Monday, July 18, 2022

How AI is Revolutionizing the Real Estate Market


While it still may not be entirely accurate, the use of machine learning algorithms now sees Zillow tracking and analyzing the values of something close to 100 million homes in 2022. This is made possible by a recent update to how Zestimate works – instead of hundreds or even thousands of algorithms running at once and having to be integrated, now Zillow uses just a single neural network, and one that it says reduces its price estimate errors by a huge percentage.

How does AI help resolve this issue? Simple – smart search algorithms that employ machine learning can parse lots of data that would otherwise take even a team of agents time and effort to research. Now, it’s easy to find out which homes are likely to be put up on the market soon simply by having an AI look for relevant data such as when homes were last sold, how long the current owner has been living there, and what rates homes in a specific area sell at. This beats knocking on doors by a wide margin!