In September, the Board launched a new, free tool for members to assist you in determining recommended list prices.
Developed by CREA, it is the only reliable statistical tool available for you to validate your CMAs.
It’s called the MLS® HPI Dashboard. You can access it through REALTOR Link® > from our main page > click the button for MLS® HPI Tool.
FREE, 1 PDP-credit virtual webinar coming up
To learn how to use the MLS® HPI dashboard to help guide your clients, the Board is offering a second, free virtual webinar coming up Wednesday, October 21 from 12 noon to 1 pm. Register via the TLC Calendar.
CREA Economist, Chris Jokel, will review what the HPI is, why it’s your secret pricing weapon, walk you through the benefits of the new tool, and answer any questions. The session is worth 1 PDP self-directed hour; and did we mention, free?
Also, worth sharing is that our September offering of this same webinar attracted more than 100 members. The highest number Chris has EVER seen participate in an HPI webinar – across Canada! – and he’s done a lot of these. So, kudos to our members. Clearly, you recognize the value of your MLS® data and the importance of correct interpretation of that data for your clients.
If you missed the first session, don’t miss the second one – based on very positive member feedback – it will equip you immediately to start using the tool to better understand home price trends. Think of the value you’ll be offering your clients that select few REALTORS® are aware of and are offering.
What is the MLS® Home Price Index Dashboard?
You already know from having the MLS® HPI for over 15 years that it’s the most accurate measurement of home price trends in Canada. Based on your sales, a complex algorithm analyzes MLS® sold data – across Canada – to measure the change in home values over time.
You’ve had the index and benchmark price values for years, but you’ve never had a tool that made it so easy to apply the index and share that info with clients.
With this tool, you can:
- Support and enhance your CMA
- Compare a non-typical home to the market
- Dig down into regional or neighbourhood trends
- Compare different property types across different communities
- Quickly look up a benchmark description for your client’s property type and neighbourhood
- Quickly see how that home value has changed over time
The most value 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.
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. And on the page where the tool resides, there are some fabulous guides and resources on the righthand side under CREA resources including a pre-recorded 24-minute training webinar.
Source: FVREB Communications