More than three out of every five consumers would consider buying a home at auction, according to the results of a new online survey conducted by The Harris Poll on behalf of ServiceLink. 

More than 3,000 U.S. consumers weighed in on where they believe the housing market is headed in 2022 and their attitudes toward purchasing a home at auction.

Here are a few findings: 

  • More than one in four U.S. consumers (28%) are not aware that you can buy a home at auction
  • Among the respondents, 62% said they would consider buying a home at auction, with one in ten (10%) saying they have done so
  • Millennials (ages 25-40) are more apt to consider buying at auction than their older counterparts
  • 75% of millennials say they would consider buying a home at auction, compared to 65% of Gen Xers (ages 41-56) and 54% of baby boomers (ages 57-75)
  • One-fifth (21%) of millennial consumers have already bought a home at auction, compared to 13% of Gen Z (ages 18-24), 6% of Gen Xers and 4% of baby boomers

“It’s not surprising that millennials are pursuing new opportunities to achieve homeownership, particularly in the current real estate market where they are facing challenges due to high prices and low supply,” said Miriam Moore, president of default services at ServiceLink. “We expect that more auction properties will hit the market next year through foreclosure and buying homes at auction will become more mainstream as consumers look to buy quickly and at competitive pricing.” 

Potential cost savings (70%) and a faster homebuying process (57%) are motivating factors for more than half of U.S. consumers to buy a home at auction. Alternatively, not being able to see the home in-person prior to buying (66%) and not being able to get a professional inspection (62%) are factors that would stop U.S. consumers from buying at auction. 

Forty-two percent of U.S. consumers say the ability to bid remotely (online) would motivate them to buy a home at an auction.

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