RE/MAX Report Lists Windsor-Essex As A Hot Market
It's a tough time to be buying a home in Windsor-Essex but a great time if you're looking to sell.
RE/MAX has released its Spring Market Report and this area is being called a 'hot market.'
The report states that Windsor’s relative affordability has led to high demand from move-up buyers seeking detached homes. Low inventory has created a 'hot seller’s market,' with buyers putting in multiple offers and paying over asking price for properties.
Broker Denny Laurin with RE/MAX in Windsor says listings have been very hard to find since Christmas.
"When a listing hits the market, obviously, real estate agents are walking around with buyers in their back pockets, just waiting for those listings and everyone jumps on them. We have multiple offers on just about ever listing we take," says Laurin.
He points to one factor creating a slight slow down in the market this spring, saying "people are afraid to list because they have no where to go or there aren't enough listings for people who even think about selling the homes, potentially don't have a home to go to. Just right now seeing more listings are hitting the market, so things are going to open up a little bit."
The Re/Max 2018 Spring Trends Report for Windsor from Re/Max. April 10, 2018 (Photo courtesy of Re/Max)
RE/MAX projects the average price will rise to $272,080 in 2018 from $234,110 in 2017, a 16.2% increase.
The report says retirees from out of the area and young families are driving the market.
Lakeshore, Kingsville and LaSalle have also been listed as up-and-coming neighbourhoods.