Windsor Ontario and  Essex County Real Estate Market Update, for the Week of September 1 to September 28th- 2024.

Welcome to the Real Estate Market Update for September 2024 in Windsor Ontario and  Essex County ! If you're thinking about purchasing a home or selling your property in this area or planning to move within Windsor Ontario and  Essex County  itself; this update contains a wealth of useful information for you to consider carefully. Be sure to stay tuned as we delve into the trends shaping the market landscape here and offer valuable advice for those looking to sell their properties, along with some exciting updates, on changes being made to the Mortgage Stress Test that will impact homeowners.

Real Estate Market Summary, for September

September 2024 has seen a lot of action in the real estate market of Windsor Ontario and  Essex County with some statistics to check out;
There are currently 1283 homes listed on the MLS.  
 
 
 
The typical selling price amounts, to $585k.  
The typical selling price is, around $543k.  
On average it takes 26 days to sell a house.  

These numbers suggest an equilibrium, in the housing market where properties are still selling well; however sellers should be cautious, about pricing. How they present their homes to buyers.Lets now explore the condominium market!

Data, on condominium market trends, in September 2024.

The real estate market, for condominiums, in Windsor Ontario and  Essex County experienced the following trends;
There are a total of 89 condos, for sale.  
 
 
Listing cancellations amount, to 54.  
The typical selling price stands at $380K.
The typical selling price stands at $355000.  
The typical time it takes to sell a condominium is 59 days.  

Sellers should carefully monitor market conditions. Ensure their condominiums are well prepared for viewings as they tend to stay listed compared to standalone houses.


Important Developments, for Home Buyers, in Windsor Ontario and  Essex County 

If you're looking to purchase a property, in Windsor Ontario and  Essex County  as a buyer.

There are competitors now with offers being made on properties, in various locations.
Some houses are being sold for more, than their listed price. Those in locations or, in move in ready condition.
Buyers are making offers without any conditions, such, as home inspections or mortgage contingencies, for properties that're in demand.
Offers, for homes can vary based on factors such as location and condition of the property; they can range from competitive, to typical offers depending on these variables.

How we helped a family!
Recently, we assisted a family visiting from another city in buying a sturdy and well looked after house in a suburb, near the Windsor area. The house was fully turnkey move-in ready and had been cherished by its previous owners. Featuring 4 bedrooms and 2 bathrooms on a lot of land, we successfully bargained the price below the asking price by including conditions, for home inspection and mortgage financing to finalize the deal.

Persistence along, with communication and having expectations were key factors, in ensuring the success of this endeavor.



Real Life Tale of Triumph ; A House, by the Lakeside Sold

One of our sales included a ready, to move in residence located in Lakeside with. 3 Bathrooms and 2 car garage plus a spacious walk in closet and convenient main floor laundry area.The house showcased an inviting layout on a piece of land ideal, for comfortable family life.

Our customers had hopes, for our project outcome; hence we meticulously examined the market data collectively. Devised a comprehensive strategy to move forward with confidence. To demonstrate our capabilities effectively and instill trust in our clients minds regarding our marketing approach and expertise we presented them with samples of our projects and glowing testimonials, from satisfied clients without overlooking any aspect.

Capturing high quality images and videos with photography and drone footage.
Explore a tour in 3 dimensions.
"Social networking. Sponsored advertisements"


After kicking off our marketing campaign we hosted an event at the property. Were pleased to receive a promising offer. Following some discussions and back and forth the offer came with conditions such, as a thorough home inspection and finalizing mortgage details; all of this was completed swiftly within a mere 5 days.

This event showcased the power of patience and strategic marketing in achieving success when selling a property – a lesson, for anyone considering putting their home on the market.


Essential Advice, for Home Sellers, in Windsor Ontario and  Essex County 

Looking to put your house up for sale? Check out these tips to help you sell your home fast and get the price!

"Practice patience. Stay realistic by setting a price according to market trends while allowing the process to unfold naturally."
Enhance Your Homes Exterior Charm. Ensure your house has an appearance, from the street, by tidying up the lawn and giving your doors a cleaning to make them shine brightly.
Make sure your home is clean and clutter free, before showing it to potential buyers. Staging can also help enhance its appeal if needed.
Ensure that all items are, in working condition and attend to any repairs or touch ups that may be needed.
Ensure your home gets the attention it deserves by partnering with an agent who will showcase your property through high quality photos and videos while maximizing visibility.


Important Update, on Mortgage Stress Test Regulations

Great news, for homeowners coming up on November 21 as the Mortgage Stress Test will no longer apply to mortgage switches after that date** Switching lenders when renewing your mortgage will become much simpler, without having to go through the stress test this change will make it easier for you to explore options and deals.

What does the Mortgage Stress Test entail?

It's a regulation designed to make sure that homeowners can still manage their mortgage payments even if interest rates increase by 2%.
It was created to shield homeowners from difficulties, in the future.

What's different now?

When you switch your mortgage to a lender without increasing the loan amount or changing how you pay back the loan you won't need to undergo a stress test.

"Why is this so crucial?"

You're free to explore mortgage rates without the hassle of re taking the stress test again.
This adjustment encourages increased rivalry, among loan providers, which could result in decreased installments and increased savings, in the long run.

Now is the perfect opportunity to make the most of this regulation and secure the favorable deal, for your mortgage renewal.


Looking for assistance, with your real estate objectives ? Get in touch with us now !

At Kris Ramotar Real Estate Group, we're here to assist you in navigating the real estate market, in Windsor Ontario and  Essex County  with assurance. Whether you're looking to buy a property sell your home or simply considering your choices our team is committed to offering the advice you require to make well informed choices.

Get in touch with us today. We're excited to discuss your real estate objectives and help you achieve them!

Check out the updates on estate, in Windsor Ontario and  Essex County ! Get tips on selling your home stay informed about mortgage changes explore homes for sale in Windsor and get insights into the condo market. Stay updated on real estate trends. Find success, with Kris Ramotar Real Estate. Join the journey of home buyers guided by a trusted Windsor Ontario and  Essex County Realtor.