Communications of the ACM
Artificial Intelligence Is Taking Over Real Estate – Here's What That Means for Homebuyers
Artificial intelligence can be helpful for borrowers, but it also seems like the holy grail for real estate agents hunting for listings in todays ultra-competitive housing market.
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Brick-and-mortar real estate may seem like the only tangible thing left in an increasingly virtual world, but it too is being taken over by artificial intelligence.
Some of the biggest names in the business, such as Compass, Zillow and LoanSnap, are now employing AI to help find buyers the perfect mortgage and the perfect home. And for real estate agents, it may already be a game-changer.
Most real estate data is public, from land records to title documents, purchase price and even mortgage liens. The trouble was it was an onerous process to go to local offices and obtain all the information. Not anymore. Computer algorithms can now go through millions of documents in seconds, looking through property values, debt levels, home renovations, and even some of a homeowner's personal information.
From CNBC
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