The Real Estate Board of New York and Real Estate Weekly are reporting that the morale and confidence of real estate brokers are at an all-time low.
REBNY conducted the Q1 2020 Quarterly Real Estate Broker Confidence Index, which found out that their confidence level was at a 3.72 out of 10 — a 46% decrease from the fourth quarter of 2019.
“REBNY’s week-by-week analysis, which tracked broker reactions to the federal government’s declaration of a national emergency, New York State’s shelter-in-place executive orders, and other emergency measures, illustrates how the sharp decline in industry confidence is directly attributable to the impact of the pandemic,” reads Real Estate Weekly.
With New York City as the epicenter of the pandemic, this news comes to no surprise. The real estate industry represents more than half of the City’s total annual tax revenue (as of last fiscal year). With hundreds of thousands of jobs that rely on the functioning real estate market and no real end in sight of the pandemic, confidence is depleting greatly.
Although still weak, residential brokers find themselves slightly more confident than commercial brokers. Their confidence rate fell 3.72, as opposed to the commercial broker’s 3.23 rating.
Although worried about the future, brokers are confident that the market will pick up again. The 6-month forecast is at a 4.38 out of 10.
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To read the full story in Real Estate Weekly, click here: https://rew-online.com/nyc-brokers-confidence-reaches-new-low/
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