Agent, broker confidence slips

Real estate agents and brokers surveyed in September by Point2 Technologies were slightly less confident about the future than they were in August, but remained more optimistic than pessimistic overall.

On a scale of one to 10, Point2's Real Estate Confidence Index recorded a 5.83 reading at the national level in September, down from 5.88 in August. It was the first decline in the index since it was launched in June, the company said.

The index has three components, measuring the current, near-term and long-term sentiments of real estate professionals.

The current sentiment of agents and brokers averaged 5.06 on a seasonally adjusted basis in September, up from 4.96 in August and 4.76 in June.

Short-term sentiment -- the outlook for the next three to six months -- averaged 5.7, down from 5.8 in August and 5.74 in June.

At 6.72, long-term sentiment -- the outlook for the next 12 to 18 months -- was down 2.3 percent from an August high of 6.88.

The 2,493 brokers and agents surveyed are users of the Point2 Agent listing syndication and Web site platforms in every U.S. state, Puerto Rico and Guam.

Point2's report summarizing the survey results included comments from real estate professionals in those states.

Some representative responses from California included:

• "High foreclosure ratio. Homes are selling faster due to the lower prices and interest rates and government-assistance programs."
• "Short sales seem to be moving faster -- as long as the lenders shorted are not the bigger lenders (Bank of America, Wells Fargo, etc.)"
• "Below-market pricing on REOs (bank-owned properties) promote multiple offers. Financing is still a problem, therefore investors are getting the properties by paying cash and the first-time buyers are being left out."
• "Mostly short sales and REO (sales in this area). (We need) some regular sellers."

Typical comments from Florida included:

• "(There are) tons of buyers to buy the short sales and foreclosures, but very low sales prices equals very low commissions."
• "What's selling are short sales and bank-owned properties. I see more bank-owned (homes) coming on the market now and in the ... months to come. With people losing their jobs (everywhere) in Florida it does not look good."
• "I find it tougher to get clients qualified. Once they are, they tend to look for houses in higher-priced areas that have short sales or real deals in their price range." ...CONTINUED

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