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REBNY: Broker Confidence Rises in Q1
Residential and commercial brokers alike are feeling more upbeat about the market, according to the Real Estate Board of New York. REBNY’s Real Estate Broker Confidence Index for first quarter of 2019 was 6.92 out of 10, an increase of 1.06 since brokers were last surveyed about Q4 2018.
“Overall confidence among both residential and commercial brokers showed marked improvement from a year ago and reflects a positive outlook on the real estate market heading into the summer,” said John H. Banks, REBNY president. “However, New York City brokers also expressed concern over the impact of recent policy changes and Albany’s proposed rent reforms.”
For example, one commercial broker opined, “The negative attitude toward business, the pile on of taxes and fees, the restrictive environmental and rent regulations, etc., all harm the NYC commercial real estate market.” A residential broker cited recent changes in the real estate transfer tax structure.
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- ◦Economy
