REBNY: Broker Confidence Hits Lowest Point on Record
The Real Estate Board of New York said Thursday that broker confidence hit its lowest point on record, according to its Q1 2020 Quarterly Real Estate Broker Confidence Index.
The quarterly index, which was tracked weekly during March as the coronavirus pandemic spread, found that commercial broker confidence reached an all-time low of 1.89 out of 10 immediately after New York State issued its “stay-at-home” executive order. Residential broker confidence was slightly higher.
“With New York City as the national epicenter of this global public health crisis, it’s no surprise that, along with everyone else confronting the current humanitarian crisis, our industry is deeply shaken,” said REBNY president James Whelan.
Although Whelan expressed confidence that the industry would weather the storm, “we will need strong policies at the city, state and federal levels to get our economy back into shape and working for all those impacted by this unprecedented crisis.”
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