What is the Typical Real Estate Commission in NYC? – Typical Real Estate Commission in NYC (2019)

What is the Typical Real Estate Commission in NYC? – Typical Real Estate Commission in NYC (2019)


As a home seller in New York City, one of the first questions that has likely crossed your mind is how much real estate commission you will have to pay . In this Hauseit tutorial, we explain what the typical real estate commission is in NYC and most importantly tell you how you can reduce or eliminate traditional commissions when selling a property in New York City. So – What’s the typical real estate commission in NYC? You’ve probably heard that the traditional sales commission to sell your home in NYC is 5-6% as is the case nationwide. However, the truth is that there is no official record or statistic for what is New York City’s average real estate commission. The reason is that NYC commission amounts are recorded in private broker only databases that do not publish data on real estate commission amounts to the public. Moreover, agents will typically avoid answering any questions involving what is New York City’s typical real estate commission because it can be viewed as a sign of collusion and price-fixing. Despite the average sale price in NYC now hovering over $1.73 million, real estate commissions in New York City have remained stubbornly fixed at 5-6%. While 6% may make sense in most of the country where the average home value is around $250,000, in NYC the typical 6% commission equates to roughly $100,000 . Shockingly, despite the sky high commissions over 95% of NYC listings are sold by a traditional full-service agent. Now on to the most important question – how can you reduce or eliminate the traditional 5-6% New York City real estate commission when selling? Sellers who want to save the full 6% commission should consider Hauseit’s For Sale by Owner NYC flat-fee MLS listing service We list your home on the city’s local RLS broker database as well as dozen major real estate websites like StreetEasy all at once for nothing more than a low, flat-fee. Hauseit’s NYC FSBO listing service offers your property the same exposure to buyers as you would have through a traditional agent, but without requiring you to pay 6% commission to a listing agent. As a FSBO seller, your responsibility would be to attend showings and open houses, respond to inquiries from buyers’ agents and unrepresented buyers, conduct negotiations and drive the overall sale process. Sellers who don’t have the time to sell FSBO but who’d like to save a substantial amount of NYC real estate commission should consider Hauseit’s 1% discount full service listing option. This service is identical to what you’d receive if you hired a traditional full-service listing agent and paid 6%. You can expect to save 3-5% in New York City real estate commissions as a seller when using this option. So – to recap: The typical real estate commission in NYC is 5-6 % As a seller in New York City, you don’t actually have to pay 6% You can save the full 6% NYC commission by selling FSBO with Hauseit You can save 3-5% commission and save time by using Hauseit’s agent-managed 1% full service listing option Visit www.hauseit.com/fsbo-nyc to learn more !

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