Kentucky REALTOR® Confidence Rises in November

Lexington, KY, December 29, 2021 --(PR.com)-- Kentucky REALTORS® expect an increase in sales volume in the next year even as the market continues to turn buyer-friendly, according to the November 2021 edition of the HousingIQ Survey of Kentucky REALTORS®.

Key Points

* 57% percent expect an increase in sales volume in the next twelve months
* 32% anticipate an increase in foot traffic in the next twelve months
* 52% expect houses to stay on the market for longer in the next twelve months
* 45% expect greater price-cutting by home sellers in the next twelve months

“We will get much needed supply as some homeowners take advantage of the recent price appreciation and list their properties," said Vidur Dhanda, author of the survey. "Additionally, with the end of forbearance, homeowners struggling with mortgage payments would also prefer selling their homes and cashing in their increased home equity.”

36% of the Kentucky REALTORS® reported that buyers were holding back because of concerns about the economy, with 82% saying that buyers were not rushing to beat mortgage rate increases.

Dhanda continued: “A combination of concerns about the economy and affordability challenges exacerbated by sustained appreciation in home prices over the last 18 months will temper homebuyer enthusiasm. Price cutting by sellers will further moderate house price appreciation.”

The complete report is available here: housingiq.com/housingiq-survey-of-kentucky-realtors-november-2021/