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Beware: Burnout is real, and it could be coming for you. Spring is a busy real estate season during any year, but this year’s housing markets are absolutely on
fire
. We’re seeing wild-west conditions as homebuyers face the most competitive market in decades, thanks to pent-up demand and low inventory.
We’re talking about bidding wars with 20 to 30 offers. Pushy preemptive, all-cash, non-contingent bids. Homes selling gun-slinger-fast within 20 days on average and 10 days in the hottest regions.
That means real estate agents are working around the clock to write offer after offer for would-be buyers while also trying to soothe their jangled nerves. Some frustrated buyers are even firing their agents, flipping to another agent who might magically get them into contract.
Author of the article: Dave Waddell
Publishing date: Mar 02, 2021 • March 2, 2021 • 3 minute read • Local real estate prices are surging and available homes aren t on the market very long before being snapped up. Here, a For Sale is shown in front of a home in the 13000 block of St Gregory s Road in Tecumseh on Monday, March 1, 2021. Photo by Dan Janisse /Windsor Star
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A surge in real estates prices that extended down the Highway 401 corridor created a 35-per cent jump in the average price of a home in the Windsor area this January compared to January 2020.
The average local sales price for the month was $510,716 compared to $379,813 just 12 months earlier and $206,383 higher than in January 2019.