Industry News

Lack of trust in New York City real estate market

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There is a confidence problem in the New York City real estate market, according to a survey of agents and consumers. About 78 percent of agents and 69 percent of buyers and sellers who participated in the survey said they agree that "most people don't trust real estate agents or they don't expect much from them." The survey, conducted by market research company Penn, Schoen and Berland Associates, is based on interviews with 51 New York City real estate agents who sell Manhattan apartments and 152 customers who bought or sold Manhattan real estate in the past two to three years. The survey was conducted on behalf of Braddock and Purcell, a company that matches clients with real estate agents and other service provides in exchange for referral fees from those agents and service providers. The survey also found that 73 percent of agents and 74 percent of buyers and sellers agree with the statement: "The whole process of buying or selling an apartment in Manhattan is fragmented and need...