FRANKFORT, Ky — Twenty-six percent of Kentucky realtors anticipate an increase in price-cutting by sellers over the next 12 months, according to the May 2021 edition of the HousingIQ Survey of Kentucky Realtors. Twenty-seven percent of the 330 realtors from across Kentucky, expect houses to stay on market for longer over the next 12 months.
The HousingIQ/Kentucky Realtors Confidence Index was mostly unchanged at 51.9. A value of 100 corresponds to all respondents agreeing that market conditions will improve, while a value of 50 corresponds to respondents anticipating no change in market conditions. The nearly four-point jump in the Buyer Power sub-index and one-point increase in the Price Expectation sub-index, point to a continued strong market that is turning buyer friendly.
The Homeowner Stress sub-index eased two points although, 57% of the respondents anticipate a greater number of distressed sales. The full report is available here.
Sixty-one percent of the respondents said interest from out-of-state buyers will increase.
“Our housing market has had a remarkable recovery and as our economy surges ahead, Kentucky will become a more attractive destination,” said Kentucky Realtors Communications Director Paul Del Rio.
- 50% of respondents expect an increase in sales volume
- 70% anticipate increased demand for entry-level homes
- 62% anticipate increased interest from distressed property investors
- 61% anticipate increased interest from out-of-state buyers
- 26% of respondents expect increased price-cutting
- 27% expect houses to stay on the market longer
- 44% anticipate greater foot traffic
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