How AI Is Helping Potential Homeowners Find The Best Time To Buy Their Dream Home

According to a recent survey, approximately 12% of people are planning to buy a home this year, which when compared to other averages, is low. The same survey concluded that the remaining 27.19% of typical potential buyers are holding back due to an inability to find a home in their price range. This, however, could change with the utilization of Artificial Intelligence. 

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According to a recent survey conducted by GOBankingRates, only about 12% of people are planning to buy a house in 2023. This percentage is relatively low compared to the average demand, but the survey showed that the main reason for this low amount is an inability to find a property that they like that’s in their price range. 

In today’s modern world of real estate, more buyers are utilizing artificial intelligence (AI) to find their dream property while also determining when the best time to buy is. 

The survey from GOBankingRates also spoke with real estate agents and experts regarding the benefits of AI in the housing market. One of the experts was Ryan Fitzgerald, a realtor based in North Carolina. 

“It was not too long ago when I was helping a client, let’s call him John, looking for a specific type of property in Raleigh, North Caroline. With the help of AI algorithms, we were able to analyze vast amounts of public data, including property values, debt levels and homeowner information in a blink.”

Fitzgerald also noted the advantages AI gives to realtors: “For example, it helps us identify homes that are most likely to be listed for sale. By examining data such as past sales, owner occupancy and local market trends, we can better strategize our approach.”

John Gluch, a real estate agent based in Arizona, emphasized Fitzgerald’s points regarding AI making the search for a new home easier.

“AI can also help provide personalized recommendations by looking at individual preferences, budget and requirements. Inputting parameters such as desired location, property features, budget and preferred timeline, AI can recommend ideal times to purchase a home based on market conditions.”

Nicholas McMillan, a New York-based real estate agent who specializes in both residential and commercial properties, also discussed how these AI methods help agencies build and maintain their client base.

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“Automating tasks through AI saves time and allows real estate agents to focus on building relationships. This personalized marketing can help buyers navigate the market and find the most suitable homes at the right time.”

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“For homebuyers, AI enables precise property evaluations and personalized searches. It’s like having a personal real estate assistant working for you round the clock.” He said these immediate market alerts allow potential buyers to always be the first to know when properties that meet their criteria become available,” Fitzgerald stated. 

“On that note, Zillow deserves a mention. Their use of neural networks in home price estimation algorithms has not only given homeowners more accurate estimates, but it has also dramatically expanded its cash-offer home buying business,” he explained

McMillan built on Fitzgerald’s points regarding Zillow and AI algorithms, as well as its implementation in other popular real estate sites such as Redfin and Realtor.com. 

“This information helps buyers make data-driven decisions on timing their home purchase, considering factors such as market fluctuations and demand-supply dynamics. By leveraging AI’s predictive capabilities, individuals can gain valuable insights and maximize their investment potential when buying a home,” he said

“AI has the ability to analyze large volumes of real estate data, including sales data, pricing trends and market indicators. AI can help people identify patterns and insights regarding the housing market, which can signal the best time to purchase a home,” Gluch added. 

“AI can also look at factors like seasonality and economic conditions, which can help provide forecasts on whether housing prices are likely to rise or fall in the near future,” he concluded.