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Zillow’s using AI to price homes, plans to purchase more homes through its Zestimate Offers program | News – Atlanta, Georgia

Atlanta, Georgia 2021-06-16 03:52:00 –

Atlanta (CBS46)-Zillow has revamped the Zestimate evaluation model for residential metro Atlanta.

The upgrade started on Tuesday.

According to Zillow, this change allows the algorithm to respond more quickly to current market trends and improve the median error rate across the country to 6.9 percent, which is more than 104 million off-market homes. It’s an almost complete percentage point improvement. “

The new software uses a “neural network” that incorporates a “deeper history” of asset data such as sales transactions, tax assessments and public records. House details such as square feet and location remain elements of the algorithm.

According to Zillow, neural networks are artificial intelligence systems that mimic the work of the human brain. Neural networks can efficiently map hundreds of millions of data points.

Dr. Stan Humphries, Zillow’s Chief Analyst and Creator of Zestimate, said: “The new architecture, debuting today, represents another important step in efforts to leverage big data to increase consumer confidence and lead to better decision-making.”

February, Zillow announces Zestimate First cash offer For homes in specific markets, including homes in the Atlanta Metro.

According to Zillow, the latest software updates and improved accuracy of Zestimate could increase the number of homes eligible for cash offers by 30%.

Change happens as home buyers in Metro Atlanta struggle to find affordable homes.

CBS46 interviewed a homebuyer who described this process as follows:miserable“.

According to Zillow’s monthly report, homes in Metro Atlanta sell on average in six days.

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Zillow’s using AI to price homes, plans to purchase more homes through its Zestimate Offers program | News Source link Zillow’s using AI to price homes, plans to purchase more homes through its Zestimate Offers program | News

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