{"id":96549,"date":"2024-09-11T10:27:28","date_gmt":"2024-09-11T17:27:28","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96549"},"modified":"2024-09-11T10:27:28","modified_gmt":"2024-09-11T17:27:28","slug":"north-carolina-real-estate-commissions","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/north-carolina-real-estate-commissions\/","title":{"rendered":"North Carolina Real Estate Commissions: What You Can Expect in 2024"},"content":{"rendered":"

Understanding real estate commissions is essential when buying or selling a <\/span>home in North Carolina,<\/span><\/a> as it plays a significant role in budgeting and negotiating effectively. In 2024, <\/span>new rules<\/span><\/a> have altered how commissions are communicated nationwide, bringing greater transparency to both buyers and sellers. These updates are designed to help individuals make more informed choices when navigating real estate fees.<\/span><\/p>\n

Whether you\u2019re <\/span>purchasing your first home<\/span><\/a> or have experience selling, this Redfin guide will walk you through North Carolina\u2019s real estate commission structure and what you can expect in today\u2019s market.<\/span><\/p>\n

\"winston-salem<\/p>\n

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

Before diving into real estate commissions in North Carolina, let\u2019s take a closer look at the current <\/span>housing market <\/span><\/a>in the state.<\/span><\/p>\n\n\n\n\n\n
Median Home Sale Price<\/b><\/td>\n$382,500<\/span><\/td>\n<\/tr>\n
Housing Supply<\/b><\/td>\n52,131 (+23.3% YoY)<\/span><\/td>\n<\/tr>\n
Homes Sold Above List Price<\/b><\/td>\n23.8% (-10.1 pts YoY)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

Real estate commissions<\/span><\/a> are the fees paid to agents by homebuyers or sellers for helping complete a property transaction. These fees are settled at closing and are usually calculated as a percentage of the home\u2019s sale price.<\/span><\/p>\n

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

Traditionally, sellers have been responsible for covering both their <\/span>agent’s commission<\/span><\/a> and the buyer’s agent fees from the sale proceeds. However, as of August 17, 2024, buyers must now <\/span>agree to their agent\u2019s fee<\/span><\/a> in writing before beginning home tours.<\/span><\/p>\n

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 North Carolina<\/span><\/h2>\n

In North Carolina, commission rates can vary depending on the specifics of the deal and the terms negotiated between both parties. While there are typical expectations for commission percentages, these fees are entirely negotiable, giving buyers and sellers the opportunity to work out arrangements that best meet their needs.<\/span><\/p>\n

Factors such as the property\u2019s location, market trends, and the services provided by the agent can all impact the final commission amount. This flexibility provides room to tailor fees based on budget and specific goals. Below is an overview of commission rates for some of <\/span>North Carolina\u2019s major cities<\/span><\/a> based on median home sale prices.<\/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
Charlotte<\/span><\/a><\/td>\n$422,000<\/span><\/td>\n$6,330<\/span><\/td>\n$12,660<\/span><\/td>\n$21,100<\/span><\/td>\n<\/tr>\n
Raleigh<\/span><\/a><\/td>\n$425,000<\/span><\/td>\n$6,375<\/span><\/td>\n$12,750<\/span><\/td>\n$21,250<\/span><\/td>\n<\/tr>\n
Greensboro<\/span><\/a><\/td>\n$280,000<\/span><\/td>\n$4,200<\/span><\/td>\n$8,400<\/span><\/td>\n$14,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

At Redfin, our priority is delivering the best possible value to consumers. To achieve this, we offer sellers a <\/span>listing fee starting as low as 1%<\/span><\/a>.* For homebuyers, our fees vary by region but remain highly competitive, helping your offer stand out and increasing your chances of success in the market.<\/span><\/p>\n

\"North<\/p>\n

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

Yes you can! Since there are no federal or state laws in the U.S. dictating real estate commission rates, agents are often open to negotiating lower fees depending on the specifics of the transaction, the services required, and the relationship with the client.<\/span><\/p>\n

When discussing real estate commissions in North Carolina, it’s important to assess the level of service your agent will provide, their marketing approach, and their familiarity with the local market. Sellers with highly desirable properties or homes that are expected to sell quickly might find more room to negotiate lower rates. If the agent is representing both the buyer and seller in a dual agency scenario, there may be further opportunities for commission discounts, as only one agent is involved.<\/span><\/p>\n

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