The Great Wealth Transfer is bringing more parents into the process during their kids’ home purchases — and increasingly, those parents are bringing ChatGPT with them.
Agents say buyers are feeding inspection reports straight into AI chatbots, then negotiating off the inflated repair estimates that come back out. This becomes even more common when mom and dad are footing the bill, and it’s reshaping how agents have to manage expectations, credibility and the deal itself.
When mom and dad fund the deal, ChatGPT gets a seat at the by Nick Pipitone
Nearly 1 in 5 first-time buyers say they plan to lean on their parents for financial help to purchase a home, according to a 2024 survey by Intuit Credit Karma. That share nearly triples among Gen Z respondents, 44 percent of whom expect parental assistance, compared with 16 percent of millennials and 12 percent of Gen X.
That financial assistance means that, often, parents are calling the shots during the negotiation and escrow process, and they’re relying on ChatGPT for insights. That leaves young buyers stuck with a conundrum: Should they push back on AI-generated strategies and risk losing parental funds or accept AI advice and risk losing the house?
Last week, Inman contributors provided additional context on this increasingly common family dynamic, along with tips for working with first-time homebuyers.
Before you help your kids buy a home, read this
The Bank of Mom and Dad needs its own underwriting process. Trainer Bernice Ross tells you how to help your clients, and their parents, think ahead before they buy.
Ratification used to be the finish line. Now it’s the riskiest week of the
Buyers are comfortable going under contract before they are in love with the home. Kyle Crawford shares the three conversations that shift demands.
What do agents need to know about 1st-time buyer
This week in his America Answers column, America Foy addresses all of your burning questions about planning a first-time homebuyer seminar.
