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IN Avg Real Estate Commission Rate in Fort Wayne, Indiana

Fort Wayne is a city in the U.S. state of Indiana and the seat of Allen County, United States. Located in northeastern Indiana, the city is 18 miles (29 km) west of the Ohio border and 50 miles (80 km) south of the Michigan border. With an estimated population of 264,488 in 2016, it is the second-most populous city in Indiana after Indianapolis, and the 76th-most populous city in the United States. It is the principal city of the Fort Wayne metropolitan area, consisting of Allen, Wells, and Whitley counties, a combined population of 419,453 as of 2011. In addition to the three core counties, the combined statistical area (CSA) includes Adams, DeKalb, Huntington, Noble, and Steuben counties, with an estimated population of 615,077.

Fort Wayne was built in 1794 by the United States Army under the direction of American Revolutionary War general Anthony Wayne, the last in a series of forts built near the Miami village of Kekionga. Named in Wayne's honor, the European-American settlement developed at the confluence of the St. Joseph, St. Marys, and Maumee rivers as a trading post for pioneers. The village was platted in 1823 and underwent tremendous growth after completion of the Wabash and Erie Canal and advent of the railroad. Once a booming manufacturing town located in what became known as the Rust Belt, Fort Wayne's economy in the 21st century is based upon distribution, transportation and logistics, healthcare, professional and business services, leisure and hospitality, and financial services. The city is a center for the defense industry which employs thousands.

Fort Wayne was an All-America City Award recipient in 1982, 1998, and 2009. The city also received an Outstanding Achievement City Livability Award by the U.S. Conference of Mayors in 1999.

 

Fort Wayne, Indiana 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 Fort Wayne, Indiana. 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 Fort Wayne, Indiana, 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 Midwest rose 6.6%, to $204,000, 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 Indiana, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Chicago-Naperville-Elgin, IL-IN-WI $364,300 7.30%
Cinncinnati, OH-KY-IN $168,600 5.00%
Fort Wayne $133,800 4.20%
Gary-Hammond $163,900 9.00%
Indianapolis-Carmel-Anderson $176,200 7.20%
Louisville/Jefferson County $176,700 7.70%
South Bend-Mishawaka, IN-MI $125,400 3.00%
 
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 Indiana.

 

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:

According to the 2010 Census, there were 253,691 people and 113,541 households. The racial makeup of the city is 73.62% White, 15.41% Black or African American, 0.37% Native American or Alaska Native, 3.3% Asian (1.4% Burmese, 0.4% Indian, 0.3% Vietnamese, 0.2% Chinese, 0.2% Filipino, 0.1% Korean, 0.1% Laotian, 0.1% Thai), 0.06% Pacific Islander, 3.72% from other races, and 3.52% from two or more races. 7.96% of the population are Hispanic or Latino of any race. Among the Hispanic population, 6.1% are Mexican, 0.4% Puerto Rican, and 0.3% Guatemalan. Non-Hispanic Whites were 70.3% of the population in 2010, down from 87.7% in 1970.

There were 101,585 households of which 30.1% had children under the age of 18 living with them, 42.3% were married couples living together, 14.8% had a female householder with no husband present, 4.9% had a male householder with no wife present, and 38.0% were non-families. 31.2% of all households were made up of individuals and 9.7% had someone living alone who was 65 years of age or older. The average household size was 2.44 and the average family size was 3.09.

The median age in the city was 34.5 years. 26.4% of residents were under the age of 18; 10.2% were between the ages of 18 and 24; 26.5% were from 25 to 44; 24.9% were from 45 to 64; and 12% were 65 years of age or older. The gender makeup of the city was 48.4% male and 51.6% female.

Fort Wayne has the largest Burmese American population in the U.S., estimated at 6,000. Burmese refugee settlement and "secondary migrants" doubled the city's Asian population between 2000 and 2010.

 

ECONOMY:

Manufacturing is deeply rooted in Fort Wayne's economic history, dating to the earliest days of the city's growth as an important trade stop along the Wabash and Erie Canal. Railroads, introduced shortly after the canal's arrival, eased travel from Fort Wayne to other booming industrial centers along the Great Lakes, such as Chicago, Detroit, Toledo, and Cleveland. Throughout the early and mid-20th century, manufacturing dominated the city's economic landscape. From 1900 to 1930, Fort Wayne's industrial output expanded by 747 percent, with total production valued at $95 million in 1929, up from $11 million in 1899. The total workforce also increased from 18,000 in 1900 to nearly 50,000 in 1930.

Companies that had a significant presence in the city include Dana Holding Corporation, Falstaff Brewing Corporation, Fruehauf Corporation, General Electric, International Harvester, Magnavox, Old Crown Brewing Corporation, and Tokheim, among several others, producing goods such as refrigerators, washing machines, automatic phonographs, meat packing products, televisions, garbage disposals, automotive parts and motors, trailers, gasoline pumps, trucks, beer, tents and awnings. Magnet wire production became an especially vital component to the city's economy. In 1960, Fort Wayne was at the center of the United States magnet wire industry, home to New Haven Wire and Cable Company, Phelps Dodge, Rea Magnet Wire, Superior Essex, and an operation at General Electric, producing nearly 90 percent of North America's magnet wire.

 
Abraham Lincoln: The Hoosier Youth stands in front of Lincoln Financial Group's downtown offices.
 

The 1970s and 1980s were times of economic depression in Fort Wayne, when much of the city's manufacturing foundation eroded and the blue-collar workforce shrank. Fort Wayne joined several other cities reeling economically within the Rust Belt. At the same time, General Electric also downsized much of its more than 10,000-person workforce. Amid other area plant closures and downsizing, coupled with the early 1980s recession, the city lost 30,000 jobs and reached a 12.1 percent unemployment rate. The arrival of General Motors in 1987 helped fill the void from shuttered manufacturers and aided in the area's recovery, employing 3,000 at its Fort Wayne Assembly. In 2017, General Motors was the largest manufacturer in the city, employing 4,100 assembling Chevrolet Silverado regular and double cab light- and heavy-duty pickup trucks.

Through the 1990s and into the 2000s, the city diversified its economy; manufacturing now employs 16.9 percent of Allen County's workforce. Other sectors include distribution, transportation, and logistics (23.1 percent), health care (17.9 percent), professional and business services (12.1 percent), leisure and hospitality (11.1 percent), and financial services (6.3 percent). The leisure and hospitality sector has especially grown, with 5.8 million visitors spending $545 million in 2013, a 4.3 percent increase over the previous year. The city is a center for the defense industry, employing thousands at such companies as BAE Systems (1,150), Harris Corporation (888), Raytheon Systems (950), and the Fort Wayne Air National Guard Station (423).

Despite economic diversification, the city was significantly impacted by the Great Recession. According to a report from Pew Research Center, the city lost nearly a quarter of its manufacturing jobs and 11% of its economic status between 2000 and 2014. Economic Innovation Group's 2016 Distressed Communities Index Report ranked Fort Wayne among the most unequal large cities in the U.S. in terms of linking economic opportunities to its distressed zip codes. As of 2017, Allen County's labor force was 180,637 with an unemployment rate of 2.5 percent.

Companies based in Fort Wayne include Do it Best, Franklin Electric, Frontier Communications – Central Region, Genteq, Indiana Michigan Power, K&K Insurance, MedPro Group, North American Van Lines, Rea Magnet Wire, Steel Dynamics, Sweetwater Sound, and Vera Bradley. Steel Dynamics is the only Fortune 500 company headquartered in the city, ranking 354th. Founded in 1905, Lincoln Financial Group was based in Fort Wayne until its move to suburban Philadelphia in 1999. The company maintains a large presence in the city, employing nearly 2,000.

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Fort Wayne - Indiana