FVREB knocked it out of the park again on October 21st, when for the second time, members packed a virtual webinar on the new MLS® HPI (Home Price Index) Dashboard tool.
Developed by CREA, it is the only reliable statistical tool available for you to validate your CMAs. The Board – one of 16 in Canada – launched the free tool for members in September to assist you in determining recommended list prices.
We offered two free webinars attracting a combined total of over 200 members. Chris Jokel, CREA Economist and session presenter said this regarding FVREB’s uptake, “Most excellent! I think it’s the highest turnout I’ve ever had for an HPI webinar.”
If you missed our learn-at-lunches, Chris has provided us with a link to a pre-recorded, 24 minute training webinar covering the same material he presented to our members, just missing the Q and A portion. And this same link is also available on our MLS® HPI page on REALTOR Link®.
How can I find the MLS® HPI Dashboard tool?
To access the MLS® HPI Dashboard tool, log in to REALTOR Link® > and from our main page > click the button for MLS® HPI Tool.
The tool is embedded in the middle of our HPI page and to the right of the tool, are multiple links to CREA’s HPI resources including the webinar mentioned above, plus short videos, a guide and even a short quiz. And you’ll notice that we’ve also included it on NewsReal under Quick Links.
Currently there is no separate mobile version of the dashboard, but using any device – the larger the better – you can log on to REALTOR Link®, navigate to the MLS® HPI page and the tool works great.
It is password protected through REALTOR Link® because it’s not available to the public. CREA has made a streamlined version of the tool available to the public and industry stakeholders but it only allows users to search Board-level data, not area or sub-area. So, your client could search the Benchmark price for a detached home in the Fraser Valley, but not Langley or Walnut Grove for example.
How the MLS® HPI Dashboard tool helps solidify REALTORS® as “market experts”
As REALTORS® know, real estate is local. Chris stated in our webinar, “What consumers most want from their Realtor is their unique knowledge and expertise and a solid overall knowledge of the market.”
Along with your own experience, a CMA and this tool, you will be well-equipped to guide and advise your clients on a list price or offer.
As members know, you’ve had the home price index and benchmark price values for years, but you’ve never had a tool that made it so easy to apply them to an actual home or listing.
With this tool, you can:
- Quickly see how a home similar to your client’s has changed in value over time
- Based on a previous sold date, determine how much a home similar to your client’s has gone up or down in value since then (think, validate your CMA)
- See what characteristics make up a ‘typical’ home in any sub-area in the Fraser Valley
- Compare home values of benchmark properties across different communities
- And more!
MLS® HPI is the most accurate measurement of home price trends in Canada
The most valuable aspect of this tool is to validate your CMA recommendations. As all Realtors know, sellers believe their house is worth more and buyers always want to pay less. After completing your CMA, use the MLS® HPI Dashboard to assess: Is the suggested list price in the right range? Does it make sense in the current market?
The tool may help you make adjustments that you can explain to your clients is based on the foremost pricing trends model in Canada.
Relied upon by multiple industries – housing, finance, government and others – the MLS® HPI has been the most accurate measurement of home price trends in Canada since 2005. Based on your sales, a complex algorithm analyzes MLS® sold data – across Canada – to measure the change in home values over time.
Remember, for more info and to access the tool, head to REALTOR Link® and click the button on the main page that says MLS® HPI tool.
Source: FVREB Communications