The Emergence of Artificial Intelligence in Real Estate
By now, you’re probably acutely aware that “Artificial Intelligence” (AI) is gaining popularity in all aspects of the world we live in. Many homes now use AI for programmable thermostats, doorbells, security systems, lighting, music, even notifying homeowners if the garage door is open or closed. Just recently, at a HOA conference, we were introduced to a new an artificial intelligence tool for homeowners and Realtors to help track the financial investment in your home.
By the time the average American reaches 65 years of age, 83% of their personal wealth will come from their home equity. As a homeowner, you probably realize you should maximize the wealth in your home. And, like most, you probably realize there are many different ways to do so. But it can be complicated, and you may not have the time to figure it out. AI planners soon will assist as a financial planner that enables you to quickly and easily analyze and maximize the wealth from the single largest asset you will ever own.
Additionally, considering most American’s personal wealth is from real estate, perhaps the purchase of an investment property could be a wise addition to your portfolio and wealth management. Knowing how much equity you have available in your home can be helpful in the potential leverage and purchasing power you may have to acquire a viable investment property.
The bottom line is that artificial intelligence is now an embedded technology in the world we live in.
A Refreshing Look at the Question “What is my House Worth?”
Let’s take a look at some of the stats for our area to get a better idea of what is going on in the local housing market!
In Arapahoe County for Feb 2018, the average sales price* was:
- $385,000 for Single Family Homes (up 8.5% from 1 year ago)
- $240,000 for Condos/Townhomes (up 12.4% from 1 year ago).
In Douglas County for Feb 2018, the average sales price* was:
- $475,000 for Single Family Homes (up 7.5% from 1 year ago)
- $314,900 for Condos/Townhomes (up 9.9% from 1 year ago).
*Median sales price based on a six-month moving average