Megann  Willson

Megann Willson


HomeLife/Realty One Ltd., Brokerage

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Megann Willson's blog

How do you know what your home is REALLY worth?

Sellers always approach agents with an idea of what their property is worth. Sometimes it’s a very good idea. Other times, not so much. In a slow-moving neighbourhood, it can be difficult to decide, because the “comps” are few and far between. And if the market is making a significant ramp-up or correction (such as we’ve seen in Ontario over the past couple of years), then it becomes quite a complicated situation.

The real problem, however, often lies with the seller’s “mental comps”. What do I mean by that? For example, there’s always a bias toward one’s own property, so some sellers will...

What's happening in the Toronto spring market?

Ask any seasoned REALTOR®, and they’ll tell you that business picks up in spring. As soon as the weather improves, people want space to enjoy the fresh air. Whether that’s a balcony or a back yard, it happens. Being cooped up inside over the winter also makes people more likely to want to have a bit more space. Finally, lots of families want to move during the summer break, so they’re going to start looking now, especially if they need to sell one home and buy another.

Are there any other reasons to expect an increase in activity this spring? TRREB says that buyers seem to have adjusted to...

Maybe I'll Just Sell My House and Rent for Awhile When I Retire...

Is it a good idea to rent while you figure out what to do? It can be; it can give you time to get used to an area and figure out if you like it. It can help you test the waters on condo living, for example. However there are a few challenges in your search that you may not be expecting, if your only experience in recent years is purchasing a home.

In a busy market like Toronto, for example, one of the biggest challenges is lack of supply. That means you’ll find a very limited range of properties available to you, especially if you have a particular neighbourhood in mind. Combine that with...

I Know What the Neighbour Got, and My House is Better than THAT…

REALTORS® regularly get calls from prospective clients, or simply interested homeowners, looking to get an idea of property value. They usually have a plan in mind that goes something like this: If I can get X for my property, I’m pretty sure I can buy a property in location Y for amount Z. That will all work out perfectly. Having owned quite a number of homes of my own, moving larger, smaller, or just for the sake of change as the years have passed, it’s never quite that simple.

First, when these prospects call me, they almost always believe one thing about their property: it’s better...

Interest Rates Held Firm - What Does That Mean for You?

Yesterday’s interest rate announcement from the Bank of Canada, held the rate steady at 5%. What lenders will actually charge you in interest, may vary, depending on your financial situation and your ratios (discussed in the previous post). I frequently hear from buyers that they’re shocked by the interest rate level, because they, their cousin, their sibling, or their best friend, purchased only a couple of years ago at a much lower rate. That’s probably true. Those people may well have also purchased at a lower price.

Here's the thing I try to remind all my buyer clients: interest...

If a Better Home is Your Goal, Learn to Love Numbers

Are you good with numbers? I often meet prospects who say they aren’t good with numbers or they don’t like math. Sometimes those same prospects tell me they can’t get accepted by a landlord, or they can’t seem to save for a downpayment, or they can’t get a mortgage…but they don’t understand why. This is where getting to get along with numbers, or understanding your ratios, is vitally important.

If owning a home is a goal for you, or even renting a better place in a nicer neighbourhood, getting a handle on debt will go a long way to helping you meet that target. That’s because your...

Does Buy Low, Sell High Work IRL?

Just before Christmas, I encountered a prospective seller. They were a “cold lead”; that is, they weren’t introduced by a friend, colleague, or a current or former client. They came into my pipeline through a sales funnel, making an inquiry about the value of their home. They had very definite ideas about the value of their home, based on a unit (condo) in their building that had sold several years ago during a peak, for a very high price. Nothing in that building has sold for that amount, before or since. Their expectations were that they should be able to get even more for their unit,...

Is it Time for Older Homeowners to Cash Out?

Last week, I had an opportunity to guest on a LinkedIn Live session with one of my favourite Financial Mavens, Jackie Porter. We were talking about the real estate market during inflation, and it was a wide-ranging conversation with something for everyone, from the first-time buyer to retirees. We talked about whether this is a good time for older people to downsize their large home and move to a smaller place, or even out of town.

As with everything, context is key. A lot of it has more to do with you, and what your life’s wants and needs are. As far as the price of homes is concerned,...

Should I Wait for 2024 to Buy Real Estate?

Are you waiting to buy a home until the economy is better? It’s my expectation that we won’t see big changes, although there are some forecasters who suggest that prices will continue to drop (slightly) through the fall. Interest rates are likely to stay where they are for the time being. The same pundits are suggesting that then the market will heat up, and prices rise, in the springtime. What does that tell us?

To my mind, it tells me that the market will, largely, behave just as it has been for decades now. Usually we see a slowdown or even decrease at this time of year; and we see a...

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