When clients engage in the market temperature panel, you'll be the first to know if they're interested in selling their home. Clients can explore their local market, discover their individual selling position, and contact you directly with questions or to discuss next steps.
In this article, we'll cover each component that makes up the Market Temperature Panel:
Market Temperature module
Should You Sell Now feature
Where we get the data
Watch this quick video to get a better understanding of how we're educating your clients on their market conditions:
Depending on the conditions of your client's market, they'll see a notification on their digest about the temperature for selling:
Your market is heating up
Your market is cooling off
Your market is balanced
When they click on 'take a look', they'll be taken to an interactive heat graph that displays if it's a good time to sell or if they should hold on a bit longer. They'll also find out roughly how many homes are for sale, their specs, and how quickly they're taken off the market.
Lastly, we use selling indicators to help clients understand their selling position in the Should You Sell Now section explained in detail below.
SHOULD YOU SELL NOW
In this section, clients can get a better understanding of their selling position based on the following factors:
Demand in the market
High appreciation: If a home has appreciated 5% or more year over year.
Moderate appreciation: If a home has appreciated 3 - 4% year over year.
Slow home value growth: If a home has appreciated 0 > and < 2% or more year over year.
Uncertain appreciation: If a home has depreciated by under 0.25%
We also want to help your client understand their home equity and how it impacts their cash position.
Could pocket the cash:
This will show if the homeowner will pocket at least $10k in equity after 6% selling fees.
This will show if the homeowner adjusts the slider for a higher-priced home.
This will show for clients who have enough equity to sell but have been in the home for under two years.
Risky cash position:
This will show if the homeowner will pocket less than $10k and/or has owned the home for under two years.
This will show for clients who have less than $10k in equity and have been in the home for under two years.
Market Temperature Indicator
In high demand or In-demand market: Competition is high, inventory is low.
Balanced market: Competition & inventory are neutral
Cool or Cold market: Competition is low, inventory is high
We also let your client know how much homes are selling for in their area - allowing them to message you directly with intent to sell:
WHERE WE GET THE DATA
We use a third-party data provider called Altos Research. Altos provides active housing market data for 20,000+ local markets.
Please note: if we are unable to collect data for a client's area, most modules may not show.