Artificial intelligence (AI) has grown rapidly over the course of the last 18 months. What began as casual use such as drafting emails, or Gen Z using it to write full-fledged essays, has now advanced to far more complex applications such as producing an entire commercial with the help of just a few prompts. This rapid evolution is just one of the many critical subjects explored through RiskWire: On the House.
In this fourth episode, host Eric Fox welcomes a special guest: Jon Flees, Veros’ Manager of Data Science and Modeling. Eric and Jon kick off their conversation by discussing AI’s general landscape and its swift growth over the past year and a half. Then, they pivoted towards talking about AI as it relates to the housing market and valuations.
Here are some standout highlights from their discussion:
- There are two types of transformations occurring. One is simply AI itself, but the other is computational power. Tasks that normally would take a full work week can now be completed in minutes.
- When comparing the AI revolution to the beginning of the internet, we can see that we are still very early in this process of discovery and improvement. The full impact of companies like Google weren’t seen from the outset of the internet, which means AI’s “Google” could still be on the horizon.
- AI is bringing vision to the table when it comes to housing valuation. Computers and databases are given eyes into the condition of a home.
- An appraiser can hypothetically look at a kitchen and determine that the current state knocks $25,000 off the price of the home. What the AI models can do is put that kitchen up against thousands of other kitchens it has examined and make that determination of what the true adjustment would be based on comparables.
Curious to learn more about artificial intelligence and its profound applications in real estate and beyond? You won’t want to miss the full episode!
Watch the full episode of the podcast today: Webcast & Interviews – RiskWire, powered by Veros
Also, don’t forget to check out RiskWire: On the House on Apple Podcasts, Spotify, and YouTube Podcasts! You’ll be glad you did!
