Windsor Ontario and Essex County Real Estate Market Recap – November 1-15- 2024

November Market Overview

The real estate market in Windsor Ontario and Essex County is staying active as we move into the month of November. Here are some key numbers to keep in mind:

• Homes:

  • 449 listed | 186 sold | 44 expired | 201 canceled
  • 💵 Average Price: $598,000 | Median Price: $537,000
  • ⏳ Average Days on Market: 29

• Condos:

  • 36 listed | 18 sold
  • 💵 Average Price: $476,000 | Median Price: $413,000
  • Higher-than-usual prices were recorded due to select units selling for over $500,000.

Advice for Homebuyers

If you’re in the market for a new home, here’s what to expect:

• Multiple Offers: Properties priced in the $299K-$399K range are highly competitive. Homes that are turnkey, in good locations, and priced well are attracting multiple offers.
• Bully Offers: Some buyers are submitting preemptive offers (also known as bully offers) to secure homes before the scheduled offer date.
• Mortgages: Recent trends show that banks are competing aggressively with mortgage brokers, often offering better rates. Always compare your options before committing.

Pro Tip: Talk to your mortgage broker and bank before making any decisions. Some brokers might prioritize their commissions over your best interest, so it’s critical to shop around and do your due diligence.

Advice for Sellers

Selling a home in today’s market can be rewarding if you approach it strategically.

• Pricing: A well-priced home that’s in a good location and in move-in-ready condition is likely to sell quickly and possibly receive multiple offers.
• Clean Offers: You may receive offers with no conditions (such as waiving home inspections or financing contingencies), especially for well-prepared homes.
• Conditional Offers: If your home stays on the market longer or is priced higher, expect offers with conditions like inspections or financing. Ensure you have an escape clause to consider better offers that might come in.

Key Insight: Location, price, and condition are the most important factors. If your home isn’t selling, reevaluate these elements with your REALTOR® to make adjustments.

Banks vs. Mortgage Brokers: What You Need to Know

A significant trend in today’s market is the competition between banks and mortgage brokers. Here’s what we’re seeing:

• Banks are often willing to beat the rates offered by brokers, ensuring they don’t lose business.
• Clients who shop around usually find better deals when negotiating with their banks after comparing broker rates.
• Not all mortgage brokers are the same—some may push options that benefit them more than you. Always verify that the deal you’re getting is the best for your needs.

Pro Tip: Take your time to compare rates and terms. Don’t sign anything until you’re confident you’ve found the right fit.

Real Estate Insights You Can Trust

The Windsor-Essex real estate market is full of opportunities for buyers and sellers alike. By staying informed and working with a trusted REALTOR®, you can navigate this competitive market with confidence.

Whether you’re buying, selling, or just exploring your options, I’m here to help. My goal is to make your real estate journey smooth and successful.

📩 Let’s Get Started!
Thinking about buying or selling? Reach out to me today! I’ve helped many families in Windsor Ontario and Essex County make the best decisions, and I’d love to help you too.

Contact me for more information, or leave a comment below. Let’s discuss your real estate goals and how we can achieve them together.