The latest update to Zillow’s Zestimate algorithm now uses photos to adjust valuation of your home based on condition and features. That’s right, Photos, not nearby past sales but photos. So, what does this mean for Zillow fans? If your a fan, make sure your shutters, porch and rooms are painted.
This has to be the craziest thing I have heard yet on coming up with a real value for a house.
Stan Humphries, Zillow’s chief analytics officer & chief economist, said in a post; “We’ve taught the Zestimate to discern quality by training convolutional neural networks with millions of photos of homes on Zillow, and asking them to learn the visual cues that signal a home feature’s quality,” “For instance, if a kitchen has granite countertops, the Zestimate now knows — based on the granite countertop’s pixels in the home photo — that the home is likely going to sell for a little more.”
Zillow has some big plans and big delusions of grandeur.
What are your thoughts on this?