Bridgeport is a historic seaport city in the U.S. state of Connecticut. The largest city in the state, it is located in Fairfield County at the mouth of the Pequonnock River on Long Island Sound. As of 2017, Bridgeport had an estimated population of 151,267, making it also the 5th-most populous in New England Located 60 miles from Manhattan and 40 miles from the Bronx, it is bordered by the towns of Trumbull to the north, Fairfield to the west, and Stratford to the east. The Greater Bridgeport area is the 48th-largest urban area in the United States.
Bridgeport was inhabited by the Paugussett Indian tribe at the time of its English colonization. The English farming community became a center of trade, shipbuilding, and whaling. The town incorporated to subsidize the Housatonic Railroad and rapidly industrialized following the rail line's connection to the New York and New Haven railroad. Manufacturing was the mainstay of the local economy until the 1970s.
The showman P.T. Barnum was a resident of the city and served as the town's mayor in the late 19th century. Barnum built four houses in Bridgeport, and housed his circus in town during winter. The first Subway restaurant opened in the North End section of the city in 1965. The Frisbie Pie Company was located here, and Bridgeport is credited as the birthplace of the Frisbee.
Industrial restructuring and suburbanization caused the loss of many jobs and affluent residents, leaving Bridgeport struggling with problems of poverty and crime. In the 21st century, conversion of office and factory buildings to residential use, and other redevelopment is attracting new residents.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Bridgeport, Stamford, Norwalk, Connecticut. 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 Bridgeport, Stamford, Norwalk, Connecticut , 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 Connecticut, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Bridgeport, Stamford, Norwalk||$409,400||7.6%|
|Hartford, West Hartford, East Hardford||$239,000||0.9%|
|New Haven, Milford||$229,400||2.1%|
|Norwich, New London||$225,400||5.7%|
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 Connecticut.
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.
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The urbanized areas of Stamford and Bridgeport are contiguous and considered by the U.S. Census Bureau as a single urban core. The towns containing this merged urbanized area, plus surrounding towns with significant commuter interchange to the central towns, are grouped together as the Bridgeport-Stamford-Norwalk New England City and Town Area. The area contains 25 towns and includes the Greater Bridgeport Region, the Gold Coast, the Lower Naugatuck Valley, and the additional outlying towns of Milford, Newtown, Redding, Ridgefield, Southbury, and Woodbridge. As of the 2000 census, the population of the NECTA was 892,283
A slightly smaller definition known as the Southwest Service Delivery Area consists of the Greater Bridgeport Region, the Lower Naugatuck Valley (including Oxford), the Gold Coast, and the town of Milford (20 towns).
The MSA associated with Bridgeport is the Bridgeport–Stamford–Norwalk MSA and consists of the entirety of Fairfield County with 23 towns. While statistically similar in terms of population and extent to the NECTA definition, the MSA includes the city of Danbury and its suburbs, and excludes the Valley region.