Kentucky REALTOR® Confidence Inches Up In January

Home sellers eager to cash in as buyers rush to lock in rates
 
LEXINGTON, Ky. - Feb. 10, 2022 - PRLog -- Two out of five Kentucky REALTORS® say buyers are rushing to beat mortgage rate increases while REALTOR® expectations of house price growth continue to moderate, according to the January 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.

COMPARED TO A YEAR AGO
  • 42% expect house prices to increase—a 16-point drop
  • 45% expect houses to stay on the market for longer—a 23-point increase
  • 31% expect greater price-cutting by home sellers—a 14-point increase
  • 30% anticipate an increase in foot traffic—a 14-point drop

"As mortgage rates inch up, buyers who are already in the market are speeding up the process. Looking ahead, economic volatility and higher rates will deter buyers and dampen house price growth. 39% of survey respondents reported that buyers were holding back because of concerns about the economy even as 44% said buyers are rushing to beat rate increases," said Vidur Dhanda, author of the survey.

In the latest issue of the Home Purchase Sentiment Index, which tabulates national consumer sentiment, Fannie Mae reported a survey record-low 25% of respondents said that it was a good time to buy a house compared to 52% a year ago.

The Mortgage Bankers Association reported that the national weekly Purchase Index was 12 percent lower than a year ago.

35% of Kentucky REALTORS® reported that sellers are listing in anticipation of the market cooling. Fannie Mae reported that 69% of consumers nationally said it was a good time to sell.

Dhanda continued: "Homeowners' ability to sell is constrained by low inventory. Very often, the sale is lifestyle or job driven and requires a corresponding purchase. We need more construction and there are early indications of an increase."

The complete report is available here: housingiq.com/housingiq-survey-of-kentucky-realtors-january-2022/

Contact
Vidur Dhanda
***@wainstreet.com
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Tags:Kentucky
Industry:Real Estate
Location:Lexington - Kentucky - United States
Subject:Surveys
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