Artificial intelligence has become a ubiquitous part of modern life for an increasing number of U.S. consumers. So, it’s not particularly surprising that 72% of respondents to a recent LendingTree survey said they would use AI for at least one homebuying or selling task.
But another survey stat pops out: 37% of respondents indicated they would let AI manage the entire homebuying experience with “minimal human involvement.”
That’s a course of action that Matt Schulz, LendingTree’s chief consumer finance analyst, advises against.
“AI should be a starting point, not the final word,” Schulz remarks in the report. “A mortgage or real estate professional can help explain trade-offs, local market realities, loan rules and risks that a chatbot or online tool may miss.”
Instead, he recommends targeted use of AI tools, such as for budgeting, understanding mortgage types and researching downpayment assistance programs.
“Those are time-consuming, information-heavy tasks where AI can help people ask better questions and narrow their options,” Schulz adds.
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The survey data shows those are precisely the types of tasks most prospective homebuyers are open to using AI for. About 35% of respondents said they would consider using AI assistance for home searches. Another 28% said AI could be useful for estimating home values and 24% would consider it for downpayment assistance searches and overall budgeting.
On the lending side of the homebuying process, 18% of respondents said they would be open to using AI to explain mortgage options, while 16% would consider it for comparing mortgage offers.
Looking ahead to the year 2036, 36% of respondents believe AI will help bring down homebuying and selling costs. On the flip side, 64% think AI will still have minimal involvement a decade from now.
For Schulz, those sentiments underscore the continued importance of mortgage and real estate professionals.
“AI will likely make the mortgage process faster, cheaper and less intimidating over the next decade,” he says. “That’s a big deal because buying a home is overwhelming, even for people who have done it before. However, the human touch will always be important, especially when the stakes are highest, such as when you’re deciding what you can afford or negotiating to get the best terms possible.”
