Real Estate Commissions in Massachusetts: A Comprehensive Guide
Stepping into the Massachusetts real estate market requires an understanding of how real estate commissions work. In 2024, new nationwide policies reshaped commission structures to promote transparency, empowering buyers and sellers to make informed financial decisions.
The Current State of the Massachusetts Housing Market:
– Median Home Sale Price: $642,300
– Housing Supply: 16,430 (+10.4% YoY)
– Homes Sold Above List Price: 52.2% (-7.8 pts YoY)
Understanding Real Estate Commissions in Massachusetts:
Real estate commissions are fees paid to agents for their role in facilitating a home sale or purchase. Traditionally, sellers paid both their agent’s commission and the buyer’s agent’s fee. However, new rules in Massachusetts now require buyers to agree in writing to their agent’s commission before touring homes.
Negotiating Real Estate Commissions in Massachusetts:
Commissions are negotiable in Massachusetts, allowing room for discussion between buyers, sellers, and agents. Factors such as the agent’s experience, marketing efforts, and market understanding can influence negotiations. Tips for successful negotiation include shopping around, considering performance incentives, and leveraging property appeal.
Massachusetts Real Estate Commission FAQs:
– Changes to real estate commission: Buyers must sign an agreement detailing their agent’s commission before home tours, and buyer agent compensation may no longer be visible on MLS listings.
– Impact on buyers and sellers: Buyers must agree to agent commissions, while sellers have more control over negotiation options.
– Finding a real estate agent: Redfin’s experienced agents are ready to assist those entering the Massachusetts housing market.
– Avoiding fees: Selling a home without an agent (FSBO) can save on commission fees.
Conclude by emphasizing the value Redfin provides with competitive listing fees and encouraging readers to reach out to start their real estate journey.
