HousingIQ Survey of Kentucky REALTORS® – March 2020

Home sellers take wait-and-see approach as buyers discouraged by 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® 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 narrative is that it will become a buyer’s market and create greater opportunities for single-family rental investors. In the next twelve months:

  • 68% of the respondents expect more houses to sell below asking price
  • 60% of respondents expect houses to stay on market for longer
  • 69% of respondents expect number of distressed sales to increase
  • 55% of respondents expect increased sales to investors

The full report is available here.

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