Approximately 32 percent of local distressed property buyers expect a 2023 home price decline, nearly double last year’s percentage, according to Auction.com’s 2023 Buyer Insights Report. The report also revealed that about 92% of survey takers identify as local community developers or owner-occupants, with the owner occupant portion (15%) nearly doubling over the last year.
“Local community developers buying at distressed property auction are on the frontlines of the housing market and provide a reliable barometer for emerging real estate trends,” said Jason Allnutt, Auction.com CEO. “They are telling us 2023 will bring further home price declines in many areas but also increased opportunities to convert distressed properties into affordable housing supply as prices adjust to a new market-driven equilibrium.”
The 2023 Buyer Report also shows how many Auction.com buyers:
- Plan aggressive property acquisitions in 2023
- Use a renovate and resell to owner-occupants strategy
- Plan to increase or keep the same number of property acquisitions they had last year
- Rank improving neighborhoods as a top-three motivation for real estate investing
Download the comprehensive report to learn more about Auction.com buyers, including strategy, outlook, and buying habits.