{"id":96540,"date":"2024-09-10T14:23:45","date_gmt":"2024-09-10T21:23:45","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96540"},"modified":"2024-09-10T14:23:45","modified_gmt":"2024-09-10T21:23:45","slug":"oklahoma-real-estate-commissions","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/oklahoma-real-estate-commissions\/","title":{"rendered":"Oklahoma Real Estate Commissions: What You Can Expect in 2024"},"content":{"rendered":"

When navigating the Oklahoma real estate market<\/a>, it’s essential to understand the intricacies of real estate commissions to manage your budget and negotiate effectively. <\/span>Recent changes<\/span><\/a> in 2024 have altered how these commissions are presented nationwide, aiming to enhance transparency for both buyers and sellers. These updates are designed to help you make more informed decisions when dealing with real estate fees.<\/span><\/p>\n

Whether you\u2019re new to <\/span>home buying<\/span><\/a> or selling in Oklahoma, this Redfin guide will provide valuable insights into Oklahoma’s real estate commissions and what to anticipate in today\u2019s market.<\/span><\/p>\n

Current state of the Oklahoma housing market<\/span><\/h2>\n

Before diving into the specifics of real estate commissions in Oklahoma, let\u2019s take a look at the current <\/span>housing market conditions<\/span><\/a>:<\/span><\/p>\n\n\n\n\n\n
Median Home Sale Price<\/b><\/td>\n$249,700<\/span><\/td>\n<\/tr>\n
Housing Supply<\/b><\/td>\n18,489 (+22.6% YoY)<\/span><\/td>\n<\/tr>\n
Homes Sold Above List Price<\/b><\/td>\n22.5% (-5.5 pts YoY)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\"House<\/p>\n

Understanding real estate commissions in Oklahoma<\/span><\/h2>\n

What are real estate commissions?<\/span><\/h3>\n

Real estate commissions<\/span><\/a> are the fees paid by homebuyers or sellers to their agents for their role in facilitating a home sale or purchase. These fees, calculated as a percentage of the sale price, are settled at closing.<\/span><\/p>\n

Who pays the commission?<\/span><\/h3>\n

Traditionally, sellers covered the cost of both their agent\u2019s and the buyer\u2019s <\/span>agent\u2019s commissions<\/span><\/a>. Starting August 17, 2024, buyers must now <\/span>agree to their agent’s fees<\/span><\/a> in writing before they start viewing homes.\u00a0<\/span>While buyers can still request that the seller pay their agent\u2019s commission during the offer process, this change means the amount a seller might pay for a buyer\u2019s agent can vary, and is entirely negotiable.\u00a0<\/span><\/p>\n

Average real estate commission rates in Oklahoma<\/span><\/h2>\n

Commission rates in Oklahoma can vary significantly based on transaction details and negotiations. While typical rates exist, they are negotiable, offering flexibility for buyers and sellers to tailor agreements to their needs.<\/span><\/p>\n

Factors like property location, market conditions, and agent services influence the final commission. This flexibility gives both parties room to discuss and adjust fees to fit their budget and goals. Here’s a look at example commission rates based on median home prices in some of <\/span>Oklahoma\u2019s major cities<\/span><\/a>:<\/span><\/p>\n\n\n\n\n\n\n
City<\/b><\/td>\nMedian Home Sale Price<\/b><\/td>\n1.5% Real Estate Commission<\/b><\/td>\n3% Real Estate Commission<\/b><\/td>\n5% Real Estate Commission<\/b><\/td>\n<\/tr>\n
Oklahoma City<\/span><\/a><\/td>\n$260,750<\/span><\/td>\n$3,911<\/span><\/td>\n$7,823<\/span><\/td>\n$13,038<\/span><\/td>\n<\/tr>\n
Tulsa<\/span><\/a><\/td>\n$250,000<\/span><\/td>\n$3,750<\/span><\/td>\n$7,500<\/span><\/td>\n$12,500<\/span><\/td>\n<\/tr>\n
Norman<\/span><\/a><\/td>\n$290,000<\/span><\/td>\n$4,350<\/span><\/td>\n$8,700<\/span><\/td>\n$14,500<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

At Redfin, we provide consumers with the best value possible. To support this, we offer sellers a <\/span>listing fee starting as low as 1%<\/span><\/a>.* For buyers, our fees differ by location, but remain competitive to help ensure your offer stands out and improves your chances of success.<\/span><\/p>\n

\"Financial<\/p>\n

Can you negotiate real estate commissions in Oklahoma?\u00a0<\/span><\/h2>\n

Yes, you can negotiate! Since there are no set laws governing commission rates, agents may agree to lower rates based on the specifics of the transaction, the services required, and your relationship with them.<\/span><\/p>\n

When negotiating, consider the agent\u2019s service level, marketing strategies, and local market expertise. Sellers might secure lower rates if their property is particularly attractive or expected to sell quickly.<\/span><\/p>\n

Tips for a successful negotiation<\/span><\/h3>\n