September. Exciting Updates, for Homeowners, in the Windsor Ontario and  Essex County Real Estate Market

 

Wondering about whats happening in the Windsor Ontario and  Essex County real estate scene these days? Check out our update, on the stats for September 2024. Some noteworthy updates, on mortgage regulations that homeowners should know about. Whether you're considering buying a home, selling your one or just thinking of moving to a new place,. This information will keep you in the loop and empower you to make informed choices!

September 2024 Market Overview
In September of 2024, in Windsor Ontario and  Essex County  there was a rise in the number of listings on MLS with a total of 1187 homes listed for sale, which showed a 23.52% increase compared to last year figures. There were also 422 homes that were sold during this period, which marked an 8.5 % increase, from September 2023. The typical selling price increased by $44,000 per year.


In this transitioning market scenario, towards equilibrium in supply and demand of homes for sale and purchase purposes; the increased availability of homes gives buyers a range of options with a selling rate of 2.3 homes, for every home sold. Thereby requiring buyers to be more discerning while sellers may need to exercise some patience in the process.


If you're interested, in purchasing property in Windsor Ontario and  Essex County . Are an important things to consider;
The competition is getting fierce in the price range of $300K to $700K.
Lots of buyers are putting in offers without any conditions or requirements, like home inspections and financing waivers; however it is crucial to proceed with caution.
In the real estate market today some houses are being sold for more, than the asking price due to factors such, as location,status and pricing.Some properties might linger longer before finding a buyer depending upon these variables.


If you're a homeowner contemplating selling your house or property​​​​​.
Several houses are getting sold promptly while there are those that might linger longer depending upon factors, like pricing and the state of location."
Many sellers are receiving offers from buyers. Some of them are putting forward offers that are free, from any conditions or contingencies.
Remember to stay calm and practical when considering the offers to ensure you make the best choice possible.

Update; Significant Adjustments, to Mortgage Stress Testing.
From November 21st, onwards, the requirement for the mortgage stress test will be removed for mortgage switches.This implies that if you are renewing your mortgage and contemplating a switch, in lenders; you will not be subjected to the stress test more.This adjustment could potentially lead to cost savings as it will enable banks to vie for customers by offering interest rates.

What's, in it for you, with this approach?
Lenders are facing increased competition to offer rates to borrowers.
Switching lenders is less of a hassle now, making the process easier, for you.


If you want to delve into how these adjustments could enhance your experience or if you have any inquiries regarding purchasing or selling properties, in the Windsor Ontario and  Essex County  area, feel free to get in touch with us today!


If you have any inquiries or require details, don't hesitate to reach out to us at any time! We're available to assist you throughout your process of buying or selling a home, in Windsor Ontario and  Essex County .