Will Artificial Intelligence Affect Your Next Home Sale or Purchase? | The Source Weekly - Bend, Oregon

Will Artificial Intelligence Affect Your Next Home Sale or Purchase?

How AI is disrupting the real estate industry

Artificial Intelligence has the potential to touch every part of our lives — including the ways in which we shop for, buy and sell homes. In fact, your local real estate broker may already be using AI. AI promises to make it easier to buy and sell properties, and faster than ever before. Similar to the introduction of the internet and websites like Zillow, the AI revolution is moving forward quickly.

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Enhanced online experiences

From virtual staging and viewing to property valuation, AI is helping both buyers and sellers. Many real estate apps have already integrated some AI tools and algorithms. For instance, did you know AI can help you fine-tune your search results on a much more micro level than ever before? Instead of searching for a wide range of three-bedroom homes, you can limit your search based on nearby schools or how much sunlight enters the home.

AI also has the potential to save time and money through enhanced capabilities for virtual staging and touring. According to the Association of Realtors, 97% of homebuyers have used the internet to search for homes. AI can make this web-browsing activity more comprehensive and immersive through special 3D modeling, which is a step up from Matterport-like online tours with the ability to drill down to minute details and more lifelike experiences. For the seller, AI can also help to stage these homes virtually, which may increase the value of the home.

Precise property valuations

While nothing can replace the experience and market knowledge of your real estate broker, AI is helping us find and analyze complex data sets including historical sales data, market trends, comparable properties and even factors like neighborhood developments and infrastructure. As Bend grows and changes, the ability to quickly adapt value with the consideration of new developments, revitalizations and school boundaries is more important than ever. AI doesn't take over the home valuation process; rather, it helps us analyze various influencing factors that might not yet be fully understood. By leveraging AI for property valuation, sellers can gain a competitive edge in the market, optimize their listing prices and attract potential buyers more effectively.

Expertise & personal consultation

Many people worry the power of AI could replace humans and their jobs, but real estate brokers will remain necessary. While AI has decreased the need for physical open houses and in-person meetings, real estate brokers still hold incredible value in negotiation and representation. As well, they add a personal touch and consultation of which AI is not capable.

Mitch Robinson, president of "Real Estate News," said in an episode of RealtyHack, that, "There are no signs real estate agents are going away. They're the most important local businessperson you have in your community."

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