Buying Your First Home in Fernie: A Step-by-Step Guide

In this episode of The Property Mindset Podcast, Phil Gadd takes you through the ins and outs of buying your first home in Fernie, BC. With the local market on the rise—median sale prices have climbed to $720,000, a 3% increase from last year—it's crucial to know how to navigate the process confidently.

Join Phil as he discusses:

• Fernie's diverse neighborhoods and what each has to offer
• Setting a realistic budget, including hidden costs and pre-approval tips
• The importance of partnering with a local real estate expert
• Defining your priorities to make informed decisions
• How to approach open houses and property viewings like a pro

Whether you're drawn to Fernie's ski slopes, mountain trails, or vibrant downtown, these practical tips will help you find your dream home. Don't miss out—listen now and get one step closer to owning your first home!

Show Sponsor: First Tracks Real Estate Group - eXp Luxury

#FernieRealEstate #FirstTimeHomebuyer #PropertyMindset #BuyingInFernie

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Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Transcript

0:00

Welcome to the property mindset podcast, where we explore everything real estate from market trends to practical strategies for success. Our guess share personal experiences and valuable insights, providing practical tips and tools for your own real estate journey. Whether you're a buyer or seller or an inspiring investor, a seasoned professional, or simply someone who loves real estate. This podcast is for you. So join us for engaging and informative conversations with some of the brightest minds in the real estate industry.

Phil: 0:34

Welcome back to the property mindset. Podcast where we dive into everything real estate. From market trends to mindset strategies for success. I'm your host Phil Gadd today we're talking about Buying your first home, especially. here in Fernie, BC. Whether you're drawn to the Fernie mountain lifestyle or looking for a strong investment buying your first home is a major milestone, don't worry. I'm here to walk you through it step by step. So you can approach the process with confidence. So let's dive in. First let's talk about the Fernie real estate market. Well, if you're new to my channel, We talk about it a lot here. Every month I do a Fernie real estate market report. So you may want to subscribe to get notifications about that. If you're, if you've been keeping up with the trends, though, the prices in Fernie have seen significant growth. Over the last few years as of September 20, 24, the median sale price here in Fernie was 720,000. a 3% increase from the previous year. In fact, the average sell price has risen to 741,655. That's a 9% increase since 2021. That's a solid sign that the phony market is not only stable. But appreciating steadily. these price increases might sound intimidating, but the key is to understand in the market demand dynamics, sorry, and planning ahead. So how do you do that? that brings us to our first major step of the home buying process. getting to know the Fernie neighborhoods. Phony. Is more than just a ski town. It's a four season destination with diverse neighborhoods, each offering something different. Whether you're looking for a starter home downtown phony, the annex or the airport or a condo. there's options at silver rock Riverside. river Mount place, and on the ski hill. finding the right area that fits your lifestyle and budget is, is incredibly important. Take some time to explore different parts of town. Do you want to be closer to the slopes? Or interested in the biking and hiking trails and the summer activities that Fernie has to offer. Maybe you're looking for proximity to schools and ammenities, whatever your needs, knowing the neighborhood that suits you best is your first crucial step. Now number two, let's talk about numbers. having a clear budget is key. Before you fall in love with the property, make sure you have a realistic budget covers not just the purchase price, but also property taxes, maintenance costs, straw to fees and any potential renovations. As of September 20, 24, play prices have fluctuated a little bit and the Fernie market remains competitive. getting pre-approved for a mortgage is essential. It gives you a clear picture of what you can afford. But it also shows sellers that you're a serious buyer. In a hot market like Fernie. This can give you the competitive edge. When you find the home you want. if you need help with pre-approval I work with. dedicated mortgage professionals. So please reach out comment below or shoot me a message if you would like, an introduction. Once pre-approved you'll know your budget and can make offers confidently. A lot of first-time buyers find this point. Intimidating. But trust me, it's a game changer. when you were armed with the right information, You're in a much more competitive. Advantage. Next up, this is a big one. Spoiler alert, partnering. With a local real estate agent, this country really make or break your home buying experience, especially if you need to the market. A local agent has the insight, connections, and expertise to help you navigate the competitive market. There'll be able to give you the inside scoop on homes that sometimes haven't even hit the market yet. Which can be key in a market where inventory's often limited. That's a local agent like myself with 15 years of living and running businesses here in Fernie. And over six years as a top producing realtor. I've helped countless first-time buyers find the perfect home here in Fernie. And I'm always keeping an eye on what's coming up next. And by the way, I'm proud to say that about 50 five star reviews on Google. And aim to make the home buying process smooth and enjoyable. It's all about finding someone who can be your advocate. make sure you choose an agent who understands Fernie inside out. defining your priorities as a first time buyer. Before we actually start viewing properties. It's crucial to define your priorities. What exactly are you looking for? Condo, townhouse. Did you Plex or a single family starter home. How many bedrooms or bathrooms do you need? What's your ideal location. Proximity to the ski slopes or closer to town. Think about outdoor space. If you're moving to Fernie, you want to enjoy the outdoors year round. Fernie is a place for all seasons. when choosing a property, Think about how it works for skiing in winter, hiking in summer and everything in between. Having a clear picture of what you need versus what's nice to have or how you make a smarter decision. Once you got your budget in place, you've got your realtor sorted and your priority set. It's time to get out there and start viewing properties. Attending open houses and showings gives you a great opportunity to see homes in person. Ask questions And envision yourself living there. We like to take buyers out or what we call an educational tool. So once everything's in place, you pre-approved, you got your list of what you want. And we take, first time buyers around the market and have them in the market, looking at properties. And the thing about this education tour, we don't like to put pressure on the buyers to say we're going out to buy something it's more about getting a feel for the market. Remember the 30 market can move fast. if you find a home, you love. Be prepared to act quickly. A good real estate agent will help guide you through the process, make sure you're not only ready to make an offer. But your offer is competitive. And meets your budget. Also, don't be afraid to take notes and ask tough questions, whether at an open house or one of our educational tools or the perfect time to get a feel for the property. But also to make sure there aren't any red flags that can turn into costly repairs later on. So to wrap things up, buying your first home in Fernie as an exciting adventure. But it definitely takes planning and strategy. If you take the time to understand the market, to find your priorities. Partnering with the right real estate agent and budget wisely. Fernie's real estate market is competitive. But full of opportunities, especially for first time buyers who are prepared. Having a local expert by your side will make the process a whole lot easier. thanks for listening to the property mindset podcast. If you're looking for a great agent in Fernie, I'll help you navigate your next real estate move. Be sure to subscribe, leave a comment and share this episode for anyone who might need tips on buying their first home in Fernie. Until next time I'm Phil GAD stay focused, informed and keep building your property mindset.