If you are in the New York real estate business you are probably looking for some good news right about now following hurricane Sandy. Well, the Real Estate Board of New York's (REBNY's) Broker Confidence Index is here to help. According to the latest report, December 2012's ratings were the second highest in the past seven months. Following a little dip due to Sandy, the index is now back up to 8.12 on a scale of zero to ten.
This news bodes well for both residential and commercial real estate as it infuses confidence among brokers, lawyers, agents, buyers and sellers alike. The index gauges the perceptions of the current market as well as what the market is perceived to be six months from now. When projecting what expectations might look like at the end of those six months, greater increases are estimated, with the commercial market faring better than residential.
The REBNY survey is collected on a monthly basis from a collection of members across the residential and commercial markets. Those participating have firsthand knowledge of the current market trends as they themselves are involved personally and on the ground gauging the markets. While it is hoped that the index can provide accurate estimates of where New York real estate is headed, only time will truly be able to tell if this confidence level and its perceptions become reality.
When consummating commercial or residential real estate transactions, it is always a good idea to have an attorney practiced in real estate law assist with the Purchase and Sales agreements. They can assist in providing a smooth closing that is mutually beneficial to all parties and which avoids future conflicts over terms.
Source: New York RealEstateRama, "NYC REAL ESTATE BROKER CONFIDENCE ON UPSWING ACCORDING TO INAUGURAL REBNY BROKER CONFIDENCE INDEX," Jan. 10, 2013