{"id":96764,"date":"2024-09-30T15:15:34","date_gmt":"2024-09-30T22:15:34","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96764"},"modified":"2024-09-30T15:15:34","modified_gmt":"2024-09-30T22:15:34","slug":"vermont-real-estate-commissions","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/vermont-real-estate-commissions\/","title":{"rendered":"Vermont Real Estate Commissions: What You Can Expect in 2024"},"content":{"rendered":"

When navigating <\/span>Vermont\u2019s real estate market<\/span><\/a>, it\u2019s essential to have a clear grasp of how real estate commissions work. In 2024, <\/span>new nationwide regulations<\/span><\/a> have brought changes that increase transparency, making it easier for buyers and sellers to understand and manage these fees. These adjustments aim to simplify the process, enabling more informed decisions.<\/span><\/p>\n

Whether you’re <\/span>buying your first home<\/span><\/a> or selling a property in Vermont, this Redfin guide will break down what you need to know about real estate commissions and help you stay ahead in the current market.<\/span><\/p>\n

\"vermont-autumn\"<\/p>\n

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

Before diving into commission details, it\u2019s worth getting a snapshot of the <\/span>housing market in Vermont<\/span><\/a>:<\/span><\/p>\n\n\n\n\n\n
Median Home Sale Price<\/b><\/td>\n$411,500<\/span><\/td>\n<\/tr>\n
Housing Supply<\/b><\/td>\n3,399 (+29.5% YoY)<\/span><\/td>\n<\/tr>\n
Homes Sold Above List Price<\/b><\/td>\n36.3% (-11.4 pts YoY)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

Real estate commissions<\/span><\/a> are fees paid to real estate agents for helping facilitate home sales or purchases. Typically calculated as a percentage of the property\u2019s sale price, these fees are settled at the <\/span>closing<\/span><\/a> of the deal.<\/span><\/p>\n

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

Traditionally, the seller paid both their <\/span>agent\u2019s commission<\/span><\/a> and the buyer\u2019s agent fees from the sale proceeds. However, starting on August 17, 2024, buyers in Vermont must sign an <\/span>agreement<\/span><\/a> that clearly outlines their agent\u2019s fee before they begin touring homes.<\/span><\/p>\n

While it remains possible for buyers to ask sellers to cover their agent\u2019s commission as part of an offer, this new policy means the amount a seller might pay is more flexible and is entirely negotiable.<\/span><\/p>\n

\"Historic<\/h2>\n

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

In Vermont, commission rates are not set in stone. They depend on various factors like the property\u2019s location, current market conditions, and the range of services an agent provides. Commissions are fully negotiable, which allows both buyers and sellers to tailor agreements to their specific circumstances.<\/span><\/p>\n

Here\u2019s a breakdown of typical commission rates based on median home prices in <\/span>Vermont\u2019s largest 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
Burlington<\/span><\/a><\/td>\n$548,000<\/span><\/td>\n$8,220<\/span><\/td>\n$16,440<\/span><\/td>\n$27,400<\/span><\/td>\n<\/tr>\n
South Burlington<\/span><\/a><\/td>\n$471,000<\/span><\/td>\n$7,065<\/span><\/td>\n$14,130<\/span><\/td>\n$23,550<\/span><\/td>\n<\/tr>\n
Rutland<\/span><\/a><\/td>\n$272,000<\/span><\/td>\n$4,080<\/span><\/td>\n$8,160<\/span><\/td>\n$13,600<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

At Redfin, we strive to offer our customers the best value possible. Sellers can benefit from <\/span>listing fees as low as 1%<\/span><\/a>*. For buyers, fees differ by location, but are competitive to help ensure your offer stands out.<\/span><\/p>\n

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

Yes! Real estate commissions are entirely negotiable in Vermont. Since there are no fixed commission rates by law, buyers and sellers have the freedom to negotiate with their agents based on the scope of the services offered and other factors like property appeal and the agent\u2019s expertise.<\/span><\/p>\n

When discussing commissions, consider the agent\u2019s level of service, their marketing strategies, and knowledge of the local market. For properties expected to sell quickly or in high-demand areas, sellers might have more leverage to negotiate lower rates.\u00a0<\/span><\/p>\n

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