Advancements in Eliminating Bias in Real Estate Valuations
Standardization, diversity, and regulatory reform: impactful steps in eliminating bias in real estate valuations.
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Technology
Modern Technology for Eco-Friendly Living
Home buyers are seeking homes that could potentially reduce their carbon footprints according to a study by the National Association of Realtors. According to this study, 32% of respondents (NAR members) use green data fields in their MLS to promote energy-efficient features.
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Unlocking the Potential of AI: From Sci-Fi to Reality
In the housing sector, AI is transforming the industry in numerous ways, from streamlining the search for your dream home to predicting market trends and optimizing property management. AI-powered real estate platforms use algorithms to analyze homebuyers’ preferences, budget, and lifestyle to suggest homes that are a good fit for them.
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Technology Can Help Provide Accurate and Fair Home Valuations
As with any new technology, there are also potential risks associated with its use in the housing industry. For example, there is a risk that technology could be used to perpetuate discrimination against certain groups of people. It is important to ensure that technology is used in a fair and ethical way, and that it does not exacerbate existing inequalities.
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Testing for Racial Bias in AVM Valuations
Several studies have examined the issue of racial bias in Automated Valuation Models (AVMs) by analyzing various measurements of AVM valuation errors in relation to the sales price. One such study conducted by the Urban Institute utilized three measurements to determine the difference between the sales prices and AVM values:
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