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Robot realtors

Posted by The Aramco Group on Thu, Aug 3, 2017 @ 14:08 PM

Automation has been a long concern for fast-food and factory workers who worry that robots may soon make their jobs obsolete. But advances in computerized systems may soon make their way in a surprising business: real estate.

Online real estate marketplaces are not new to the housing industry. Sites like Zillow and Redfin are growing exponentially – the latter entering the stock market last week with a $138.5 million IPO. These sites and the complex algorithms behind them are designed to put home buying and selling at a users fingertips. Some experts predict that it may not be long before they gear up to actually facilitate real estate transactions.

A recent Bloomberg article highlights how even the appraisal processes for these sites could very soon be shrinking the need for human appriasers. Zillow says it's Zestimates are learning to capture not only the major information of a property like the number of rooms, but also whether the house has upgrades like new cabinets.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.