- I asked ChatGPT common questions about real estate.
- I didn’t get earth-shattering advice, but it could be a good place to start if you feel clueless.
- Don’t expect a crystal ball, however, since its data only goes up to 2021.
In today’s overwhelming real-estate market, it would be nice to have a friend with all the answers.
ChatGPT is not exactly that friend, but the generative-AI tool sweeping the internet is a good starting point to tackle the most basic real-estate questions.
It could be most useful for first-time homebuyers — who face the most obstacles in today’s market, including high prices and a historic lack of starter homes — by providing a basic description of what the homebuying process entails.
Specific ideas or advice, such as the timing for real-estate choices or ways to improve the value of a home, were less impressive.
For the uninitiated, ChatGPT can serve up a useful step-by-step guide to how the homebuying process works.
Though painted in broad strokes, it can help someone think through steps like getting preapproved for a mortgage, applying for a mortgage, and closing on the home before you get the keys. It’s far more than just finding a pad you like on Zillow.
Home prices have grown rapidly over the past two years, but that massive number isn’t what you need in the bank. ChatGPT can remind you exactly what to budget for — like a down payment, closing costs, and moving expenses — when you set out to make likely the largest purchase of your life.
Very personal questions, however, are going to land you in the perennial territory of “it depends,” which actually is the right answer. Whether you should rent or buy depends on factors like your job, your financial situation, and how long you plan to live in an area.
Where ChatGPT starts to fall flat is in the specifics.
If you’re a first-time home seller looking for ways to increase the value of your home before listing, ChatGPT offers up ideas that are hardly novel. Updating the kitchen and bathroom and adding square footage are tried-and-true methods, but finding ideas unique to your property or in demand for your neighborhood will probably require a human’s perspective.
Definitely don’t expect ChatGPT to be your daily market expert. The tool is up to date only to 2021 and won’t give you an accurate reading of the state of the market now. And whether it’s a “good time” to buy will, again, come down to personal circumstances.