Housing market needs stronger regulations

In response to the recent letter by Diane Smith of Essex regarding the house market situation in the Windsor area: She is spot on.

I have been looking for a townhouse since May of this year. There are a few on the market but the price has become prohibitive. As an example of how crazy this market has become, a friend and I went to a raised ranch open house in Tecumseh. The area was right across from a park.

The inside, however, was something else. Not at all like the nice-looking photos.

It was listed for $269,900. It sold within a few days later for $336,000.

In my search, the townhouses I’ve looked at were sold under my nose by bully offers before the scheduled open house and before the scheduled date of presenting offers. Many of them are now for rent between $1,600 and $2,800 a month.

Guess who are the buyers? These buyers don’t even come down to this area and leave a few of their dollars in a hotel or restaurants. They view the property and submit their bids online. That is what is creating this local housing bidding war that is getting out of hand.

As Diane Smith pointed out, our local residents can no longer afford to buy these houses. If this keeps up, the properties in our city will be owned by speculators who couldn’t care less about this area.

I believe in a free market, but I also think better regulations should be implemented regarding the handling of offers and how listings are worded. Don’t count on the real estate board to self-regulate.

Kiara Carbone, Windsor