(Image courtesy of Christina Morillo/pexels.com)
Veterans United Home Loans, Columbia, Mo., conducted a recent surve y to shed light on the use of Artificial Intelligence in homebuying. Thirty-two percent of prospective buyers reported using such tools as part of their process.
Thirty-eight percent of prospective buyers using such tools said they used AI for virtual home tours, and 37% said they used it to search for homes.
Next, 32% reported using it to estimate monthly payments and the same amount reported using it to check property values.
Nearly a third, or 31%, reported using AI while doing calculations to figure out how much they could afford or be preapproved for. The same number said they used it to glean homebuying tips.
And, 28% used AI to help shop for the best mortgage rates across lenders.
The survey found 27% used AI to visualize potential renovations and 22% used the tools to compare mortgage lenders based on reviews.
AI tools being used include ChatGPT, Meta AI, Gemini, Zillow’s natural language search, Co-Pilot, Siri, Realtor.com’s renovation designer, Galaxy AI and House Canary.
“With digital assistants and smart home devices gaining broader adoption in everyday life, AI tools are becoming a valuable resource for home shoppers,” said Chris Birk, Vice President of Mortgage Insight at Veterans United. “However, some buyers need balance–leveraging AI as a helpful tool while maintaining the human touch to guide and reassure buyers through life’s biggest investments.”The survey polled about 900 consumers with near-term homebuying plans.
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