Report: Most of Kentucky’s Home Sellers Hold Steady but Buyers Discouraged

HousingIQ Survey of Kentucky REALTORS® finds home sellers take wait-and-see approach as buyers are growing discouraged by the recent stock market correction.

Nearly two out of three REALTORS® — 65% — said their buyers were significantly discouraged by the recent stock market correction, according to the March 2020 edition of the HousingIQ Survey of Kentucky REALTORS®. 84% of the over 700 REALTORS® polled from across Kentucky reported that their sellers had not removed their homes from the market due to coronavirus fears.

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 March 2020 edition included additional questions to gather first-hand knowledge about the impact of the coronavirus on the Kentucky housing market.

The emerging trend is that there will be a shift to a buyer’s market and there will be more opportunities for single-family rental investors. In the next twelve months,

– 68% of respondents expect more houses to sell below asking price

– 60% of respondents expect houses to stay on the market for longer

– 69% of respondents expect the number of distressed sales to increase

– 55% of respondents expect increased sales to investors

 

Kentucky REALTORS® Communications Director Paul Del Rio says the Coronavirus’ true impact on the housing market will reveal itself in the next few months. “We anticipated a decline in activity as consumers begin to adjust to our current situation”, he said. “However, the housing market should remain strong and those who tough it out will take advantage of some great deals. We encourage Kentuckians to remember that REALTORS® are transaction troubleshooting experts and can help guide consumers through the home buying or selling process.”

The full report is available at https://housingiq.wainstreet.com/surveys/ky

Download report PDF here