DOM inspiration
What is entirely unremarkable is the trend in days on market for U.S. home sales in 2020. A steady decade-plus downward trend has continued unabated despite COVID-19. The explanation is certainly multivariate, probably inconclusive, and certainly open to debate. Many factors are at play, including trends in supply and demand, cheap financing, and virtual real estate technologies.
I looked at the photos on the list.
The secret of image data
Our goal was not to answer the “why” but to gather data on the “what” that happened. Has the COVID-19 quarantine changed the way sellers present their homes, particularly the images they include on their listings?
There are striking early signs that our image intelligence is delivering insights. With over two years of machine learning training and millions of images, our intelligent technology can now recognize unique architectural styles as well as room types. We analyzed California MLS data dating back to 2020, including over 170,000 property images, looking for patterns in seller behavior. Relationships within the data are beginning to emerge.
We can say with statistical confidence that the average seller in California is posting 15% more photos. Not surprising. What's more interesting is the types of photos that are prevalent. Exterior photos increased by 38%. “Other” interior photos (not bedrooms, bathrooms, kitchens, dining rooms, or living rooms) increased by 33%. Hmm.
One can draw an anthropological conclusion: the quarantine has changed what “home” means and how it looks. A master bedroom, a kitchen island, and 3.5 bathrooms are not enough. Other spaces that are livable while confined need to be expressed. You can't spend time in a restaurant, but you can spend time in a garden. So buyers need to imagine “going out” safely.
It's too early to provide any truly compelling and reliable correlations linking specific rooms to market valuations and bid prices. But image intelligence reveals insights that we're only just beginning to explore. The images below provide some inspiring hints. Stay tuned.
The MLS image of this lamp was correctly classified as a bedroom by Purlin’s image intelligence technology.
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