Real Estate Commission Changes in Hawaii for 2024
Whether you’re buying or selling a home in Hawaii, understanding how real estate commissions work is essential. In 2024, new rules were implemented to increase transparency and improve communication regarding commissions in the real estate market. These changes aim to provide both buyers and sellers with more clarity and control over their transaction costs.
Exploring Real Estate Commissions in Hawaii
Before delving into the specifics of real estate commissions, let’s take a look at the current state of Hawaii’s housing market:
– Median Home Sale Price: $783,200
– Housing Supply: 6,878 (+29.8% YoY)
– Homes Sold Above List Price: 21.6% (-4.2 pts YoY)
Understanding Real Estate Commission Basics
Real estate commissions are fees paid to agents for their assistance in buying or selling a property. Typically, these fees are calculated as a percentage of the final sale price and are paid at closing.
Traditionally, sellers have covered both their own agent’s fees and the buyer’s agent’s fees. However, as of August 17, 2024, buyers are now required to agree to their agent’s fees before touring properties. While buyers can still negotiate for the seller to cover the commission, the amount is now more flexible and open for negotiation during the offer process.
Negotiating Real Estate Commissions in Hawaii
Real estate commission rates can vary based on negotiations and transaction details. Factors such as property location, local market conditions, and agent services can influence the commission amount. Redfin offers competitive listing fees for sellers starting as low as 1%* to help your offer stand out in the market.
It is possible to negotiate real estate commissions in Hawaii. Agents may adjust their fees based on transaction specifics, services provided, or property marketability. Factors such as marketing strategies, local market experience, and property uniqueness can impact negotiation outcomes.
Key FAQ About Real Estate Commission Changes in Hawaii
– Buyers must sign an agreement for agent fees before touring properties.
– Buyer’s agent fees may no longer be displayed in MLS listings.
– Sellers need to discuss the buyer’s agent’s commission and negotiate it as part of the offer process.
To find a real estate agent in Hawaii or avoid fees by selling without representation, consider Redfin agents for expert guidance. Ensure to understand the terms and conditions related to commission fees and potential discounts offered by Redfin for buying and selling within a specific timeframe.
Engage with Redfin for a seamless real estate experience in Hawaii!
