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NY Avg Real Estate Commission Rate in Binghamton, New York

Binghamton is a city in, and the county seat of, Broome County, New York, United States. It lies in the state's Southern Tier region near the Pennsylvania border, in a bowl-shaped valley at the confluence of the Susquehanna and Chenango Rivers. Binghamton is the principal city and cultural center of the Binghamton metropolitan area (also known as Greater Binghamton, or historically the Triple Cities), home to a quarter million people. The population of the city itself, according to the 2010 census, is 47,376.

From the days of the railroad, Binghamton was a transportation crossroads and a manufacturing center, and has been known at different times for the production of cigars, shoes, and computers. IBM was founded nearby, and the flight simulator was invented in the city, leading to a notable concentration of electronics- and defense-oriented firms. This sustained economic prosperity earned Binghamton the moniker of the Valley of Opportunity. However, following cuts made by defense firms after the end of the Cold War, the region has lost a significant portion of its manufacturing industry.

Today, while there is a continued concentration of high-tech firms, Binghamton is emerging as a healthcare- and education-focused city, with the presence of Binghamton University acting as much of the driving force behind this revitalization.

 

Binghamton, New York 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 Binghamton, New York. 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 Binghamton, New York, 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 York, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Albany-Schenectady-Troy $210,300 3.70%
Binghamton $109,000 3.30%
Buffalo-Cheektowaga-Niagrara Falls $140,000 8.00%
Dutchess County-Putnam County $274,700 3.80%
Elmira $111,600 -3.50%
Glenn Falls $162,800 -6.20%
Kingston $201,700 -0.50%
Nassau County-Suffolk County $466,700 5.40%
New York-Jersey City-White Plains, NY-NJ $384,500 4.90%
New York-Newark-Jersey City, NY-NJ-PA $414,000 4.70%
Rochester $137,900 2.50%
Syracuse $129,200 0.60%
 
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 New York.

 

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:

As of the census of 2010, there were 47,376 people, 21,150 households, and 9,986 families residing in the city. The population density was 4,516.8 per square mile (1,743.9/km²). There were 23,842 housing units at an average density of 2,273.1 per square mile (877.6/km²). Of all households, 20.8% had children under the age of 18 living with them, 26.9% were married couples living together, 15.6% had a female householder with no husband present, 4.7% had a male householder with no wife present, and 52.8% were non-families. 40.5% of all households were made up of individuals and 25.5% had someone living alone who was 65 years of age or older. The average household size was 2.18 and the average family size was 2.94.

Race and ethnicity

Binghamton is home to a large ethnic population. During its industrial heyday, thousands of European immigrants moved to the city as they found an abundance of jobs and working-class prosperity. A large number of Irish, Italians, and Eastern Europeans settled in the area, and the American Civic Association was created to help their transition to life and assimilation in the United States. This inrush led to a temporary rise in the local Ku Klux Klan during the 1920s, with Binghamton serving as state headquarters. Area residents, who primarily embraced the different cultural heritages, quelled such anti-immigrant sentiment by founding several ethnic organizations and holding ethnic celebrations, at the encouragement of Endicott-Johnson. This has had a lasting effect on the city, which sports a large number of churches and contemporary ethnic festivals, along with a population that is still predominantly white (though steadily decreasing in proportion). As of 2010, the racial makeup of Binghamton was 77.6% White, 11.4% Black or African American, 0.3% Native American, 4.2% Asian, 0.04% Pacific Islander, 2.0% from other races, and 4.4% from two or more races. 6.4% of the population were Hispanic or Latino of any race.

Due to its ethnic diversity, there are a large number of religious affiliations within the region. The First Ward was historically home to much of the Eastern European population, and houses several gold dome Orthodox churches. As a result of its strong Italian and Irish heritage, the largest religious body in Broome County is the Catholic Church. Binghamton falls under the Roman Catholic Diocese of Syracuse. Throughout the county, 105,064 people, or 52.4% of the total population, are listed as congregational adherents.

 

ECONOMY:

After the boom of the cigar industry in the 1880s, the Binghamton area became increasingly reliant on large manufactures, with both Endicott Johnson, a shoe manufacturer, and IBM employing 15,000 to 20,000 local workers at their peak. Other companies with a significant historical presence included Link Aviation Devices, Ansco, and General Electric. Several other notable businesses started in Binghamton, such as Valvoline, the Nineteen Hundred Washer Company (which merged to form Whirlpool), and Dr. Kilmer's Swamp Root, a famous patent medicine. Dick's Sporting Goods started out as a fishing store in the East Side in 1948, and remained headquartered in Binghamton until 1994.

 
McIntosh amplifiers, famous for their blue lighted dials
 

Much of Binghamton's current employment base is still oriented towards technology and defense manufacturing, though the sector has been diminishing since 1990. Areas of specialization include systems integration, flight simulation, and printed circuit board manufacturing. The largest such companies in the area are Lockheed Martin, BAE Systems, IBM, Sanmina-SCI, and Universal Instruments. Other notable technology firms include Endicott Interconnect, Rockwell Collins, Emerson Network Power, and L-3 Communications, which absorbed the Link Aviation operations. Although not a large employer, the McIntosh Laboratory is a well-known high-end manufacturer of audio amplifiers, receivers, and other components. Despite the sustained job losses, 13% of New York State's computer and electronics manufacturing jobs are in the Binghamton MSA as of 2010.

Education and health care are also becoming significant sectors in the regional economy. In particular, Binghamton University and Broome Community College employ a large number of researchers and educators. Binghamton University contains a New York State Center of Excellence for small-scale systems integration, and has also provided the major impetus behind the $22 million Southern Tier High Technology Incubator, which is being built in downtown Binghamton to encourage local growth of startups. Upstate Medical University has been working on expanding the presence of its clinical campus by establishing a permanent home at the former New York State Inebriate Asylum on the East Side. Major companies in the private healthcare industry include United Health Services and Lourdes Hospital.

 
Boscov's in downtown Binghamton
 

There is also a large presence of food services and distribution companies in Binghamton. Both Maines Paper & Food Service and Willow Run Foods are headquartered in the region, and are two of the largest food distributors in the country, servicing a large region of restaurants and chains throughout the United States. Maines is one of the largest private companies in the country. Crowley Foods, a subsidiary of HP Hood, maintains headquarters in Binghamton, and Frito-Lay has a large plant in the region. Agriculture has long played a notable role in the regional economy, and the farm bureau movement started in Binghamton in 1911.

Other notable local employers include New York State Electric & Gas and Johnson Outdoors. Two insurance companies, Security Mutual Life and Columbian Financial Group, maintain headquarters in the area.

Several large shopping areas exist within the region. Downtown Binghamton is home to a Boscov's department store, and the development of large student housing projects has resulted in a resurgence of restaurants and service-oriented business downtown. Previously, downtown was also home to several major department stores, and was the center of regional shopping. Most shopping, however, has now shifted away from the traditional downtown area towards the suburbs. The town of Vestal has several shopping centers and big-box stores along a five-mile stretch of the Vestal Parkway. The village of Johnson City is home to the Oakdale Mall, the only indoor super regional mall in the area. Significant commercial development has also taken place in the town of Dickinson, with numerous shopping centers just north of the city. In the First Ward, Clinton Street is home to Antique Row, a collection of antique shops.

*Data provided by Bankrate.com - Real Estate and Wikipedia - Binghamton - New York