Nov 12, 2020

Sellers reducing prices amidst concerns about COVID-19 resurgence and priced out buyers exiting market
Massachusetts, Nov 12, 2020 (Issuewire.com) - Thirty-four percent of Kentucky REALTORS® said their sellers were reducing prices to attract buyers, according to the October 2020 edition of the HousingIQ Survey of Kentucky REALTORS®. Twenty-eight percent of the 324 REALTORS®, from across Kentucky, said renewed fears of COVID-19 were dampening buyer interest.
"Surging house prices are increasingly breaking the economics of buying a home for many families. With the resurgence of COVID-19 and uncertainty about the economic recovery, demand is bound to slow down," explained Vidur Dhanda, author of the survey. "The uptick in sellers resorting to price-cutting foretells a moderating pace of price appreciation."
The headline HousingIQ/Kentucky REALTORS® Confidence Index dropped over three points to 47. 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 sharp, nearly eight-point, decline in the Price Expectation sub-index and nearly three-point increase in the Homeowner Stress sub-index, describe a housing market that is cooling off.
With less than half the respondents expecting home prices to increase in the next twelve months and nearly two out of three respondents expecting an increase in distressed sales in the next twelve months, Kentucky REALTORS®are collectively anticipating a slowing market.
Forty percent of the respondents reported increased interest from out-of-state buyers with Northeasterners being the largest group. "By creating such actionable insights, KYR equips its membership with the knowledge to better serve customers, said KYR Communications Director, Paul Del Rio. "Northeasterners have different tastes and preferences than buyers from the West. REALTORS® can proactively partner with other service providers in educating out-of-state buyers and making a long-distance transaction more convenient".
More than half - fifty-one percent - of the respondents expect increased sales to investors. "With the market showing signs of slowing and an anticipated increase in distressed sales, Kentucky's REALTORS®, can facilitate transactions that are profitable for investors and respectful of the communities the real estate professionals serve and are a part of," said KYR CEO, Steve Stevens.
Survey Highlights
- 45% of respondents expect an increase in sales volume
- 28% anticipate increased foot traffic
- 27% expect houses to stay on market for fewer days
- 40% expect increased sales to first-time buyers
- 73% of respondents anticipate an increase in delinquencies
- 24% expect more houses to sell below asking price
- 51% expect increased sales to investors
"As the late summer sales uptick settles down and the surge in house prices moderates, now is the time for potential sellers to consult with a local market expert and explore how to take advantage of the robust climate," added KYR President, Lester Sanders.
The latest report is available here: https://housingiq.wainstreet.com/surveys/ky/
About HousingIQ Survey of Kentucky REALTORS®
As part of an effort to harness the ears-to-the-ground knowledge of REALTORS®, the HousingIQ Survey of Kentucky REALTORS® is administered monthly to the Kentucky REALTORS® membership. The responses are analyzed and reported as the HousingIQ/Kentucky REALTORS® Confidence Index. Each month's survey includes additional, topical questions that help take the market pulse.
About Kentucky REALTORS®
Kentucky REALTORS® is one of the largest and most influential associations in Kentucky. Founded in 1922, Kentucky REALTORS® represents more than 11,600 REALTORS® who are involved in all aspects of real estate, including residential and commercial real estate brokers, sales agents, developers, builders, property managers, office managers, appraisers, and auctioneers. For additional information, visit kyrealtors.com.
About HousingIQ
HousingIQ's platform gauges the impact of prevailing economic conditions on future house prices. By harnessing local, regional, and national level data concerning consumers, businesses, housing supply, and financial markets, HousingIQ publishes local market indicators that can forecast house price changes over the next 12 months. For additional information, visit housingiq.wainstreet.com.
Media Contact
HousingIQ
413-303-9765
https://housingiq.wainstreet.com/surveys/ky/
Source :HousingIQ
This article was originally published by IssueWire. Read the original article here.
Korea opened its first national museum dedicated to sports on Thursday, bringing together thousands of artifacts documenting historic victories, Olympic milestones and moments that have shaped the country’s sporting identity. The National Sports Museum, located in Olympic Park in southern Seoul’s Songpa District, was established by the Ministry of Culture, Sports and Tourism and the Korea Sports Promotion Foundation to collect, preserve and showcase Korea’s sporting heritage. The museum houses about 70,000 sports-related artifacts and records, offering visitors a chance to revisit achievements that have inspired athletes and spectators across generations. Among its featured items are the gold medal won by marathon runner Suh Yun-bok at the 1947 Boston Marathon, soccer shoes belonging to Korean soccer pioneer Kim Yong-sik, the competition uniform worn by Yang Jung-mo, Korea’s first Olympic gold medalist, and the Olympic torch from the 1988 Seoul Games. The collection also includes the hoop used in the opening ceremony of the 1988 Olympics, recalling one of the event’s most memor
Fingerprint examiners from 42 countries tested their skills in an online competition co-hosted by the Korean National Police Agency and Interpol, the international police cooperation body, the agency said Thursday. Long before artificial intelligence and algorithms transformed modern crime-fighting, police work relied on a far simpler, time-tested tool: human eyes searching for minute patterns etched onto skin. Last month, that fundamental forensic art took center stage as 279 latent print specialists worldwide stepped away from their automated software to go head-to-head in a high-stakes test of pure human observation. The third annual International Fingerprint Examination Competition, held online on Sept. 17, offered no assistance from computer matching databases. For two grueling hours, contestants were faced with 20 complex fingerprint puzzles, tasked with matching obscure, incomplete latent prints against a field of 50 possible candidates. To mirror the unforgiving reality of real-world casework — where a single misidentification can lead to a wrongful arrest — the scoring syst
Ravi Gupta, a professor at Kookmin University’s College of Transdisciplinary Studies, has been included in the 2026 World’s Top 2% Scientists list for the third consecutive year. Compiled by Stanford University and Elsevier, the list identifies leading researchers in each academic field based on citation indicators derived from Elsevier’s Scopus database. Gupta studies plant physiology, biochemistry and functional genomics, focusing on how plants respond to environmental stress and regulate plant immunity, according to Kookmin University. He uses mass spectrometry-based proteomics to study proteins and post-translational modifications involved in plant defense against pathogens and responses to environmental stress. He has published more than 190 papers, which have collectively received over 5,500 citations. “I am honored to have been included in the World’s Top 2% Scientists list for the third consecutive year,” Gupta said. “This achievement reflects the contributions of the researchers and students I have worked with and motivates me to continue studying plant immunity and
A constellation of five Korean microsatellites successfully captured and transmitted its first images to a ground station within a day of launch aboard the country's homegrown Nuri space rocket last week, the space agency said Thursday. The five New-space Earth Observation Satellite Constellation for National Safety (NEONSAT) microsatellites transmitted their first images just 14 hours and 29 minutes after liftoff from the Naro Space Center in the southwestern coastal town of Goheung on Oct. 7, according to the Korea AeroSpace Administration (KASA). The early acquisition of imagery confirmed the normal operation of the satellites and their optical payloads, marking a milestone in Korea's efforts to establish its first domestically developed microsatellite constellation. The satellites are maintaining stable communications with ground stations, with their power generation and attitude control systems operating normally, KASA said. Following additional payload checks, KASA and the Korea Advanced Institute of Science and Technology (KAIST) will begin initial operations. The five satellites
Wild temperature swings are expected to continue through the winter, with what could be the strongest El Niño on record forecast to peak toward the end of the year, raising the likelihood of a “roller-coaster winter” marked by mild spells interrupted by sudden cold snaps. According to the Korea Meteorological Administration (KMA), morning lows on Wednesday plunged by around 10 degrees Celsius from the previous day, reaching 9 degrees in Seoul and 3 degrees in Daegwallyeong, Gangwon Province. Temperatures are expected to gradually rise above the seasonal average over the weekend before plunging again, with lows reaching 3 degrees by the middle of next week, pointing to continued sharp fluctuations. The erratic weather is typical of autumn, when migratory high- and low-pressure systems pass through the Korean Peninsula in succession. Cold winds blowing down from the north are battling warm, humid southerly winds originating over the western Pacific, where sea temperatures are higher than normal, causing weather conditions to fluctuate sharply. Such unpredictable conditions are expect
DAEGU — A district court sentenced a man to a 45-year prison term Thursday for murdering his mother-in-law and abandoning her body in the southeastern city of Daegu. The Daegu District Court handed down the sentence to Cho Jae-bok, 26, for murdering the 54-year-old victim in March at his home in the city located some 250 kilometers southeast of Seoul. He was also convicted of throwing away the victim's body in a suitcase. The court noted that the victim had faced repeated violence that left her unable to even speak by the time of her murder. Prosecutors had sought a life sentence for Cho, who was also charged with abusing, monitoring and financially controlling his wife and mother-in-law.
A special counsel team said Thursday it has filed for a new arrest warrant for jailed former first lady Kim Keon Hee as her detention period is set to expire later this month. Special counsel Min Joong-ki's team submitted the request to the Supreme Court, citing the need to keep Kim, the wife of former President Yoon Suk Yeol, in custody before her detention expires Oct. 31. Kim, who has been in detention since August last year, awaits final rulings by the top court on two sentences delivered by appellate court benches: a four-year prison sentence on corruption charges, and a five-year prison sentence on bribery and other charges. A final ruling for the first case is unlikely to be delivered before her detention period expires, with the court scheduling a deliberation session for next Thursday. "As the expiration of defendant Kim Keon Hee's detention period nears, there is a need to keep her in custody, so we have submitted an application to issue an arrest warrant," the team said.
President Lee Jae Myung on Thursday pledged to maintain his policy priorities of improving people's livelihoods, pursuing reforms and promoting national unity, a day before he is set to mark his 500th day in office. "Tomorrow marks the 500th day since the launch of our 'Government of Popular Sovereignty,'" Lee said at a meeting with key aides. "Without being swayed by any external influence or resistance, (the government) will unwaveringly follow the path toward improving people's livelihoods and pursuing practical reforms and inclusive national unity," he said. The president also pointed out that the national economy is achieving unprecedented success, but people's livelihoods remain grim, pledging to help spread the benefits of growth to people's everyday lives. "Our economy is registering remarkable outcomes in various fields. If this trend continues, we will likely become the sixth country with a (per capita) national income of $40,000 this year among nations with a population of over 50 million," the president noted. "Difficulties in people's everyday lives, however, do not seem to h
A parliamentary committee on Thursday adopted a confirmation hearing report for Kim Ji-yong, nominee to lead the newly established Serious Crime Investigation Agency (SCIA), amid opposition from some lawmakers. The parliamentary public administration and security committee approved the report, a day after his confirmation hearing. Kim's nomination has drawn opposition from some hard-line lawmakers within the ruling Democratic Party of Korea (DPK) and the minor Rebuilding Korea Party, who have questioned his political neutrality and qualifications to lead the SCIA. They have argued the nominee had previously opposed prosecution reform and had close ties to former President Yoon Suk Yeol. Earlier in the day, the Rebuilding Korea Party adopted the decision to oppose Kim's appointment as its official party line, warning that his appointment could undermine prosecution reform. In an interview with local radio station CBS, presidential secretary for public relations Seong Ghi-hong said Kim had sufficiently addressed the concerns during his confirmation hearing. The SCIA was launched on Oct. 2 as
In the fluorescent-lit aisles of Korea’s ubiquitous convenience stores, the humble "gimbap," or seaweed rice roll, has long served as a lifeline for cash-strapped students, busy office workers and night-shift commuters. Priced between 2,800 and 3,600 won ($2 to $3), these tightly wrapped cylinders of rice, seaweed and various fillings offer an unbeatable combination of speed and affordability. Yet as inflation drives more diners away from traditional restaurants and toward budget-friendly grab-and-go counters, a recent consumer watchdog report reveals that convenience comes with hidden nutritional compromises. According to a comprehensive quality and safety evaluation released Thursday by the Korea Consumer Agency, popular convenience store gimbap lines — spanning major chains like GS25, CU, 7Eleven and Emart24 — meet strict food safety standards but present a striking dietary imbalance. While laboratory testing confirmed that all 12 evaluated products are entirely free of harmful heavy metals, microbiological contaminants and excessive preservatives, the findings highlight a persi
The head of the Ministry of Government Legislation said Thursday that the president is not necessarily required to appoint a Supreme Court justice just as suggested by the chief of the top court. President Lee Jae Myung and Supreme Court Chief Justice Cho Hee-dae have been locked in a standoff after Lee rejected a justice candidate suggested by Cho. Lee asked the chief justice to make a new recommendation on the grounds that the candidate was proposed without sufficient prior consultation. Cho refused to budge, arguing Lee's demand lacks constitutional grounds and could be construed as undermining the judiciary's independence. Under the Constitution, Supreme Court justices are appointed by the president on the recommendation by the chief justice and with the consent of the National Assembly. Legal scholars remain divided on how to interpret these constitutional provisions. On Thursday, Government Legislation Minister Cho Won-cheol sided with Lee. "The president is not bound by the recommendation and is therefore not obligated to appoint the recommended candidate," the minister said during
A manufacturing company owner accused of severely injuring a migrant worker by firing high-pressure air from an industrial air gun into his body has been sentenced to three years in prison. Judge Koo Na-young of the Suwon District Court on Thursday sentenced the owner of a metal-cleaning company, a man in his 60s identified only as A, to three years in prison on charges of aggravated bodily injury and violations of the Labor Standards Act. The court dismissed the case against A's wife, identified as B, who had been charged with intimidation. A was indicted on charges of placing the nozzle of an industrial air gun against the anal area of C, a Thai man in his 40s, and blasting high-pressure air for about seven seconds at his factory in Hwaseong, Gyeonggi Province, on Feb. 20. C suffered injuries including a traumatic rectal perforation measuring more than 10 centimeters and underwent surgery. A was also accused of threatening C, who needed emergency surgery, by saying, "Illegal immigrant, police," suggesting that he would report C to police for his undocumented immigration status unless h
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.