AgentIndustry News

NYC commercial brokers wary of market’s future, says REBNY

Q1 Index shows residential broker confidence up but commercial broker confidence decreasing
  • 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.

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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. Between the fourth quarter of 2015 and the first quarter of 2016, the Real Estate Broker Confidence Index -- a survey sent out to all REBNY brokers, both commercial and residential -- dropped over half a point, from 7.87 to 7.23. For six months down the road, brokers confidence dipped 0.84 points to 6.73 from 7.57 last quarter. 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.  “The ongoing transition in our nation’s leadership has contributed to apprehension surrounding decision-making and uncertainty for the future of the real estate market and economy,...