Atlantic City is a resort city in Atlantic County, New Jersey, United States, known for its casinos, boardwalks, and beaches. In 2010, it had a population of 39,558. The city was incorporated on May 1, 1854, from portions of Egg Harbor Township and Galloway Township. It borders Absecon, Brigantine, Pleasantville, Ventnor City, West Atlantic City, and the Atlantic Ocean.
Atlantic City inspired the U.S. version of the board game Monopoly, especially the street names. Since 1921, Atlantic City has been the home of the Miss America pageant. In 1976, New Jersey voters legalized casino gambling in Atlantic City. The first casino opened two years later.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Atlantic City-Hammonton, New Jersey. 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 Atlantic City-Hammonton, New Jersey, 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 Northeast rose 3.2%, to $282,300, 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 New Jersey, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|New York-Jersey City-White Plains, NY-NJ||$384,500||4.90%|
|New York-Newark-Jersey City, NY-NJ-PA||$414,000||4.70%|
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.
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 New Jersey.
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.
Click here to see your savings in just 24 hours…
As of the 2010 United States Census, there were 39,558 people, 15,504 households, and 8,558 families residing in the city. The population density was 3,680.8 per square mile (1,421.2/km2). There were 20,013 housing units at an average density of 1,862.2 per square mile (719.0/km2). The racial makeup of the city was 26.65% (10,543) White, 38.29% (15,148) Black or African American, 0.61% (242) Native American, 15.55% (6,153) Asian, 0.05% (18) Pacific Islander, 14.03% (5,549) from other races, and 4.82% (1,905) from two or more races. Hispanic or Latino of any race were 30.45% (12,044) of the population.
There were 15,504 households out of which 27.3% had children under the age of 18 living with them, 25.9% were married couples living together, 22.2% had a female householder with no husband present, and 44.8% were non-families. 37.5% of all households were made up of individuals, and 14.3% had someone living alone who was 65 years of age or older. The average household size was 2.50 and the average family size was 3.34.
In the city, the population was spread out with 24.6% under the age of 18, 10.2% from 18 to 24, 26.8% from 25 to 44, 25.8% from 45 to 64, and 12.7% who were 65 years of age or older. The median age was 36.3 years. For every 100 females there were 96.2 males. For every 100 females ages 18 and older there were 94.4 males.
The Census Bureau's 2006–10 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income was $30,237 (with a margin of error of +/- $2,354) and the median family income was $35,488 (+/- $2,607). Males had a median income of $32,207 (+/- $1,641) versus $29,298 (+/- $1,380) for females. The per capita income for the city was $20,069 (+/- $2,532). About 23.1% of families and 25.3% of the population were below the poverty line, including 36.6% of those under age 18 and 16.8% of those age 65 or over.
As of September 2014, the greater Atlantic City area has one of the highest unemployment rates in the country at 13.8%, out of labor force of around 141,000.