NYC Broker Confidence Declines Entering Into The Slower Fall Season

The Real Estate Board of New York (REBNY) published their broker confidence index for the 2nd quarter of the year and it shows a decline from first quarter results.  REBNY which surveys its residential and commercial brokerage division members to measure their confidence in the New York City real estate market publishes their results quarterly with the top index being a 10.  The index shows that broker confidence decreased in the second quarter of 2018 to 5.53 out of 10.  This is a decrease of 0.25 from the first quarter of 2018.  Residential broker confidence levels hit a record low of  of 4.63 in the second quarter of 2018.

The report indicates that the main factors for the decreasing optimism with broker circles are political uncertainty, the expectation of rising interest rates, how the tariffs will affect investments, concerns about the implications of tax reform.  John Banks, President of the REBNY states "As federal policies have taken effect, local real estate markets have been seeing their impact on buyer hesitancy and seller uncertainty.  Despite these conditions, New York City real estate brokers remain positive overall about the present situation and future real estate market."

Some brokers believe that pricing and the lack of housing remains a major concern in the residential market.  One broker states "The biggest issue is still pricing, but a close second place is condition of the apartment," said a residential broker. "Buyers are slower to purchase an apartment that needs a good deal of work."  All of these concerns are affecting future confidence in the market as well.  The Residential Broker Future Confidence Index  which is an outlook on the future market six months from the date the survey was completed hit a number of 4.46.  This is 1.18 decrease from the first quarter of 2018.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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