RealTrends Q32021 BrokerPulse sees brokers still optimistic about the market, wary of competition and wondering when inventory will rise.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.’s Sean Black on the transaction revolution

Real estate is on its third revolution, from the digital revolution of the early 2000s to the information revolution kicked off by Trulia and Zillow to today's transaction revolution.


The RealTrends BrokerSource and HousingWire OpenHouse newsletters deliver twice weekly information on trends, strategies, analysis, people, and news shaping the real estate industry.

Market Volatility and Confidence One of 10 Trending Real Estate Issues

The Counselors of Real Estate has identified the current and emerging issues expected to have the most significant impact on real estate in 2019 and 2020, with U.S. infrastructure being a primary concern of the 1,100-member organization.

  1. Infrastructure
  2. Housing In America
  3. Weather And Climate-Related Risks
  4. The Technology Effect
  5. End-Of-Cycle Economics
  6. Political Division
  7. Capital Market Risk
  8. Population Migration
  9. Volatility and Confidence
  10. Public & Private Indebtedness

Market Volatility and Confidence

The University of Michigan Survey bumped up in May and returned to the high point it had achieved in September 2018. Similarly, The Conference Board’s index bounced back in May to Fall 2018 levels, which was near an 18-year high. Both measures, however, had plummeted severely over the winter months. While the confidence polls did not follow the patterns of the overall economy, as measured by GDP (very strong through the period 2nd quarter 2018 through 1st quarter 2019, albeit with deceleration toward the end of last year), they did move in close parallel with the stock market, which plummeted from mid-September through year-end.

What the impact of May 2019’s 6.4 percent plunge on Wall Street will have remains unclear (especially with a rebound in early June). The deceleration in employment over the first five months of 2019, which averaged just 164,000 jobs added per month (versus 223,000 in 2018, and the slowest rate of job gains since 2010) may combine with financial market jitters over tariffs and the inverted yield curve to weaken confidence. End-of-cycle discussions are now becoming more prominent in the business and popular press. Taken together, high but volatile levels of confidence have captured the attention of the Counselors responding to our May 2019 survey.

Comments from CREs are focusing not so much on confidence per se but on the impact of shaky confidence on behaviors. “Confidence is fundamental for decisions to invest, spend or not spend, increase or decrease activity. It is based – correctly or incorrectly – on all other information,” said one Counselor. Another CRE, focused on commercial real estate demand, noted, “A business leader’s confidence drives hiring decisions and capital expenditure commitments for the future.” The comments of other Counselors recognized the tight linkage between both consumer and business confidence on other topics on our list of Top 10 issues.

For the full list, go to



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