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MD Avg Real Estate Commission Rate in Cumberland, Maryland

Cumberland is a city in and the county seat of Allegany County, Maryland, United States. The gateway to western Maryland, it is the primary city of the Cumberland, MD-WV Metropolitan Statistical Area. At the 2010 census, the city had a population of 20,859, and the metropolitan area had a population of 103,299. Cumberland is a regional business and commercial center for Western and the Potomac Highlands of West Virginia. Cumberland is commonly referred to as "Where The South Begins."

Historically Cumberland was known as the "Queen City," as it was once the second largest in the state. Because of its strategic location on what became known as the Cumberland Road through the Appalachians, after the American Revolution it served as a historical outfitting and staging point for westward emigrant trail migrations throughout the first half of the 1800s. In this role, it supported the settlement of the Ohio Country and the lands in that latitude of the Louisiana Purchase. It also became an industrial center, served by major roads, a canal connecting to Washington, DC, and railroads.

Industry declined after World War II. Much of the later urban, business and technological development in the state has been concentrated in eastern coastal cities. Today the Cumberland, MD-WV Metropolitan Statistical Area is one of the poorest in the United States, ranking 305th out of 318 metropolitan areas in per capita income.

 

Cumberland, Maryland Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Cumberland, MD, Maryland. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Cumberland, Maryland, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of Maryland, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Baltimore-Columbia-Towson $277,000 4.20%
Cumberland, MD-WV $98,200 3.50%
Hagerstown-Martinsburg, MD-WV $174,700 4.90%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $239,100 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV $428,700 5.40%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Maryland.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

The median household income $25,142, and the median family income was $34,500. Males had a median income of $29,484 versus $20,004 for females. The per capita income for the city was $15,813. About 15.3% of families and 19.8% of the population were below the poverty line, including 29.4% of those under age 18 and 10.3% of those age 65 or over. The Cumberland, MD-WV Metropolitan Statistical Area ranked 305th out of 318 metropolitan areas in per capita income.[4]

In 2007, Forbes ranked the Cumberland Metro as having the 6th-lowest cost of living in the USA, based on an index of cost of housing, utilities, transportation and other expenditures.[12]

In 2007, The Baltimore Sun newspaper, citing the National Association of Realtors figures on home prices, stated that while most areas were stagnant, Cumberland home prices were rising by more than 17%, the highest in the country.[13] In July 2007, Washington Post writer Stephanie Cavanaugh wrote that the great quality of living in Cumberland had attracted many urbanites to the area.[14]

Population trends Population decline from 1950–1990 was due to a string of industrial plant closures. Plants such as Pittsburgh Plate Glass, Allegany Munitions and Celanese closed down and relocated as part of widespread industrial restructuring after WWII. The 1987 closure of the Kelly Springfield Tire Plant marked a turning point, as it was the last major manufacturing plant in the city limits to close its doors.

The population of the city has continued to decline since 1990, with the 2010 census population of 20,859 the lowest since the 1900 census.

As of the census of 2010, there were 20,859 people, 9,223 households, and 4,982 families residing in the city. The population density was 2,069.3 inhabitants per square mile (799.0/km2). There were 10,914 housing units at an average density of 1,082.7 per square mile (418.0/km2). The racial makeup of the city was 89.4% White, 6.4% African American, 0.2% Native American, 0.9% Asian, 0.1% Pacific Islander, 0.3% from other races, and 2.8% from two or more races. Hispanic or Latino people of any race were 1.2% of the population.

There were 9,223 households of which 25.9% had children under the age of 18 living with them, 34.0% were married couples living together, 15.1% had a female householder with no husband present, 4.9% had a male householder with no wife present, and 46.0% were non-families. 38.9% of all households were made up of individuals and 18.1% had someone living alone who was 65 years of age or older. The average household size was 2.19 and the average family size was 2.89.

The median age in the city was 41.4 years. 20.9% of residents were under the age of 18; 10.2% were between the ages of 18 and 24; 23.1% were from 25 to 44; 26.2% were from 45 to 64; and 19.6% were 65 years of age or older. The gender makeup of the city was 47.0% male and 53.0% female.

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Cumberland - Maryland