{"id":78787,"date":"2024-10-31T05:30:58","date_gmt":"2024-10-31T12:30:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78787"},"modified":"2024-10-30T19:50:44","modified_gmt":"2024-10-31T02:50:44","slug":"buyers-agent-commission-october-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/buyers-agent-commission-october-2024\/","title":{"rendered":"Real Estate Agent Commissions Hold Steady Since New Industry Rules Were Implemented"},"content":{"rendered":"<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Buyer\u2019s agent commissions for closed home sales in October were 2.34% compared to 2.35% in August, when industry-wide changes were implemented following the NAR settlement.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">It\u2019s too soon to say if the trend since August is a departure from the long-term trend of falling commissions.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Commissions for homes listed under $500,000 have risen slightly since August, while commissions for homes listed above $500,000 have fallen slightly.<\/span><\/i><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Commissions paid to real estate agents representing buyers have remained essentially unchanged since new rules on commissions went into effect on August 17.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average buyer\u2019s agent commission for homes sold in October was 2.34%, ticking down just one basis point from 2.35% for homes sold in August, when the new changes took effect. That\u2019s down from an average of 2.45% a year ago.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-gI8yV\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Buyer's Agent Commissions Have Held Steady Since NAR Changes in August\" src=\"https:\/\/datawrapper.dwcdn.net\/gI8yV\/8\/\" height=\"439\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to an analysis of Redfin\u2019s data on buyer\u2019s agent commissions for October home sales that have already closed or are scheduled to close by the end of the month. The commissions data was sourced from sales of Redfin agents\u2019 listings, deals closed by <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/redfin-partner-agents\"><span style=\"font-weight: 400;\">Redfin partner agents<\/span><\/a><span style=\"font-weight: 400;\">, or where a buyer utilized Redfin-owned Bay Equity Home Loans. It excludes deals where Redfin agents represented the buyers, because Redfin sets a competitive fee for its buyer services, which is as low as 1.75% in some markets. That means the data would be skewed to reflect Redfin\u2019s fees, while the goal of this analysis is to track change across the industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyer\u2019s agent commissions have fallen 17 basis points since January 2023, when they averaged 2.51%. Commissions trended slightly lower following the National Association of Realtors (NAR) settlement, dropping from an average of 2.42% in March to 2.35% in August, when the new changes went into effect. Commissions remained at an average of 2.35% in September, before dropping by a single basis point to 2.34% in October. It\u2019s too soon to say whether the trend since August is a continuation of, or departure from, the long term trend of declining commissions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRedfin agents say the biggest difference since August 17 is the need to educate customers about rule changes and have conversations about agent fees with buyers at the start,\u201d said Redfin Chief Economist<\/span> <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cOur agents see that as a positive, as it encourages more communication upfront and increases transparency around fees.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traditionally, sellers paid the buyer\u2019s agent commission as well as their own agent\u2019s commission. Fairweather said Redfin agents report that sellers are covering the buyer\u2019s agent commission in most transactions, though more sellers are deciding not to proactively offer a commission and instead waiting to see what buyers request in their offer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In relatively competitive housing markets, agents are seeing more negotiation over who pays the buyer\u2019s agent, and how much they are paid.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSellers are more and more wanting to pay 2% to a buyer\u2019s agent,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jonathan-chvala\"><span style=\"font-weight: 400;\">Jonathan Chvala<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in Chicago. \u201cNow we\u2019re negotiating commissions more frequently.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So far, increased negotiations haven\u2019t resulted in a significant decline in commissions in Redfin\u2019s data, but it\u2019s worth noting that many homes that closed in September went under contract before the changes took effect. Agents and consumers, many of whom started working together before August, are still adjusting to the new rules.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cCommissions may face more downward pressure next year if we see a resurgence of bidding wars. Sellers are becoming increasingly aware that commissions are negotiable and that if they have a desirable home, they may be able to get the buyer to cover some, or even all, of the buyer\u2019s agent commission,\u201d Fairweather said. \u201cOf course, as in all real estate deals, any negotiation is dependent on how much demand there is for a property. Sellers who are struggling to find a buyer may even offer more to help attract more interest.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Andrew Vallejo, a Redfin Premier agent in Austin, TX, said he hasn\u2019t seen a difference in commission rates since the August 17 rule changes came into effect, as sales in the Austin market have been sluggish.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIf you\u2019re a seller, reducing the commission isn\u2019t something you can save on right now,\u201d <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/andrew-vallejo\"><span style=\"font-weight: 400;\">Vallejo<\/span><\/a><span style=\"font-weight: 400;\"> said. \u201cThat\u2019s because the buyer may not be able to afford your house if they have to pay their agent out of pocket as well.\u201d<\/span><\/p>\n<h2><b>Commissions have been declining gradually over the past decade<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The downward trend over the past two years is a continuation of a yearslong <\/span><a href=\"https:\/\/www.redfin.com\/news\/real-estate-commissions-november-2021\/\"><span style=\"font-weight: 400;\">gradual decline<\/span><\/a><span style=\"font-weight: 400;\"> in the percentage paid for buyer's agent commissions<\/span><span style=\"font-weight: 400;\">. The actual dollar amount paid for commissions has risen significantly, as the value of real estate went up. Redfin previously <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-agent-commission-july-2024\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> on trends in buyer's agent commissions using data from multiple listing services (MLSs).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In March, NAR agreed to settle a series of class-action lawsuits in part by changing its rules on the way commissions offered to buyers\u2019 agents are communicated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the new rules\u2014which went into effect on <\/span><a href=\"https:\/\/www.housingwire.com\/articles\/no-horror-stories-from-agents-on-the-first-weekend-of-nar-settlement-changes\/\"><span style=\"font-weight: 400;\">August 17<\/span><\/a><span style=\"font-weight: 400;\">\u2014 listing agents may no longer include a unilateral offer for the buyer\u2019s agent commission in NAR-affiliated MLSs, and agents <\/span><a href=\"https:\/\/www.redfin.com\/news\/nar_settlement_change_is_good\/\"><span style=\"font-weight: 400;\">must inform<\/span><\/a><span style=\"font-weight: 400;\">\u2014and get agreement from\u2014potential buyers about what they charge before they start touring homes. Because commissions are no longer shared in the MLS, Redfin is reporting on internal data from its own transactions. See the methodology section at the end for more information and an explanation of why the commission data in this report differs from previous iterations.<\/span><\/p>\n<h2><b>Commissions have risen slightly for homes listed under $500,000<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While the average buyer\u2019s agent commission has stayed the same since August, there have been slight changes within different price brackets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyer\u2019s agent commissions for homes listed under $500,000\u2014the most common type of transaction in our data\u2014rose slightly from an average of 2.41% in August to 2.43% in October.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-hUT6b\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Commissions for Homes Listed Under $500,000 Have Risen Slightly Since August\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/hUT6b\/7\/\" height=\"630\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Buyer\u2019s agent commissions for homes listed between $500,000 and $1 million ticked down by one basis point, from an average of 2.25% to 2.24%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyer\u2019s agent commissions for homes listed above $1 million fell from an average of 2.24% in August to 2.11% in October. This aligns with <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-agents-report-nar-rules-negotiation\/\"><span style=\"font-weight: 400;\">anecdotes<\/span><\/a><span style=\"font-weight: 400;\"> from Redfin agents, who are reporting downward pressure on commissions for high-end listings.\u00a0 It\u2019s important to note, however, that our data for the $1 million-plus price bucket is limited.<\/span><\/p>\n<h2><b>Redfin has always been about lower fees<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Redfin has always advocated for lower fees, transparency and more choices for homebuyers and sellers. Redfin charges customers a listing fee as low as 1%, and we don\u2019t dictate whether or how much compensation our sellers offer to a buyer\u2019s agent. <\/span><a href=\"https:\/\/www.redfin.com\/why-buy\"><span style=\"font-weight: 400;\">Redfin\u2019s fees for buyer services<\/span><\/a><span style=\"font-weight: 400;\"> are competitive, which can make the difference for a buyer in a bidding war against an offer asking for a higher buyer agent fee.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin has taken a consumer-friendly approach to the NAR rules for buyer agreements because we don\u2019t think buyers should be forced to sign an exclusive contract before they\u2019ve had an opportunity to get to know their agent. That\u2019s why we ask house hunters to sign a simple fee agreement\u2013which can be signed online with one click\u2013before their first home tour. The agreement doesn\u2019t obligate the customer to use Redfin; its purpose is to tell prospective clients what we would charge if Redfin were to represent them. Once a prospective client has met a Redfin agent, they can decide whether to continue working with them.<\/span><\/p>\n<h2><b>Methodology<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">For this analysis, we analyzed buyer\u2019s agent commissions for transactions scheduled to close\u00a0 prior to October 29. The data was obtained from the following sources:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Redfin listings:<\/b><span style=\"font-weight: 400;\"> Commissions paid to buyer\u2019s agents for homes listed by Redfin agents<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Partner sales:<\/b><span style=\"font-weight: 400;\"> Commissions paid to Redfin partner agents who represent buyers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bay Equity Home Loans:<\/b><span style=\"font-weight: 400;\"> Commissions paid to buyer\u2019s agents in transactions where buyers used Redfin-owned Bay Equity Home Loans for their mortgage<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This report differs from our previous <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-agent-commission-july-2024\/\"><span style=\"font-weight: 400;\">commissions report<\/span><\/a><span style=\"font-weight: 400;\">, which used MLS listings data. That data is no longer being reported because of the NAR changes in August. The data in this report is based on a sample of thousands of transactions per month, compared to the previous report, which included data from hundreds of thousands of listings entered in the MLS each month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that both reports found a similar gradual decline in buyer\u2019s agent commissions in the first half of 2024, indicating that Redfin\u2019s data is reflecting a similar pattern to the industry as a whole.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our report excludes analysis of commissions paid to Redfin agents who represent buyers, because Redfin sets a competitive fee for its buyer services. The data would be skewed to reflect Redfin\u2019s fees, while the goal of this analysis is to track change across the industry.<\/span><\/p>\n<p><b>Additional Notes:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We are not reporting metro-level data, as the data for each market is limited and we need a longer period of time to examine how reported commissions are changing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">October data from Bay Equity Home Loans was not included in our analysis, as it has not yet been reported.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Buyer\u2019s agent commissions for closed home sales in October were 2.34% compared to 2.35% in August, when industry-wide changes were implemented following the NAR settlement.\u00a0 It\u2019s too soon to say if the trend since August is a departure from the long-term trend of falling commissions. Commissions for homes listed under $500,000 have risen slightly since [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,43,8,51],"tags":[14,623],"coauthors":[682],"class_list":["post-78787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-equality-policy","category-housing-market-news","category-policy","tag-industry","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Real Estate Agent Commissions Hold Steady Following New Rules<\/title>\n<meta name=\"description\" content=\"Commissions paid to real estate agents representing buyers have remained essentially unchanged since new rules on commissions went into effect on August 17.\" \/>\n<meta name=\"robots\" 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