How many times have your clients asked you “How’s the Market?” You can show them listings and reports, but they want a simple way to know what to expect. Now you can tell them not only what happened in real estate in the past but you can give them a look into current and future demand for real estate.
We are excited to unveil the Bright MLS T3 Home Demand Index, the new, forward-looking view into the real estate market powered by comprehensive, real-time, MLS data.
The Home Demand Index was created in partnership with T3 Sixty, a leading real estate research and management consulting firm. Bright is the first Multiple Listing Service to offer this compelling new way for you to help your clients understand where real estate demand is going.
The Home Demand Index captures buyer demand signals by looking at a unique combination of pre and post-sale information including:
- Showing requests
- Views within Bright MLS
- Accepted showings
- Home sales across the Bright footprint
These numbers, which are only available through your Multiple Listing Service, are combined to give you a whole new way to be THE expert about real estate interest in your local market.
Most existing housing indices track what has happened in the past. The Bright MLS T3 Home Demand Index captures what is happening right now and, over time, helps paint a picture of buying activity into the future.
Log into BrightMLS.com and select the Market tab. The Home Demand Index is located at the top.
The Home Demand Index currently covers the Philadelphia, Baltimore, and Washington, D.C. markets. Adjacent communities with more areas are expected later this year. In the meantime, access similar demand information in the Market Performance Reports and Listing Performance Reports.
News and Resources
Bright MLS T3 Home Demand Index – Fact Sheet
Where can I access the Home Demand Index?
The Home Demand Index is available when you log into BrightMLS.com underneath in the Market menu.
What areas are currently included?
The Home Demand Index currently covers the Baltimore, Washington, DC, and Philadelphia markets and adjacent communities with more areas expected later this year.
When will the other areas be available?
We expect other markets to be available around Q3 of this year. More localized housing demand information is available in the Bright Market Performance Reports found under the Market menu in the navigation. Learn more.
What data is used in the Home Demand Index?
Data used in the Bright MLS T3 Home Demand Index is sourced from Bright, and depending on availability in a particular area, includes the following:
- Data from MLS systems that includes home searches and viewing activity of agents and consumers working with agents
- Agent/Consumer showing appointment reservation systems
- MLS listing and home sales
How often is the Home Demand Index published?
The index is updated monthly around the 15th of the month.
How is the Home Demand Index different from other real estate trends’ reports?
While other indexes and market metrics can tell us what has happened, the Home Demand Index tells us what is happening now, by measuring real estate professional and consumer activity in the market before home sales occur.
How can I use the Home Demand Index in a listing presentation?
Most sellers have looked at or heard of recent sales, the Home Demand Index gives you a new way to share the current demand for the property. Is their property type and price in high demand or lower demand? Share this information by walking them through the Home Demand Index during the presentation.
How can I use the Home Demand Index in a CMA or when recommending a selling price for a home?
Rather than start with recent sales or listings your potential sellers have already seen, start your CMA conversation with market insight into what buyers are doing right now – the Bright MLS T3 Home Demand Index. Add a screenshot to your CMA, showing the level of interest in their zip code, as well as their property type and price range. When you move on to sales and other info to help determine price, use the takeaways from the Home Demand Index to reiterate your suggestions.
How can I use the Home Demand Index when working with buyers?
Your clients have prepared their budget, mortgage pre-approvals and given you their must-have list. Are they ready to put in the best offer when they find their dream home? The Bright MLS Home Demand Index can show the level of demand for their area and even property type. Sharing this information with your buyer helps them prepare to put in that strong first offer so they don’t miss out on their dream home.
How can I share the Home Demand Index on my website? Social media? Email? Direct mail?
We are working on ways to more easily share or embed the Home Demand Index charts and graphs. Until that is ready, you can take a screenshot of the report sections and/or share the text information directly on your accounts. Be sure to reference the Bright MLS Home Demand Index when you share!
How is the Home Demand Index calculated?
While demand is specific to geographies and to housing types, the Home Demand Index is calculated both for overall geographic markets, zip codes, and for specific housing types within a geography. For more on these calculations, access the Home Demand Index FAQs.