Nearly three out of four Kentucky REALTORS® – 73% – said their sellers had not reduced listing prices to attract buyers according to the April 2020 edition of the HousingIQ Survey of Kentucky REALTORS®. 70% of the nearly 600 REALTORS® from across Kentucky reported that their buyers had stopped looking.
“Home prices holding steady, diminished buyer interest, and increasing homeowner stress are contributing to a confusing housing market”, said Lester T. Sanders, President of Kentucky REALTORS®. “There is literally no better time to tap a local market expert. REALTORS® can help with strategy, timing, and myriad other aspects of the home buying or selling process. An app can’t do that.”
The HousingIQ Survey of Kentucky REALTORS® is administered monthly to the Kentucky REALTORS® membership as part of an effort to harness the ears-to-the-ground knowledge of REALTORS®. The responses are analyzed and reported as the HousingIQ/Kentucky REALTORS® Confidence Index. The April 2020 edition included additional questions to gather first-hand knowledge about the impact of the coronavirus on the Kentucky housing market in April.
The emerging narrative is that house prices will mostly hold steady in the next twelve months although transaction volumes will be lower. The anticipated stress on homeowner finances will create opportunities for single-family rental investors.
In the next twelve months:
• 40% of respondents expect a decrease in sales volume
• 51% anticipate decreased foot traffic
• 46% expect houses to stay on market for longer
• 36% expect fewer sales to first-time buyers
• 90% of respondents anticipate an increase in delinquencies
• 59% expect more houses to sell below asking price
• 57% expect increased sales to investors.
Only a third of the Realtor respondents reported a deterioration in their ability to conduct business during April.
“During the past two months, KYR has worked hard to provide many opportunities to connect and engage our members”, said Steve Stevens, C.E.O. of Kentucky REALTORS®. “Through facilitated discussions, guidance on safe practices, new forms, and links to financial assistance we have strived to keep REALTORS® working and their businesses not just surviving, but thriving in this challenging time.”
The latest report is available here.
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