How AI is Quietly Revolutionizing the Homebuying Market

Posted On Tuesday, 21 July 2020 20:21

Artificial intelligence, or AI, has completely reshaped the lives of many people, in various ways. AI has been able to touch nearly every aspect from pricing to connectivity and even how people access information. It has also seen an almost unforeseeable turnover in how services are offered in nearly every industry. It comes as no surprise that AI has found its way into the real estate market. 

Below are several ways in which AI is quietly changing how buyers and sellers go about marketing and selling their property. 

Optimizing Communication Between Buyer and Seller

Artificial Intelligence has taken away the hassle of going through many sources or an endless number of listings for buyers in search of their dream homes. There are many tools present in the market today that connect buyers with the most relevant properties for them. 

This not only reduces the time spent house hunting but transaction costs as well as. For buyers, they are able to have more direct access to the seller rather than having to go through an agent.

Chatbots have optimized the way a lot of sellers interact with their customers. Bots are able to provide answers to easy and often frequently asked questions to customers using pre-automated answers. They also direct customers with more difficult concerns directly to agents who can best help them, thus customizing the customer experience. 

AI has also allowed the buyer and the seller to establish a more direct interaction, with both improved speed and convenience. By doing so, buyers are able to make a more informed decision on whether they should buy a home or not. 

Uncovering Hidden Costs

The real estate market can often feel overwhelming, especially for new potential homeowners who have little understanding of what the process of buying a house entails. Thanks to AI, buyers are able to identify any hidden costs that could potentially show up in their mortgages or final buying price.

The listed price does not always reflect the hidden costs such as closing costs or taxes. AI, however, helps with this by using tools such as the mortgage hidden cost calculator

This tool allows potential homeowners to work out how much they actually need to pay off, thus giving them a more comprehensive understanding of the market as well as allowing them to make informed financial plans.

Big Data

Big data has proven to be a game-changer for real estate. Not only does it provide the gateway allowing for automation and customization but it also provides both buyers and sellers with a sea of information they can tap into easily. 

This information is useful when analyzing market trends, hidden costs, and consumer preferences. Big data also allows algorithms to calculate a number of possibilities and provide the most efficient solutions for challenges such as pricing of a house. 

AI Brings the Future a Lot Closer

Overall AI has many great benefits. From providing buyers with valuable tools such as the mortgage hidden cost calculator to connecting them with the most relevant properties as per their preferences. 

However, the extent to which artificial intelligence can change the market is still unknown and for many, a human touch is still preferred when looking for a good bargain or more detailed understanding of a house. As such combining AI with human interactions is the best possible bet for ensuring a great homebuying experience.

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