Will AI Make Buying A New Home Easier Than Ever?

Artificial intelligence and machine learning are slowly making their way into various aspects of our lives. For the average person, however, the use of AI goes on behind the scenes. Aside from virtual assistants like Siri and Alexa, most people would find it hard to pinpoint where it actually affects them.

But this is changing, as the usage of machine learning is becoming prevalent in every industry. We all understand that companies have profiles on us made from endless data points we didn't even have to manually input. This has made it easier for companies to market to us, creating a great environment for small businesses, and it will make life easier for individuals as well.

One of the ways it will soon make life easier is in the process of becoming a new homeowner. Here's how.

Homeowners' insurance and AI

In the insurance industry, Lemonade has been making waves ever since it launched. One of the most recent and significant advancements has been in the use of AI for homeowners insurance. While still maintaining the human touch for closing complex claims when necessary, their AI assistant Maya helps people through the process of insuring their homes.

The AI behind Lemonade's insurance makes it possible for the company to more accurately assess risk, set fair premiums for each individual policyholder, and quickly process claims.

Insurance has always been one of the most stats-heavy industries. With AI to process far more data far more quickly, insurance companies can evolve to better serve every customer.

Identifying neighborhoods and homes

Machine learning has already impacted the way we buy homes. After all, any good property website will highlight the best fit for every online visitor. However, there is still a long way that AI can go to further improve the process.

In the near future, virtual assistants will not just find the houses best suited to buyers, but take them through the home in a virtual setting as well. Along the way, the AI bot will point out the traits of the home that the individual will be most interested in.

But it won't begin and end with the home. The entire neighborhood will be assessed, with AI showing the potential new homeowner the exact ways in which the neighborhood will accommodate them and their family. Instead of looking for homes in neighborhoods that you think you'll like, you will be led to neighborhoods that are almost definitely right for you.

Pricing a home

Housing prices are not always based on actual value. Variance in supply and demand can create markets where homes are over-or undervalued. Determining exactly how much you should pay for a home is practically impossible. However, AI can use live information to collate the specifications and features of a particular home and compare it to other homes just like it.

This will give buyers leverage for negotiations with the seller or vice versa. Even if the seller won't budge, the buyer can take a look at one of the equivalent properties selling at a lower price. In some cases, the buyer will return to the seller with an understanding of why they might pay more for this particular home, but they will benefit from not having to grapple with buyer's remorse.

Processing the transfer

Processing the transfer is the admin no one wants to deal with. The good news is that it is already becoming more streamlined, with the ability to get the paperwork done immediately. AI will take it further by connecting all the parties involved, following up when someone has not signed a contract and getting the transfer done more quickly than ever before. AI is already making buying a home easier. As technology progresses and more companies adopt AI, it will give a whole new outlook to potential buyers of homes.