Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Sellers- what percentage rate was your fee?
We have not signed our agreement yet, but our REA prepared it for us. It has a rate of 5% (2.5 to seller agent, 2.5 to buyer agent). I thought this was standard. My DH thinks 3% is more standard and wants to negotiate with him. I plan on doing some internet research- but I don't have any friends in this area who have sold recently. Is this something people negotiate? Does the fee perhaps depend on the area?
I've worked closely with this REA for the past 1+ years while looking for our new home. While I don't want to overpay, at the same time I'm uncomfortable with my DH trying to negotiate based on "I think that's high"......
Thanks!
Re: Sellers- what percentage rate was your fee?
Lighthouse State Beach, Santa Cruz.
This has been our experience as well. 6% total with the two agents splitting the fee.
My Valentine Bookends (2~13~13, 2~15~09)
We paid 7% split 3.5% for each realtor. We are in a LCOL area and from what I can tell from here, higher cost of living areas pay less as a percentage (I assume because house prices are higher).
I agree that your H is thinking 3% which should be 3% per agent.
Ummm, is your DH confused? He thinks he should pay 3% total to both realtors? Good luck with that.
5% is very good, 6% to both is more common. We negotiated 3% to buyers' agent (he found the buyers) and 2% to our sellers' agent.
We're not selling (just recently bought) but the seller's agent got 3% and our agent got 2.5%.
It really depends on the area...when we were going to buy a home close to where we live now we were only going to pay 2% to our agent and the seller's agent was only going to get 2% also.
There's no standard, and price fixing amongst brokers is illegal.
With that in mind, custom dictates what's usual in your area. In my area (metro Atlanta) it's usually 6%, with 3% going to the listing agent, and 3% going to the co-op agent.
While everything is negotiable--perhaps there's a lesser amount your listing agent will take for less work--most agents won't budge from their rate for the same level of service.
DH is a RE broker in both MA and RI. Fee here is 5-6% split between listing and buyer agent. Your DH is probably confused and is thinking of only the 3% buyer agent fee.