Windsor Essex County Real Estate Market Update: What September Numbers Mean for You

Hello everyone! I'm Kris Ramotar, and I want to share some important news about our local real estate market that could directly impact your buying or selling decisions in Windsor Ontario, Essex County, and Chatham Ontario.

September Market Numbers That Matter

This month has been quite active in our Windsor Essex County market. We saw 844 homes listed on MLS with 253 homes actually sold. What really caught my attention was the average sale price hitting just over $571,000, while the median stayed at $525,000. For those looking at condos, we had 106 units listed with 27 sold at an average price of almost $373,000.

The numbers tell an interesting story about our market dynamics. Homes are taking an average of 28 days to sell, while condos need about 35 days. However, I'm seeing some properties move much faster when they're priced right and show well.

Bank of Canada Rate Cut: What This Means for You

On September 17th, the Bank of Canada made a move that affects everyone thinking about buying or selling in Windsor Ontario, Essex County, and Chatham Ontario. They cut interest rates by 0.25%, bringing the main rate down to 2.5%.

Why did they do this? Three main reasons caught my attention:

• Canada lost over 100,000 jobs in just two months
• Trade challenges with the United States are hurting Canadian businesses
• Inflation has slowed to 1.9%, which is actually good news

If You're Buying a Home in Windsor Essex County

This rate cut could mean real savings for you. I recently helped a family secure a 3.69% rate on a three-year term with 25-year amortization. With banks likely to pass on these savings, I expect we might see rates around 3.5% by year-end.

Lower rates mean:

• Smaller monthly mortgage payments
• Easier qualification requirements
• More buying power for that dream home
• Better timing as experts predict another 0.25% cut before December

If You're Selling in Windsor Ontario or Essex County

More buyers can afford homes when rates drop, which means:

• Increased competition for well-priced properties
• Potential for higher sale prices
• Faster sales with more active buyers in the market

What I'm Seeing Right Now in Our Market

Let me share a real example from this month. I recently worked with a family looking at a three-bedroom, two-bathroom home in central Windsor. This property had everything buyers want: renovations, move-in ready condition, double car garage, finished basement, and a 40 by 100 feet lot.

The listing agent priced it aggressively at $299,000. What happened next shows you the power of proper pricing and presentation. We received 14 offers, and I believe this home sold for over $400,000 - that's about 30% above list price!

This tells me that homes meeting specific criteria are in high demand:

• Well-priced from the start
• Move-in ready condition
• Good location
• Proper staging and presentation

My Advice for Buyers and Sellers

For Home Buyers in Windsor Essex County and Chatham Ontario:

Expect competition for the best properties. Homes that show well and are priced correctly often sell above asking price. Come prepared with pre-approval and be ready to act quickly on properties that meet your criteria.

For Home Sellers in Windsor Ontario:

Your success depends on realistic pricing based on current market data, not wishful thinking. I've seen too many homes sit on the market because owners ignored the numbers and hoped for unrealistic prices.

Make sure your home:

• Shows well with proper staging
• Is priced according to recent comparable sales
• Has a marketing strategy that reaches qualified buyers
• Is represented by an agent with proven local results

The Importance of Choosing the Right Agent

Whether you're buying or selling in Windsor Ontario, Essex County, or Chatham Ontario, your choice of realtor matters more than ever. Interview at least three agents and ask for:

• Recent case studies of similar properties
• Client testimonials and reviews
• Marketing strategies and track record
• Knowledge of current market conditions

Don't choose an agent who simply tells you what you want to hear about your home's value. Look for someone who provides data-driven advice and honest market assessments.

Looking Ahead

I expect our Windsor Essex County market to remain active through the rest of 2024 and into 2025. The combination of lower interest rates and pent-up buyer demand should keep things moving, especially for properly priced properties.

However, remember that interest rates are just one factor. Location, condition, pricing, and marketing all play crucial roles in your success.

Ready to Make Your Move?

If you're considering buying or selling a home in Windsor Ontario, Essex County, or Chatham Ontario, I'd love to help you navigate this market. Every month, I help families just like yours make informed decisions that save money and reduce stress.

The current market conditions present opportunities for both buyers and sellers, but timing and strategy matter. Let's discuss your specific situation and create a plan that works for your goals and budget.