March 20, 2017
Real estate estate brokers are feeling a little better about the future.
“Confidence among our brokers is on the rise, after being strained with uncertainty throughout the last election cycle,” said John Banks, president of the Real Estate Board of New York (REBNY).
REBNY’s Real Estate Broker Confidence Index rose to 6.0 in Q4 2016, up by 0.21 from 5.8 the quarter before. The change reflects more optimism in both the present real estate market and the future.
Commercial brokers are feeling better than residential brokers. The Commercial Broker Confidence Index rose in the fourth quarter — along with the stock market and other economic measures, such as job growth. The Residential Broker Confidence Index declined, as apartment and condominium developers struggled with overbuilding.
Residential brokers feel a more little confident about the market six months from now — the Residential Broker Future Confidence Index rose in the fourth quarter. “Stronger prospects for the future were expressed by both residential and commercial brokers, despite their continued unease over financing, interest rates, and other shifting market conditions,” says Banks.
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