AI Can Now Predict the Future of the Real Estate Market

Hopewell and OpenHouse.ai are redefining the traditional homebuying experience and gaining advance insight into market shifts

CALGARY, AB, March 26, 2024 /CNW/ - Hopewell Residential, one of Alberta's leading community developers and home builders, has partnered with OpenHouse.ai, a pioneering Canadian company bringing artificial intelligence (AI) to the real estate industry, to leverage AI to better meet the needs, lifestyles, and budgets of modern homebuyers while gaining vital foresight into the evolving housing and construction market. 

"The residential construction industry has lagged behind many other industries when it comes to technology development and implementation," says Lindsay McGregor, Chief Operating Officer at Hopewell Residential. "That is often because tech companies have not invested the time to really understand the business needs of residential builders. That is where OpenHouse.ai stands out."

In today's AI-powered world, Hopewell Residential's partnership with OpenHouse.ai allows them to meet buyers where they are, using innovative solutions to streamline the homebuying process and offer a personalized home shopping experience. With Alberta as a top choice for people moving within Canada, the shift to AI means Hopewell can offer a convenient and smart online experience for a growing number of first-time and seasoned buyers within and out of the province to explore home designs, understand if a particular community is right for their needs, and connect seamlessly to the sales team to continue the buying process. All while collecting insights to drive decision-making and improve the home building and buying process.

"Working with OpenHouse.ai has helped evolve our business considerably," McGregor says.

"They have taken the time to deeply research builder business needs and have turned that knowledge into a tech stack that not only provides a better consumer experience but enhances business processes at the same time. They are transforming the homebuying and homebuilding process and we are proud to partner with them and bring innovation to our market."

In addition to a customized online experience for homebuyers, OpenHouse.ai's predictive modeling offers future-looking insights into market shifts. This allows Hopewell to strategically consider its pricing levels and promotions to meet changing market conditions - before they happen. With a clear vision of where the market is heading - including shifting interest rates, supply and demand, and material costs - Hopewell can make informed decisions to keep homes readily available and affordable for buyers.

Hopewell Residential and OpenHouse.ai's collaboration includes a platform, OpenConnect, designed to cater to the needs of online-savvy homebuyers while maintaining the essential human element in selecting buyer's dream homes. Unlike traditional build and price models, OpenConnect observes buyer behaviour patterns to better understand the needs of buyers while enabling them to easily find their future homes.

"To meet the demands of a dynamic housing market, our goal is to help home builders deeply understand the needs of homebuyers and, ultimately, build better homes to suit buyers' needs," said OpenHouse.ai CEO and Co-Founder Will Zhang. "Technology has already made a significant impact on almost every other consumer-facing industry and changed how businesses make better decisions to serve their customers more effectively. We believe that AI can finally accelerate the digital transformation of the home building industry, and we are grateful for the opportunity to work with some of the most forward-looking builders in this industry to make a difference."

The evolution of AI is redefining the way people build, buy, and sell real estate. By partnering with OpenHouse.ai, Hopewell is looking beyond the current home buying experience to offer buyers greater convenience while using data and market insights to optimize the construction process, reduce waste, and refine product offerings.

About Hopewell Residential:
As part of the Hopewell Group of Companies, Hopewell Residential has been building homes and creating communities across Alberta for over 30 years. With its core operations focused on the development of successful master-planned communities, alongside the design, sales and construction of both multi-family and single-family homes, Hopewell offers a wealth of experience and expertise from its Calgary corporate office. It has created many desirable communities in Calgary, Edmonton and Airdrie, including Mahogany, Hopewell's master-planned, national Community of the Year award winner, and one of Calgary's best-selling new communities since 2013. Beyond its community developments, Hopewell prides itself on building stylish and attainable homes for all walks of life ? from condos and townhomes, to Paired homes, Laned homes and Front-Garage homes. With dozens of home design awards, alongside an impressive track record of sales across Calgary and Edmonton, one thing is sure ? Hopewell's homes and communities are truly Made to Live.

About OpenHouse.ai:
OpenHouse.ai Builder Intelligence Platform equips homebuilders with real-time analytical capabilities and tools to make data-driven decisions across your organization. Leverage the platform to gain a better understanding of home buyers, their preferences, and where your market is heading. See which homes and products are in highest demand in your communities. OpenHouse.ai helps homebuilders make data-driven decisions on when and where to build homes, as well as what the best homes are for each market.

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SOURCE OpenHouse.AI