Thanks to an improving economy and a spike in residential sales, brokers are more confident this year than they were last year, according to a survey by the Real Estate Board of New York cited by Capital New York.
REBNY’s Real Estate Broker Confidence Index climbed to 9.21 for the first three months of the year from 9 in the last quarter of 2013. During the third quarter of 2013 the index was at 8.75.
“Our brokers—both residential and commercial—continue to express strong confidence in New York City’s real estate market,” Steven Spinola, REBNY’s president, said in a statement.
However, brokers responding to the survey did expressed concern over interest rates and weakening demand.
“Last year, we didn’t have the supply, and this year there is not as much demand as rental prices have exceeded what people are willing to pay,” one anonymous broker said. [Capital New York] – Christopher Cameron