high cost of renovations but to maximize their value and returns too. Prairie Home Specialists are a local renovation company that specializes in high-quality work from bathrooms and baseboards, flooring and electrical, suites, windows and more. More than being a locally and family owned business, PHS is offering up opportunity to home sellers in the form of financed renovations at a 0% interest rate for the first three months. 

Get to Know the Team: Prairie Home Specialists 

PHS is a family owned and operated business committed to providing fellow Winnipeggers with efficient and affordable home renovation services. If you are selling your home, don’t both bouncing from contractor to contractor for a complete renovation, call PHS instead. With a skilled team of renovation experts, interior designers and project managers and real estate aficionados, PHS is able to provide full renovations for homes of all shapes, sizes and styles. Every member of the team is passionate about the renovation process but also about providing safe and affordable housing options for members of the community.

During the pre-sale home owners are most hesitant to commit to a renovation project due to the costs involved. Instead of sweeping these needs under the rug, PHS has found a way to answer the call without needing to break your piggybank. Renovating a house for sale can be a costly process and the payouts for these often don’t come until your house is sold. This can be a long time to wait — made even worse by the unexpected costs of having your home inspected, closing costs and other bills. Instead of leaving communities wading through debt until they finalize their sale, PHS offers financing options that work — in fact, they’ve got the best financing options in town!

When you want top dollar for your home, you need to renovate but you can’t renovate without having that dollar! By working with Prairie Home Specialists, customers have the option of financing their house renovations and updates. This means being able to keep your cash liquid and debt down. Recent Bank of Canada trends have turned interest into a dirty word and that is why PHS is currently offering 0% interest financing for the first three months. The bottom line of all homes sales is time and money, and PHS is giving you both.

This type of service agreement offers sellers a break on the cost of home improvements while the 3 month grace period is enough time for an experienced real estate agent to sell your home. Renovations lead to quick sale and a quick sale enables sellers to pay off their financing agreement with plenty to spare! From the front door to the backyard, custom cabinets or appliance installation, there is nothing that the experienced team of renovation experts at PHS can’t handle. 

Pre-sale renovations are often broken up into three categories: small, moderate and large. A fresh coat of paint is a small fix, a new sink or toilet will fall into the medium category and a brand new bathroom would be a larger renovation. An experienced REALTOR® like Dino Stepic gives insight into how to get the most bang for your buck with strategic renovations.

From the point of view of a REALTOR® if a client feels rushed or considers themselves to be unprotected with their chosen policy, they will ultimately be unhappy and that just doesn’t work for us! An experienced insurance agent is able to create customized policies with specialized coverage areas to ensure that your unique property is covered and you can rest easy. 

An agent-broker relationship is mutually beneficial for everyone involved: insurance brokers meet new clients and grow their networks, REALTORS® provide a better experience for their clients and owners/buyers have coverage that is a perfect fit for them. By working together, REALTORS® and brokers are able to provide the best possible deal for their clients and take the process from stressful to smooth.

Real estate agents have key insights into neighbourhoods and the issues that are common within the community. This insight helps clients understand the advantages of the area as well as the obstacles facing properties and the right questions to ask:

•    Do I need specialized coverage for personal property that is valuable/collectible/antique?

•    Is it recommended to have additional coverage for business inventory kept at home?

•    Is my area prone to flooding or water damage and does that impact the cost of home insurance?

•    What type of insurance do I need for a home business?

•    Is it a good idea to invest in selling insurance?

•    Do home insurance premiums increase in rental properties

•    How does an insurance claim impact my premiums going forward?

•    What does home insurance cover?

•    And more…

A partnership between Winnipeg REALTORS® and insurance agents means that real estate experts are kept up to date with policy changes and shifting industry standards, meaning clients are always in The Know.

Things to Consider When Working With An Insurance Broker

Taking an amateur approach to finding the right policy can mean having to wade through a ton of options and insurance companies, which is confusing and time consuming. More than that, it is easy to book an appointment with an agent but this doesn’t necessarily mean that they are an expert in homeowners insurance. Anyone that is working in partnership with your REALTOR® will have a good reputation within the industry and will come along with plenty of benefits:

Time Savings: Buying a home can be a stressful experience, particularly when it comes to managing timelines. Moving into a new home means having to leave your current one and that means packing, changing addresses, organizing utility hookups and other bits and pieces. With all these things considered, shopping for insurance is just another thing that takes up time and energy. REALTORS® working with insurance agents can help to streamline the process, saving clients time to focus on other areas. 

Cost Savings: Getting the best coverage is important but so is getting the best price. Between household bills, growing families, and additional living expenses, the cost of living is on a steady increase and every dollar counts. An experienced insurance broker can help clients achieve all of the desired coverage within a budget that works.

Expertise: Discussing your needs with an insurance broker is key to choosing the right policy for you. While homeowners are able to provide insight into what is necessary inside a home and relating to personal property, a REALTOR® can help to shed light on the needs of a home from a structural, condition and location perspective. Working with an expert can also help to take the guesswork out of technical terminology and the finer points of your policy.

Whether you are working with an independent agent or choosing home insurance companies your REALTOR® can help to connect clients with the right agent in Winnipeg to suit your needs. When you are in the market for a home insurance quote, don’t look to the yellow pages, just ask your REALTOR® instead!

For homeowners, buyers and sellers in the Winnipeg area who are looking to benefit from a successful team dynamic, Dino Stepic has got you covered. With a network of local brokers who are highly trained and experienced, clients can rest assured that they are getting the best coverage and peace of mind that they are protected. By working with local insurance experts like Meaghan Grey with the Richard McKenzie Insurance group, clients have access to a wide range of resources, experience and industry tools to make choosing their home insurance policy simple and enjoyable. Meagan is highly committed to her craft and dedicated to finding the most appropriate policies for homes throughout Winnipeg.

10. Light Up Your Listings

Lighting is an incredibly important part of any home listing. A dark house feels uninviting while a brightly lit home is cheery. Window washing, fresh drapery and higher watt bulbs can all contribute to a brighter atmosphere.

9. Accentuate Storage

A lack of storage space is a major deal breaker for prospective buyers, particularly those with children or that are hoping to grow their families. Showcasing closets that are bursting at the seams will make them appear too small. An empty closet can surprisingly have the same effect. When closets are empty the space can still feel small. So, if they can’t be full and they can’t be empty, what is the secret to showcasing storage spaces? Leaving closets, attics, garages and other areas half-empty and thoroughly organized is key to creating the right impression. This method shows that storage areas are capable of storing items without being cluttered or stuffed.

 8. Work Closely With Your Agent 

The right listing agent is key to the right results. Instead of listing your property and waiting for the interactions to happen, REALTORS® should always be monitoring the MLS for comparable listings and ongoing trends. A good REALTOR® should always be in contact, aware and be ready to promote your listings. Aggressive marketing techniques on multiple listing platforms put properties front and centre in front of potential buyers, as well as individuals who may not even know that they are looking yet. Work with a REALTOR® that puts you first.

7. Avoid Extravagant Upgrades

Just because you remodel your kitchen doesn’t mean that you will be getting your money back during a home sale. Brand new appliances might not suit the needs of potential buyers and built-ins often seem more like a liability than an asset. For example, a built-in coffee maker may look sleek but if they break down, repairs and replacements can be incredibly complicated and that can scare prospective buyers off. Whenever dealing with high-end appliances, maintenance and replacement costs are higher than average and that can be a deterrent — particularly if warranties are up. Consult with a REALTOR® beforehand for tips and tricks on how to add value to your listing efficiently. More often than not a fresh coast of paint is a more effective upgrade than a complicated appliance.

6. De-Personalize Homes

It is important for potential buyers to be able to envision living there. If there are tons of personal items, family photos or very personal touches it can be difficult for potential buyers to see themselves in that space. Storing personal keepsakes and photos is a good first step but that doesn’t help with tailored furniture or art choices. It is a good idea to hire a professional home staging expert can help to create the ideal canvas to showcase the home and not the items.

5. Focus on the Kitchen

If a house has high ceilings, large bedrooms and multiple bathrooms but a small kitchen, you will have a hard time selling that house. A kitchen is the heart and soul of any home. If you are going to do any remodelling projects, the kitchen is the space to update. Small updates like fresh paint, new hardware, door handles and even window coverings can make or break a home viewing 

4. Be Ready to Show at Any Time

In addition to scheduled open houses, interested parties will often want to book private showings, particularly if they have already viewed it once. As long as a house is on the market, it should be ready to show at any time. This means a lot of daily upkeep but it also comes along with a large return on investment.

3. First Impressions Are Key

You never get a second chance to make a first impression. The first impression of a property is made long before you even make it to the front door. A house should feel inviting and comfortable. The home’s exterior is what makes the initial first impression so curb appeal is incredibly important. Adding hearty but inexpensive plants and flowers give the impression that a property has been maintained and cared for.

2. Community Focus

Home buyers are not just buying a house, they are buying a neighbourhood. If you have great neighbours, that is a selling feature. Everyone wants to have great neighbours and it is even better if it is someone that you already know. Informing neighbours that you are going to sell gets the ball rolling. They will spread the word to their own friends and family members and that can mean an easy sell for you. At the same time, having friendly neighbours stop over during an open house can put potential buyers at ease and even help to make a sale.

1. Strategic Pricing 

Most homeowners have a number in mind when listing a house for sale. This number will fluctuate depending on size, style, location and current sale trends. A realtor can help to come up with a realistic number based on history, demand, nearby amenities and comparable properties in the area. With this number in mind, it is time to think about strategic pricing. By listing at 10-15% lower than anticipated, sellers will draw tons of attention to their listings and open houses, resulting in bidding wars.

If you are nervous about the selling process, from pricing your home, improving curb appeal and creating buzz are your listing, Dino Stepic is here to help!

There are plenty of reasons to sell a home, most of which are positive. You might plan to sell if your family is growing, or if you are relocating for a new job opportunity or you are looking to upgrade your starter home.

There are, however, less pleasant reasons to put your house on the market. It is no coincidence that the most common times to sell a home under special circumstances are associated with high stress events: death, divorce, and moving — or having to move. Unlike a straight forward sale, selling under special circumstances is a complex process so it is important to have an experienced real estate agent behind you. 

A family home is just that, a home. It is full of sentiment and memories and in some instances, it can be difficult to reconcile the need to sell a home with the want to stay. Home sales are highly emotional and with that, important details can be overlooked.

No matter your situation, you want to make sure that you are being represented by a thorough REALTOR® who understands the details of your position and going to help you get the highest dollar amount with the lowest level of stress.

Selling Your Home During Divorce

 The end of a marriage is highly emotional for everyone involved. A home means stability and it is not unheard of for each part of a divorcing couple to fight for it. It can be difficult to decide who stays in the home both until the divorce is finalized and afterward.

If neither party agrees to leave the home, it is common to sell the property and split the proceeds. When selling a home following a divorce it is important to ensure that you are getting the most money possible, in a timely manner.

Family law dictates how marital assets are divided and will navigate how closing costs, home inspections and property taxes are split.

The main purpose of a REALTOR® during this period is to connect your listing with potential buyers, creating buzz and making houses more appealing to anyone attending showings. Without experience and technique, houses can sit on the market for months at a time.

The end of a marriage is an opportunity for both parties to move on with their own lives as individuals but it can be difficult to do that without the capital that comes from the sale of a house.

Selling Your Home Due to Bankruptcy/Foreclosure 

Debt and financial strain weigh heavily on Canadians. All it takes is one turn of bad luck to be faced with the possibility of foreclosure. Foreclosure is what happens when a homeowner is unable to make their mortgage payments and a property is then repossessed by lenders.

Lenders then sell the property in order to cover the remaining balance of the mortgage. In this case, it is better to sell a home beforehand.

In the event of a foreclosure, real estate transactions are completely out of the hands of homeowners. If a property is seized, the sale price might be well over the amount remaining on the mortgage — so what happens to this difference?

The bank/lender retains any amount of overage that occurs during a foreclosure sale. Selling beforehand means being able to choose your own REALTOR® who will work to get you the highest possible sale price. In this situation, a higher sale price will enable sellers to pay off the remaining amount of their mortgage but keep any additional money made during the sale.

Bankruptcy occurs when debts outweigh income and lenders demand payment. If payments cannot be made, borrowers have the opportunity to file for bankruptcy, dissolving consumer debt or settle for lower amounts. A bankruptcy claim stays with you for a period of 7 years, in which it will be much more difficult to purchase a car, another home, or open a new credit card.

Selling a house makes it possible to cover those debts and start fresh.

Selling a Home Following a Loss 

Losing a loved one is never easy. There is a huge emotional toll during a passing, as well as a financial one. When there are estates left behind, it is often left up to the family how to divide any assets that are left behind. Without a detailed plan, asset division can be incredibly complicated and volatile. Houses are assets that are commonly left behind and more often than not, need to be sold.

The most common reasons for selling homes of loved ones after they have passed are to divide the asset equally, and to pay any remaining debts or cover expenses for funerals and services.

Settling an estate can take years if improperly handled and houses/property are a big part of that. When you are dealing with a complex situation, hiring a reliable and competent REALTOR® is incredibly important. A REALTOR® can help to navigate real estate contracts and provide a neutral platform dedicated to getting the highest sale price.

Your Winnipeg REALTOR®: Specializing in Special Circumstances

Real estate is a booming industry but it is also a people industry.

When selling your house in Winnipeg, Dino Stepic is committed to building relationships and doing right by his clients, particularly at a vulnerable time in their lives. Complex personal issues makes it difficult to know who you can trust but you never have to worry about that when selling a property.

Whether you currently live in the home, have great memories on the property or are looking to liquidate an asset, Dino Stepic will fight to keep money in your pocket and push for prompt sales.

On its own, 0.25 seems like a small number but when applied to a mortgage, this fraction is enough cause terror in the hearts of Canadian homeowners. The latest increase in benchmark interest rates marks the 10th since March 2022 and the first time that rates have reached 5% since 2001.

The Bank of Canada rate increase does not only apply to mortgages but notes a matching increase for major lenders all across the country, driving up the cost of personal loans, credit cards and other financing options. All Canadians are facing off against the rising costs of inflation, particularly in the grocery stores. With all of the numbers laid out the question that all Winnipeggers are asking is: what happens now?

What Does An Increased Interest Rate Mean For Homeowners?

Few homeowners are able to purchase homes outright without the help of a mortgage. This means applying for the biggest investment — and largest debt — of your life. During a mortgage application there are plenty of decision to make, ranging from which lenders to work with, the length of a mortgage and most importantly, variable or fixed contracts. 

If you have chosen a fixed mortgage, chances are that you are not experiencing the pinch of inflated payments on home loans. While the rising costs of goods and services may still be difficult to manage, it doesn’t compare to the strain of a variable rate mortgage.

During an interest rate hike, carrying costs increase. Carrying costs are the costs of owning and maintaining a property. A 1% increase can send the monthly cost of carrying a mortgage skyrocketing. In some parts of the country, monthly payments have nearly doubled in the last 15-months. The impact that rising interest rates will have on your monthly payments is directly related to the remaining cost of your mortgage. 

Since the July 12, 2023, increase, nearly half of all Canadians are less than $200.00 away from being unable to pay their bills. As central banks raise interest rates, more and more Manitobans are contemplating selling their homes or downsizing their living space. As an increasing number of property owners decide to list their homes in order to avoid the high costs of their mortgage, it will have a direct impact on the local housing market. 

How Do Higher Interest Rates Impact the Winnipeg Housing Market?

Every year, experts publish lists of predictions for the upcoming season. These predictions focus on economic growth, expect inflation and offer up insights into what Canadians can expect in the upcoming year. During the first quarter of 2023 it became obvious that we can’t rely on these predictions. Instead of going down, the cost of borrowing has seen steady increase and there is no guarantee that it won’t continue. In fact, key interest rates are not expected to regulate until the middle of 2025 — so what do we do in the meantime?

As the cost of borrowing increases, Canadians are becoming concerned with how best to navigate managing their housing portfolios. Higher interest rates reduce the purchasing power of potential buyers. If your budget is $300,000.00 under the current interest rates, it is important to stress test for a higher amount and higher rates in mind. This will reduce how far budgets will stretch and may be enough to discourage potential buyers from committing to a new house. This causes a drop in potential buyers and a surplus of available properties.

As a buyer, this can be a great opportunity, even with the higher levels of stress-testing. For those Manitobans that are looking to break into the real estate market, this could potentially be an ideal time. By entering the market when the rate is high and choosing a variable mortgage, potential buyers have many properties to choose from, lower competition and rates have nowhere to go but down.

As recently as 2022 the housing market in Winnipeg and surrounding area was incredibly competitive with desirable properties often selling over-asking. Now, it is a buyer’s market, as long as you are ready for rate shifts and are prepared to contend with the possibility of an increased monthly cost of living.

Working with an experienced realtor can help navigate the advantages and pitfalls of the shifting interest rates. Dino Stepic is equipped with years of industry experience and access to top resources designed to get the best deal for buyers and sellers alike. Whether you are looking to get top dollar for your home or are hunting for the best possible deal as a first-time buyer, Dino works alongside clients to achieve their goals, while keeping stress to a minimum.

Buying a home for the first time is no doubt an exciting and rewarding experience. Yet, it is also full of risks. If you are a little relaxed you can even get caught in fraudulent activities. So, first-time home buyers in Winnipeg need to stay alert throughout the process. In this blog post, we will discuss five key reasons. They will help you in staying vigilant is crucial when purchasing your first home in Winnipeg. This blog will act as a guide to you if you are a debutant or first-time home buyer in Winnipeg. So, dedicate all your senses to this blog and read it out till the last.

First-time home buyers in Winnipeg should Understand the Winnipeg Housing Market

The Winnipeg housing market is dynamic. And it can fluctuate when it comes to its prices and availability. Even though it is quite common in all places but it is the most in Winnipeg and the surrounding areas. As a first-time home buyer, it's essential to stay informed about market trends. Including average home prices. Along with inventory levels, and the demand for properties in different neighborhoods. Regularly monitoring these factors will enable you to make informed decisions. And identify the correct opportunity to enter the market.

Finding a Suitable Neighborhood should be your top priority

Winnipeg boasts a diverse range of neighborhoods. Each with its unique characteristics. When searching for your first home, it's crucial to consider a few factors. Such as distance with schools, the scope of transportation, amenities, and safety protocols. Stay alert by conducting thorough research. Visit different neighborhoods, and seek advice from local real estate professionals. Make sure you choose a neighborhood that aligns with your preferences and needs.

Mortgage Rates and Financing Options

Mortgage rates and financing options can significantly impact your ability to afford a home. It's essential to stay alert and track the changes in interest rates. With loan programs, and down payment requirements. By staying informed, you can secure the most favorable financing terms. Potentially saving you numbers of dollars over the life of your mortgage.

Property Inspections and Assessments Can not be Overlooked

Before finalizing a property purchase, first-time home buyers should prioritize thorough property inspections and assessments. These evaluations help identify any potential issues with the property. Such as structural problems or necessary repairs. Staying alert during this phase allows you to uncover hidden problems. And negotiate repair prices, and adjustments with the seller. Making sure you make the best of your opportunity.

As a first-time home buyer in Winnipeg, You must focus on Legal Considerations and Contracts

Navigating the legal aspects of purchasing a home can be overwhelming, especially for first-time buyers. It's essential to stay alert and seek professional advice to understand the legalities, contractual obligations, and potential risks involved. Engaging a reputable real estate lawyer can help ensure all necessary paperwork is handled correctly, protecting your interests throughout the buying process.

Conclusion

As a first-time home buyer in Winnipeg, staying alert throughout your home-buying journey is crucial. Understanding the housing market, finding a suitable neighborhood, monitoring mortgage rates, conducting thorough inspections, and navigating legal considerations are all vital aspects of a successful purchase. By staying informed and seeking professional advice when needed, you can confidently make one of the most significant investments of your life. Remember, buying a home is a significant milestone, and you don't have to navigate it alone. Reach out to Dino Stepic, your trusted real estate partner in Winnipeg, for expert guidance and support. Start your journey toward homeownership today!