Editor’s note: On a monthly basis, we’ll check in with over 3,000 of the top residential real estate brokers in the United States to gauge their confidence in their own business and the overall market, on a scale of 1-10. In addition, we’ll ask relevant questions regarding the current state of the market to get more information on what is impacting the index score. This report will not only keep real estate professionals up to date with current conditions in our industry, but will also serve as a vital indicator of where it is headed in the month, quarter and year ahead. .
Despite rising inflation, a surge in COVID-19 cases and an unprecedented shortage of inventory, brokers remain confident in the real estate sector this month, according to RISMedia’s Broker Confidence Index (BCI). . January’s index fell just a few decimal places to 7.9 compared to 8.2 in December 2021.
After surveying over 3,000 residential brokers, we can conclude that despite some growing concerns, the overall state of confidence remains high during the winter doldrums. Almost 20% of respondents scored a maximum confidence of 10/10, and more than 25% were only slightly less confident with a score of 9. In total, almost 75% of all respondents reported a level of confidence of 8 or more.
In addition to assessing the BCI of the month, we also asked if the recent increase in COVID-19 cases had an immediate impact on respondents’ businesses. Just over half (53%) said this was indeed the case, which is not surprising given the record number of cases recorded since our last BCI report.
What brokers say:
“I believe the rise of the variation is forcing potential sellers (Boomers and older) to delay the sale. The over-65 crowd is not changing accommodations as they normally would. But this first month of 2022 is a very serious out of stock situation. If or when COVID goes away, there could be a flurry of new inventory. »
– David Winans, Founder, Better Homes and Gardens Real Estate, Winans, Dallas, Texas
“We’re seeing less movement on the listing side, with sellers holding back on their decision to move; reduced traffic during our open days; and agents staying away from the office.
-Robert Baily, Associate Broker, Howard Hanna Real Estate Services, Washington Pennsylvania
“Just as we were seeing more agents returning to the office for trainings/events, it brought more people home. We are also seeing some buyers delay searches for a near year as COVID peaks, especially in our area. ”
-Kimber Menkiti, President, Menkiti Group, Washington, DC/Maryland/Virginia
“A large percentage of officers and their families are affected. Agents who have not worked in the last two or three weeks will impact closures in the next 30-45 days. »
-Cami Pinsak, Owner/Manager, Realty ONE Group Summit, Camarillo, CA
“Our business is very unpredictable.”
-Henry Erwin, Managing Broker/Owner, RE/MAX Excels, Geneva, Illinois
Caysey Welton is RISMedia’s Chief Content Officer. Email him your ideas for real estate news firstname.lastname@example.org.