Will buying a house be as simple as buying a stock?
Soon, the housing market may be as simple as trading stocks. We have talked about artificial intelligence in our blog before, but recently, AI has been making a massive change in the housing market that may revolutionize the way houses are bought and sold. As different business models of home-trading companies, sometimes called “iBuyers” have been collecting lots of attention by shaking the foundation of the housing market, information technology has set its sights on an industry where “paperwork is still done on paper, and where customers are often steered among professionals scratching each other’s backs.” Zillow, a company that has continued to revolutionize the real estate market, has started their own iBuying division, buying and selling homes, all online. Zillow executives have begun to see the listing price as a machine learning exercise. Furthermore, Zillow has access to incredible amounts of information about demand, gleaned from 180 million unique website visitors each month. How much of what comes next comes down to algorithms? For now, the onslaught of machine learning in the housing market continues unabated. 10.24.19