New York City real estate brokers are growing wary of the market’s future, according to the Real Estate Board of New York. REBNY says broker confidence is on the decline largely due to economic concerns and the upcoming presidential election, which are both taking priority over real estate pursuit.
- Brokers were asked to respond to each question with an answer of positive, negative or neutral, with the the organization compiling the results into a score of 0-10.
- For six months down the road, brokers confidence dipped 0.84 points to 6.73 from 7.57 last quarter.
- The overall decline in the Broker Confidence Index was largely thanks to the commercial sphere, where confidence dropped from 7.88 to 6.38 between quarters.
- While the overall Broker Confidence Index dropped, residential broker confidence rose from 7.85 to 8.10 quarter-over-quarter.