Broker Confidence High as City Recovers
According to the Real Estate Board of New York’s broker confidence index, commercial and residential brokers are feeling 56% more confident about the local real-estate market this quarter, than they did in the final quarter of 2020.
REBNY surveys its residential and commercial brokerage members every three months, and asks them to reflect on their professional dealings and report their present and six-month forecasted confidence on an index of 0 to 10. At the end of the first quarter of 2021, the overall broker confidence reached a score of 6.66, the highest it has been since 2019, and a 79% year-over-year rise.
Residential broker confidence seems to have been bolstered by the recent Douglas Elliman report, which found an 89% increase in new apartment leases in Manhattan, compared to last year. Similarly, commercial brokers seem to have gained confidence from the declining unemployment rates and increased vaccine availability, as noted in CBRE’s most recent quarterly market report.
“This surge in broker confidence is happening alongside encouraging signs in our city, the overall economy, and particularly the real estate market, where commercial and residential market activity is exhibiting clear signs of momentum,” said REBNY President, James Whelan. “It is critical to seize this moment so that New York comes back stronger than ever.”
SOURCE: https://www.crainsnewyork.com/real-estate/broker-confidence-surges-amid-citys-recovery-pandemic (subscription required)