As lenders increasingly implement artificial intelligence, homebuyers are becoming more trusting of it.
More than 70% of Americans said they would use AI for at least one homebuying or selling task, while 37% said they would be willing to let it manage the home purchase from start to finish with minimal human involvement, according to a LendingTree survey of 2,000 consumers in the United States. Of the functions buyers would use AI for, 35% said to find homes within budget, 28% said to estimate a home's value and 24% said to locate down-payment assistance.
United Wholesale Mortgage and
"Launching the Mortgage Matchup ChatGPT plugin is another step towards making the process of finding a mortgage expert easier, faster and more personalized," UWM Chief Marketing Officer Sarah Deciantis said in a press release. "We are bringing mortgage guidance into a widely used AI platform, helping consumers get the information they need to connect with the right mortgage expert when they're ready."
But 41% of Americans wouldn't let AI handle the entire homebuying process and 28% wouldn't consider it for any housing task, as consumers still prefer human involvement in major homebuying decisions. When deciding how much to offer on a home, 48% of buyers are most likely to trust a real estate agent or their own research, according to the survey.
Misinformation and data security were the top concerns regarding AI, while not enough human judgement and a lack of responsibility also worried respondents.
"Consumers seem ready for AI to be a co-pilot in the homebuying process, but many aren't ready to hand it the keys," said Matt Schulz, LendingTree's chief consumer finance analyst. "AI can help with the legwork, from narrowing a home search to finding assistance programs, but trust is much harder to automate. When decisions involve an offer, sensitive data or a life-changing amount of money, people still want human judgment and a chance to verify what they're being told."
What housing technology do Americans use?
Online home search websites and apps were the most-used housing technology by far, as 34% of Americans said they used one in the past year.
AI tools followed at 15%, which narrowly edged out real estate agent websites and apps, also at 15%, and virtual home tours, at 14%. Online affordability calculators and smart home technology, like locks, thermostats and security cameras, were each used by 13% of respondents, according to the survey.
Among those who used AI, 38% utilized it for researching or comparing neighborhoods, followed by searching for homes at 35% and estimating home values at 33%.
