Real estate brokers throughout the United States have gone through a rough patch as of late, thanks to a market that took a hit due to the great recession. Fortunately, things appear to be turning around, which will put a smile on the face of any real estate broker.
A recent survey conducted by the Real Estate Board of New York shows that local brokers are more confident regarding the outlook this year than they were last year. This is due in large part to the increase in residential sales, as well as the improving economy.
The Real Estate Board of New York Real Estate Broker Confidence Index shows an increase in confidence, with the organization's president saying, "Our brokers—both residential and commercial—continue to express strong confidence in New York City's real estate market."
Despite the fact that confidence is on the rise, real estate brokers in the area still have some concerns about the upcoming year. They are worried about a lack of residential demand this year, due to high sales prices, as well as interest rates.
The Real Estate Broker Confidence Index increased during the first quarter of 2014, continuing to build off of a strong ending to 2013.
The New York City real estate market is monitored by brokers in the Big Apple as well as industry professionals in other parts of the country. They know that when things are going good here in New York, there is a good chance that similar markets in the United States could experience the same type of activity.
Source: Capital New York, "Real-estate brokers more confident this year, survey finds" Ryan Hutchins, May. 01, 2014