Broker confidence rebounds in the new year

After hitting record lows in 2020, brokers’ overall confidence reached 6.7 in Q1

New York /
Jun.June 02, 2021 10:15 AM
Brokers’ overall confidence level is the highest it’s been since the fourth quarter of 2019. (iStock)

Brokers’ overall confidence level is the highest it’s been since the fourth quarter of 2019. (iStock)

Broker confidence hit record lows at the height of the pandemic, but a year later, agents are feeling more hopeful about the future.

During the first quarter, brokers’ overall confidence was 6.7 out of 10, a 53 percent jump from the fourth quarter of 2020 and a 79 percent year-over-year increase, according to the confidence index report from the Real Estate Board of New York. Crain’s first reported on the survey.

That confidence level is also the highest it’s been since the fourth quarter of 2019, indicating some return to normalcy.

“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 are exhibiting clear signs of momentum,” REBNY President James Whelan said in a statement to the publication.

Residential brokers expressed the most confidence, with a rating of 7.7, the highest level since the first quarter of 2016. For commercial brokers, that number was 5.7, a return to 2019’s levels.

The increases follow a topsy-turvy year for real estate. In 2020, confidence hit record lows for three consecutive quarters, reaching 3.1 during the third quarter of the year.

[Crain’s] — Sasha Jones





    Related Articles

    arrow_forward_ios
    John Banks
    High expectations: A look at John Banks’ 4 years at REBNY
    High expectations: A look at John Banks’ 4 years at REBNY
    John Banks
    John Banks to step down as REBNY president
    John Banks to step down as REBNY president
    REBNY Awards
    Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
    Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
    Los Angeles, New York and Miami metro areas are in the top 10 of owner-occupied million dollar homes. (iStock)
    These metro areas have the most — and fewest — million-dollar homes
    These metro areas have the most — and fewest — million-dollar homes
    A closer look at Compass’ trail of litigation over its business tactics
    A closer look at Compass’ trail of litigation over its business tactics
    A closer look at Compass’ trail of litigation over its business tactics
    Salesforce CEO Marc Benioff and Amazon's Jeff Bezos are backing the startup (Getty, Arrived)
    Bezos-backed Arrived Homes is latest startup to expand real estate investment
    Bezos-backed Arrived Homes is latest startup to expand real estate investment
    NYC’s office sublease surge slows as tenants move to reoccupy space
    NYC’s office sublease surge slows as tenants move to reoccupy space
    NYC’s office sublease surge slows as tenants move to reoccupy space
    The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
    Electra America JV nabs Roger hotel for $71M discount
    Electra America JV nabs Roger hotel for $71M discount
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...