According to a recent GOBankingRates survey, about 12% of people plan to buy a home this year, which is certainly not a lot, but one of the main factors holding back 27.19% of potential buyers. The first is the inability to find a home that you like in your price range.
If this sounds familiar, don’t just sit back and wonder when you’ll find your new home. The smartest buyers are using artificial intelligence to determine everything from the best time to buy property to actually finding their dream home.
GOBankingRates asked several realtors how they and their customers are currently using AI. Here’s what they had to say:
find your dream home fast
AI integration, an exciting new trend, is changing the way Ryan Fitzgerald, Raleigh, North Carolina-based real estate agent and owner of Homes Raleigh, does business.
“Until recently, I was helping a client (let’s call him John) looking for a specific type of property in Raleigh,” he said. “With the help of AI algorithms, we were able to instantly analyze vast amounts of public data such as property values, debt levels and homeowner information.”
He said this allowed him to find the perfect property for John in record time, leaving the client in awe.
He said AI will also be transformative for realtors.
“For example, it helps us identify homes that are likely to go up for sale,” he said. “By examining data such as past sales, owner occupancy and local market trends, we can better strategize our approach.”
Find details using AI
For your property to truly be your dream home, you need to check all, or at least most, of the items. John Gluck, a Scottsdale, Arizona-based realtor and owner of the Gluck Group, says AI makes searching easier than ever.
“AI can also help provide personalized recommendations, taking into account individual preferences, budgets and requirements,” he said. “You enter parameters such as desired location, property features, budget and desired schedule, and the AI will recommend the ideal time to buy a home based on market conditions.”
Efficiency with AI
Nicholas McMillan, founder and owner of Hire Realty LLC, a New York-based real estate agency that specializes in residential and commercial sales and investments, believes that this targeted approach It also increases the chances of merchants attracting and retaining customers, he said.
“Automating tasks with AI saves time and allows realtors to focus on building relationships,” he said. “This personalized marketing helps buyers navigate the market and find the perfect home at the right time.”
assess the market
“For homebuyers, AI will enable accurate property valuations and personalized searches,” said Fitzgerald. “It’s like having a real estate assistant who works for you 24 hours a day.” can always be known first.
“In that regard, Zillow deserves a mention,” he said. “By using neural networks in our home price estimation algorithms, we have not only provided homeowners with more accurate estimates, but we have also dramatically expanded the business of buying homes with cash offers.”
McMillan also pointed to the importance of AI algorithms for Zillow, Redfin and Realtor.com, which he said are used to analyze real estate data, identify market trends and predict future trends.
“This information will help buyers make data-driven decisions about when to buy a home, taking into account factors such as market fluctuations and supply and demand dynamics,” he said. “By leveraging the predictive capabilities of AI, individuals can gain valuable insight when buying a home and maximize their investment potential.”
analyze the market
Glitch said AI could also be used to monitor other information that could affect home prices.
“AI has the ability to analyze large amounts of real estate data such as sales data, price trends, and market indicators,” he said. “AI can help people identify patterns and insights about the housing market and inform them of the best time to buy a home.”
That’s not all. AI can also dig deeper and help people buy homes with even more confidence, he said.
“AI can also look at factors such as seasonality and economic conditions, which can help predict whether house prices are likely to rise or fall in the near future. I will,” he said.
It’s clear that AI is already having a major impact on the home buying process. In fact, you may not even realize how much it impacts search right now.
Buying a home is one of the biggest decisions you’ll ever make. We hope these insights have opened your eyes to new ways that AI can be used to both determine the best time to buy a home this year and how to find your dream home.
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