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MLS® Home Price Index (HPI). What is the MLS® HPI?

 

MLS® Home Price Index (HPI). What is the MLS® HPI?

Put simply, MLS Home Price Index (HPI) is an accurate and actually the most advanced tool that one can use to gauge home price trends and levels. Essentially, it helps you gain a solid understanding of the changes in home prices and how these changes affect the market value. The MLS HPI comes with a set of software tools that are designed to give time-related indices on residential markets of property boards in Canada. You can use it to see how the price is trending in your region. And even though it may not give you an up-to-date value for your home, given that each home on the market is unique, it helps you understand the market better, which is also something. For the accurate value for the home, just get in touch with a certified appraisal.


 

MLS® Home Price Index (HPI). What is the MLS® HPI?How does it work?

Now, each month, the MLS HPI relies on MLS System data as well as sophisticated statistical models dating 15 years back, enabling it to define a typical home based on features of other comparable homes that have been bought or sold previously. These benchmark homes are basically picked all across localized neighborhoods, which they gauge their prices to get an idea of how comparable prices on the market would sell.

 

Generally, MSL HPI gives a more precise picture of price trends gotten from gauging:

  • The overall property prices for the market in general
  • Prices for specific categories of properties, either for the overall market or a specific region

 


 

MLS® Home Price Index (HPI). What is the MLS® HPI?Why use the MLS Home Price Index?

When you keep an eye or track, home price trends over a period of time, you tend to get the bigger picture and also understand how these particular trends affect the market value of your property. See, the data provided by MLS HPI do give your realtor accurate information on the market, which he or she then uses when determining the right price for your property, regardless of whether you are selling or buying. When you combine the comprehensive data from MLS HPI with the expertise of a professional realtor, you will be able to approach the market with a lot more confidence, and therefore, end up with a much better deal than you would have gotten.

 
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