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AI Estate Agents Can Value Your Home 🏠
🏠 Meet your new real estate agent: it’s a bot.
🤔Skilled professionals see clues everywhere: potholes and storefronts, the models of cars and the types of crowds in the area, which all contribute critical insights into how to value homes.
🕵️♂️ Visual AI algorithms can predict the price of a house with striking accuracy by using Google Street View and analyzing visual features.
📸 Our lab at MIT trained a real estate bot using pictures of 20,000 houses and data on how their prices changed over time. The algorithm was able to make accurate predictions of how prices would change over time by considering various variables.
🤖 In a recent study, we discovered that visual AI can also predict aspects of a neighborhood's profile, such as poverty, crime, and public health. This technology has the potential to revolutionize the real estate industry.
🌆 However, the rise of algorithmic real estate is not without risks. There is a concern that biases could be reinforced, leading to over or undervaluing of certain properties, particularly those belonging to racial minorities.
🚫 It is crucial to carefully consider the implications and ethical implications of relying solely on AI algorithms for property valuation.
#RealEstate #AI #Insights
Read the article: https://www.ft.com/content/568acac7-9a5a-4238-a605-1994fd0df785
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