Homebuyers and home sellers are finding ways to reduce real estate agent fees.
Redfin conducted a survey of 2,000 people who bought or sold a home in the past year in eight major U.S. markets and found that buyers and sellers are saving money on commissions.
Sixty percent of sellers said they got a discount on their agent’s commission, with an average discount of 41 percent off the standard market rate. Of the buyers, 46 percent said their agent gave a refund or closing cost contribution of more than $100, with the average savings of $3,693.
There are a few possible reasons for the discounts. Commissions have increased over the last decade, so agents could be offering more refunds, rebates, and closing cost contributions. Also, nearly a quarter of sellers are choosing to go without a full-service agent in an effort to save money.