Zillow will shut down its AI-enabled home buy/selling business and cut 25% of its workforce. The iBuying segment lost $422M in the most recent quarter.
Engine of their product is the Zestimate algorithm, a neural net model.
The article didn't talk about specifics, so I wonder who developed these algorithms.
Did they hire experts in modeling markets (i.e. economists
and finance/quants) to develop their financial models and algorithms, or did they just use some developers that like to fool around with ML libraries in their spare time and/or data science undergrads?
Now from a consumer pov, I'm glad this failed. It sucks for home affordability to have that kind of cash buying up the home supply.
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[ 2.6 ms ] story [ 9.9 ms ] threadEngine of their product is the Zestimate algorithm, a neural net model.
Did they hire experts in modeling markets (i.e. economists and finance/quants) to develop their financial models and algorithms, or did they just use some developers that like to fool around with ML libraries in their spare time and/or data science undergrads?
Now from a consumer pov, I'm glad this failed. It sucks for home affordability to have that kind of cash buying up the home supply.