KYW reporter Joe Foy will be joined by Kentucky Attorney General Jack Conway, and KYW Senior Reporter Jim DeFede to discuss the potential impact of the new KYC law on Kentucky real Estate.
The article will be live at 6:00 pm ET, Tuesday, March 24, 2018.
KYW News is the national news outlet of the National Association of Realtors (NAR), which represents more than 25,000 real estate agents and brokers.
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Kentucky’s new real estate law is set to take effect in the first half of 2019.
It will be the first major change to real estate laws since the passage of the REAL ID Act in 2004.
The law, known as the KYC Act, will mandate that all Kentucky residents obtain a driver’s license or an identification card.
A limited number of KYC cards will be available to residents of the Commonwealth and some other states, as well as certain localities.
KYC licenses are not required to be used to obtain rental housing in Kentucky.
Residents will be able to register for a KYC license to be issued by a local KYC office.
This will allow people to rent homes and apartments, but the number of licenses available for use in the state will be limited to 50,000.
The KYC system is expected to be a major economic boon for Kentucky, and the state has been anticipating a surge in demand for the KYCs.
As KYC registration and identification cards become available, KYREA will likely see a boom in demand, as the state anticipates nearly $1 billion in new housing investment, according to a recent report by the Realtor.com research firm.
KY-based broker and real estate expert Joe Foyer says KYRE is already seeing an influx of interest in rental properties.
“The KYC program will help us increase the demand for our properties,” Foyer said.
“People are looking for places to live and they are buying property.
They’re coming to buy property, and they’re wanting to be able take advantage of KYCs to do that.”
The real estate industry is also anticipating the potential for increased supply as the new realty law takes effect, which is expected, Foyer predicted.
“As long as KYC numbers are at about the same level they were prior to the KY-ACA, I’m confident we’ll see more demand for properties,” he said.
For example, Foy expects more KYC properties to be available for purchase, which would help to lower prices in the market.
“We can’t really forecast where the demand will come from in the next year or two,” he explained.
“But as long as we have demand and as long the KYCA system is functioning, I think we’ll be in a very favorable position.”
KYRE has been providing real estate advice to Kentucky residents since 2007.
The realty group has helped to create and manage more than 1,400 properties in the Commonwealth.
Foy says he sees potential in the KYRE law for Kentucky to be one of the largest real estate markets in the country.
“Kentucky is the second largest economy in the United States, and it’s also the second-largest state in the union, and that’s really important to the state,” he noted.
“And so it’s a very big market.
So I think the KYG legislation will help to help that.
And it will also help the KYCOs, who are the people who will be responsible for providing that real estate.”