Burlington is the most populous city in the U.S. state of Vermont and the seat of Chittenden County. It is located 45 miles (72 km) south of the Canada–United States border and 94 miles (151 km) south of Canada's second most populous municipality, Montreal. The city's population was 42,452 according to a 2015 U.S. census estimate. It is the least populous municipality in the United States to be the most populous incorporated area in a state.
A regional college town, Burlington is home to the University of Vermont (UVM) and Champlain College, a small private college. Vermont's largest hospital, the UVM Medical Center, is located within the city limits. The City of Burlington also owns the state of Vermont's largest airport, the Burlington International Airport, in neighboring South Burlington. In 2015, Burlington became the first city in the U.S. to run completely on renewable energy.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Burlington, South Burlington, Vermont. 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 Burlington, South Burlington, Vermont, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%-7.0%
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 Vermont, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
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 Vermont.
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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As of the census of 2010, there were 42,417 people residing in the city. The racial makeup of the city was 88.9% White, 3.8% Black or African American, 0.3% Native American, 3.6% Asian, and 2.6% from two or more races. Hispanic or Latino of any race were 2.8% of the population.
There were 16,851 households and the average number of persons per household was 2.13.
Burlington's economy centers on education, health services, trade, transportation, and utilities, and some manufacturing. In 2011, the city had an unemployment rate of 4.8%, which was the 6th lowest of all metro areas. Real wages were $39,980 in 2006 constant dollars and remained there to 2010; the state was $33,385; the nation, $36,871.
In 2009, Moody's confirmed the city's bond rating at AA3, "high" quality, the second best rank, but in 2010, the city-owned Burlington Telecom cable provider was unable to pay the city of Burlington $17 million it owed. As a result, Moody's downrated the debt for the city two notches to A2, "upper medium". Moody's also downrated the credit rating for Burlington International Airport.
As of the American Community Survey of 2014, the median income for a household in the city was $37,078, and the median income for a family was $61,057. Males had a median income of $30,144 versus $25,270 for females. The per capita income for the city was $25,589. About 16.9% of families and 30.7% of the population were below the poverty line, including 12.5% of those under age 18 and 12.9% of those age 65 or over.
For the 4,989 single-family owner-occupied homes, the median value was $131,200.
Business and industry
The largest employers in the city proper are the University of Vermont Medical Center (formerly Fletcher Allen Health Care) and the University of Vermont, employing 6,823 and 3,137 people, respectively. Other companies in Burlington include the G.S. Blodgett Company, one of the oldest and largest commercial oven companies in the country, which manufactures restaurant equipment. Its history dates back to the mid-19th century. General Electric develops software for the healthcare industry in South Burlington at the former headquarters of IDX Systems, which it purchased in 2006. General Dynamics Armament and Technical Products division employs 450 workers locally. A solely owned subsidiary, the division is based here. Dealer.com, a leading automotive internet marketing company, employed over 450 employees as of March 2011.
Ben & Jerry's began in 1978 when Ben Cohen and Jerry Greenfield opened their first ice cream scoop shop in an old gas station in Burlington. Vermont Teddy Bear Company, whose founder started on a cart on a Burlington street, now ships custom teddy bears worldwide.
Corporate headquarters located in Burlington include Burton Snowboards, Bruegger's, Lake Champlain Chocolates, Rhino Foods, and Seventh Generation Inc.
Retailing and tourism
One measure of economic activity is retail sales. Burlington was fifth in the state in 2007 with $242.2 million.
The Church Street Marketplace, a four-block pedestrian mall in the heart of the city, is the site of festivals throughout the year. Events such as the "South End Art Hop" and public galleries such as Pine Street Art Works, provide a forum for the visual arts in the South End. The American Planning Association named the Marketplace one of America's "Great Public Spaces" for 2008.
A "Festival of Fools" had an estimated 25,000 attendees at the Marketplace in 2009. The "Vermont Brewers Festival" had 9,600 attendees in 2009, and the "Giant Pumpkin Regatta and Festival" had 5,000 attendees that same year; Saturday Night Live satirized the event. One of the largest year-round farmers' markets in the state of Vermont is located in the city.
In 2008, vacancy rates for office space reached 4.5%, high for the city, but low compared to the surrounding suburbs.