Lexur News & Announcements

Will Home Appraisals Be Replaced by Technology?
Monday, July 31, 2017

The automation of jobs is not a new subject by any means. When it comes to robots taking over, the future of work, employment, and economy has always been a discussion. But while self-driving vehicles are in the current limelight, there’s another technological advancement that may hit the real estate market in an unexpected way: automated appraisers.

Major advances in data and computing have led to systems which can automate this highly knowledge-based position. Recently, Freddie Mac announced that it would begin to allow automated valuations for a number of refinancing loans which will, in turn, decrease the number of appraisals requested. And if less appraisals are needed, less appraisers will be needed as well. However, not all will be lost right away. In most cases, there’s no replacement for genuine human knowledge.

Many of the computer models in use now can only give ballpark estimates when it comes to appraisals, but the technology is only getting better as time goes by. For example, Zillow’s Zestimate tool uses algorithms, machine learning, public records, MLS data, and broker/user information to calculate increasingly accurate estimates. The more data the tool collects, the more it learns. Because its focus relies heavily on public data, the tool is unable to know or understand the little details of a property. However, with the increasing power of technology, it’s safe to say that these appraisal robots just might figure those out as well. And the industry will have to adapt.



 
 
Subscribe To Our Blog

Blog Categories

  • Blog
    • 04/10/2019 - Integration of Technology in t
    • 02/13/2019 - Reasons to Have Your Property
    • 12/12/2018 - Why do you need to get your pr
    • 10/10/2018 - The Benefits of Cloud Computin
    • 08/08/2018 - Why Is A Good Real Estate Appr
    • 06/05/2018 - Using Sales Comparison Approac
    • 04/09/2018 - 3 Most Commonly Used Appraisal
    • 02/06/2018 - Using the Cost Approach for Re
    • 07/31/2017 - Will Home Appraisals Be Replac
    • 05/31/2017 - The Importance of Core Values
    • 01/18/2017 - How does Cloud Computing Benef
    • 11/18/2016 - What is Cloud Computing?
    • 09/19/2016 - Key Terms in Real Estate Asses
    • 08/18/2016 - What you Need to Know About Co
    • 07/14/2016 - Landscaping Impacts Property A
    • 05/11/2016 - How Virtual Data Verification
    • 04/17/2016 - What is the Difference Between
    • 03/15/2016 - Defining Terminology: What are
    • 01/13/2016 - Ideas for Winter Curb Appeal (
    • 12/16/2015 - Ideas for Winter Curb Appeal (
    • 11/23/2015 - Further Appraisal Services Def
    • 10/09/2015 - More Definitions on What We Do
    • 09/22/2015 - Definitions of a Few Appraisal
    • 08/13/2015 - The Difference Between an Asse
    • 07/13/2015 - Basics to Understanding a Home
    • 06/17/2015 - Curb Appeal Tips for Selling P
    • 05/19/2015 - Setting the Stage: Effectively
    • 04/10/2015 - Have Your Yard “Bloom” Into Sp
    • 03/16/2015 - The Benefits of a Reappraisal
    • 02/12/2015 - Keeping Your Landscape in the
    • 01/15/2015 - Learn More About GIS
    • 12/17/2014 - What Exactly Does an Appraiser
    • 11/10/2014 - What You Need to Know About a
    • 09/30/2014 - Staging Your Home for an Appra
    • 08/30/2014 - More Unusual Buildings
    • 07/31/2014 - Unusual Buildings in the U.S.
    • 06/30/2014 - Curb Appeal
    • 05/30/2014 - What to Do Before Your Home is
    • 03/28/2014 - "Being Nibbled To Death By Duc
    • 01/31/2014 - VDV's Role in Lexur's Mass App
  • News

Tag Cloud
 
 
Copyright © 2023. LEXUR APPRAISAL. All Rights Reserved
mangakakalot