Agent optimism unwavering as the market exceeds expectations
Consumers may be increasingly concerned about the economy, but agents in Real’s latest survey are largely feeling positive as they see buyers gain leverage
With mortgage rates hovering just below 7% and economic concerns weighing on buyers and sellers, the real estate market has struggled to gain momentum this year. Yet, according to the March sentiment survey from Real Brokerage, agents are reporting high levels of optimism amid better-than-expected conditions.
Optimism remains strong as market activity exceeds expectations: Despite reports that buyers are backing off due to financial and recessionary concerns, agent sentiment hasn't wavered, the survey found. "Agents on the ground are seeing signs that the housing recovery may be more resilient than expected" despite the troubling economic headlines, noted CEO Tamir Poleg.
While Real's agent optimism index didn't change from the prior month, it remains high compared to previous surveys, and 69% of the roughly 500 agent respondents said they are feeling "more optimistic" or "significantly more optimistic" about their local market compared to the previous month. Almost half of respondents — or 45% — said the spring market has been stronger than anticipated, with just 26% reporting weaker-than-expected conditions.
An April survey from John Burns Research and Consulting also suggests conditions are improving. Although 50% of the 1,000 agents in that survey reported weaker-than-normal sales — far from a thriving market — it was an improvement over this time last year when 57% of agents noted weak home sales. And nationally, 40% of agents expect to see good sales over the next six months, down slightly from a year ago but significantly better than agent sentiment last summer.