FRANKFURT, Ky. – Forty five percentage of Kentucky® Real Estate Agents expect homes to stay on the market for longer on the next one twelve months, according to the June Kentucky REALTORS® HousingIQ 2021 Edition. Thirty six percent of the 354 REALTORS® from across Kentucky, expect an increase in price reductions by sellers over the next twelve months.
Forty-eight percent of REALTORS® said their buyers are waiting for a pickup at new construction. “As the economy opens up and consumers become more confident about their job prospects, potential buyers are less likely to feel pressured to buy whatever is available. All the more so when substantial increases in mortgage rates are not imminent and bottlenecks in housing construction begin to ease, ”explained Vidur Dhanda, author of the survey. In the latest issue of the Home Purchase Sentiment Index, Fannie Mae reported that 64% of respondents said it was a bad time to buy a home while 77% said it was a good time to sell.
Tit is the HousingIQ / Kentucky REALTORS® confidence index lost more than seven points to 44.5. A value of 100 corresponds to all respondents who agree that market conditions will improve, while a value of 50 corresponds to respondents who do not anticipate any change in market conditions. the during thirteen-point jump in the Purchasing power sub-index and more than ten points fall in the Price expectations sub-index, point towards a more balanced market with stable prices.
The owner stress sub-index continued to relax with seventy-Seven percent of respondents to anticipateis lying no increase in new listings as mortgage forbearance ends. “It is the success of a timely intervention of various agencies and a solid forecast economic growth, ”Dhanda said.
Sixty-Seven percent of respondents said current market conditions are causing burnout of realtors. To help deal with the pandemic, Kentucky® Real Estate Agents supported its members in various initiatives, including the launch of a healthcare marketplace. “Fifteen month ago we entered uncharted territory and Kentucky REALTORS® rose to the occasion, ”said Steve Stevens, CEO of Kentucky REALTORS®. “Years agoor doubt who continued low inventory, increased competition and the resultant longer hours obligatory to have took his ring. The health and well-being of our members is paramount and we will continue to support them.
Highlights of the survey
- 40% expect house prices to rise
- 36% expect more price cuts
- 47% expect sales volume to increase
- 45% expect homes to stay on the market longer
- 48% said buyers were waiting for a pickup at new construction
- 44% expect fewer offers per house
“With start of competitionIprice cuts and price cuts on the horizon, a local REAL ESTATE AGENT is invaluable in adjustIng the right listIng price and facilitate a smooth transaction ”, said Charles Hinckley, president of Kentucky REALTORS®.
the full the report is available here.
Click here for more information on Kentucky businesses.