More Auction Buyers Expect Price, Rent Declines

(Image courtesy of; Breakout image courtesy of Stephanie Ho/, Irvine, Calif., released its 2024 Buyer Insights Report, highlighting that 40% of buyers buying distressed properties at auction expect home prices to decline in 2024.

That’s up from 32% in last year’s survey and 17% in the 2022 edition.

About half of buyers–49%–described their local market as “overvalued with correction possible.”

Of those surveyed, the clear majority–78%–described themselves as local community developers, and 13% described themselves as owner-occupants. Three percent were institutional investors, and the rest were “other.”

Fifty-five percent renovate and resell to owner-occupants as their primary investing strategy. Of respondents, 96% purchased fewer than 10 properties in 2023, and 70% purchased two or fewer.

Regionally, 46% of buyers in the Southeast expected home prices to decline. Those in the West–at 35%–reported the lowest numbers with that expectation.

In terms of rents, 29% said they expect them to decrease in the next year, compared with just 16% of buyers in 2023.

Regardless of price expectations, 60% said they expect to increase property purchases in 2024, up from 54% in the 2023 survey. And, 56% expect to keep their maximum bid calculation relative to property value the same; 21% said they plan to increase their maximum bid calculation.

The top three reasons that the respondents are investing in real estate include building wealth for themselves and future generations (97%), improving neighborhoods (82%) and creating jobs (57%).