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Real estate brokerage leaders are rarely a pessimistic group, yet more than half believe the economy will deteriorate in 2023, according to a new report.

The newly released Delta Real Estate Leadership Survey heard from more than 100 brokerage leaders of firms collectively responsible for more than 60% of all transactions last year, according to the study.

The survey showed that more than 61% believe the global economy and the US economy (51%) will deteriorate in 2023.

 

Mortgage Professional America reached out to Michael Minard, CEO and owner of Delta Media Group, for more insight.

Booking.com

Brokers’ responses not all that surprising

”On one hand it did and on another it did not,” he said in being asked if the results surprised him. “I was somewhat surprised because real estate firms are still doing transactions and the real estate industry is still experiencing historically low inventory levels. The past two years represent the overall lowest housing inventory in history and while December 2022 inventory levels were higher than 2021, they are still very low. Where the pessimism did not surprise me is that business leaders, who are typically optimistic people, are experiencing what I like to call “odd times” that don’t make sense to them.”

 

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