
Broker Confidence Slips in Q2, Says REBNY
The Real Estate Board of New York’s Real Estate Broker Confidence Index for the second quarter of 2018 was 5.53 out of 10, down 0.25 from Q1. The overall decline was driven by a 0.91 decrease in the Residential Broker Confidence Index to a record low of 4.63; conversely, the index for commercial brokers rose from Q1 levels.
Rising interest rates, tariffs and concerns about tax reform’s implications, along with uncertainty around the political environment, all affected brokers’ confidence. Even as the commercial index reflected a more positive outlook, brokers were more concerned about interest rates and political instability compared to Q1.
“As federal policies have taken effect, local real estate markets have been seeing their impact on buyer hesitancy and seller uncertainty,” said REBNY president John H. Banks. “Despite these conditions, New York City real estate brokers remain positive overall about the present situation and future real estate market.”
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