Newark is the most populous city in the U.S. state of New Jersey and the seat of Essex County. As one of the nation's major air, shipping, and rail hubs, the city had a population of 277,140 in 2010, making it the nation's 67th-most populous municipality, after being ranked 63rd in the nation in 2000. For 2016, the Census Bureau's Population Estimates Program calculated a population of 281,764, an increase of 1.7% from the 2010 enumeration, ranking the city the 70th largest in the nation. Newark is the second largest city in the New York metropolitan area, located approximately 8 miles (13 km) west of lower Manhattan.
Settled in 1666 by Puritans from New Haven Colony, Newark is one of the oldest European cities in the United States. Its location at the mouth of the Passaic River (where it flows into Newark Bay), has made the city's waterfront an integral part of the Port of New York and New Jersey. Today, Port Newark-Elizabeth is the primary container shipping terminal of the busiest seaport on the American East Coast. In addition, Newark Liberty International Airport was the first municipal commercial airport in the United States, and today is one of its busiest.
Several leading companies have their headquarters in Newark, including Prudential, PSEG, Panasonic Corporation of North America, Audible.com, IDT Corporation, and Manischewitz. A number of important higher education institutions are also in the city, including the Newark campus of Rutgers University (which includes law and medical schools and the Rutgers Institute of Jazz Studies); the New Jersey Institute of Technology; and Seton Hall University's law school. The U.S. District Court for the District of New Jersey sits in the city as well. Local cultural venues include the New Jersey Performing Arts Center, Newark Symphony Hall, the Prudential Center and the Newark Museum.
Newark is divided into five political wards; the East, West, South, North and Central wards and contains neighborhoods ranging in character from bustling urban districts to quiet suburban enclaves. Newark's Branch Brook Park is the oldest county park in the United States and is home to the nation's largest collection of cherry blossom trees, numbering over 5,000.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in New York-Newark-Jersey City, NY-NJ-PA, 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 Newark-Jersey City, NJ-PA, 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.
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As of the 2010 United States Census, there were 277,140 people, 94,542 households, and 61,641 families residing in the city. The population density was 11,458.3 per square mile (4,424.1/km2). There were 109,520 housing units at an average density of 4,528.1 per square mile (1,748.3/km2). The racial makeup of the city was 26.31% (72,914) White, 52.35% (145,085) Black or African American, 0.61% (1,697) Native American, 1.62% (4,485) Asian, 0.04% (118) Pacific Islander, 15.22% (42,181) from other races, and 3.85% (10,660) from two or more races. Hispanic or Latino of any race were 33.83% (93,746) of the population.
There were 94,542 households out of which 33.7% had children under the age of 18 living with them, 28.0% were married couples living together, 28.9% had a female householder with no husband present, and 34.8% were non-families. 27.9% of all households were made up of individuals, and 8.2% had someone living alone who was 65 years of age or older. The average household size was 2.76 and the average family size was 3.36.
In the city, the population was spread out with 25.6% under the age of 18, 11.9% from 18 to 24, 31.9% from 25 to 44, 22.1% from 45 to 64, and 8.6% who were 65 years of age or older. The median age was 32.3 years. For every 100 females there were 97.9 males. For every 100 females ages 18 and older there were 96.3 males.
The Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income was $35,659 (with a margin of error of +/− $1,009) and the median family income was $41,684 (+/− $1,116). Males had a median income of $34,350 (+/− $1,015) versus $32,865 (+/− $973) for females. The per capita income for the city was $17,367 (+/− $364). About 22.0% of families and 25.0% of the population were below the poverty line, including 34.9% of those under age 18 and 22.4% of those age 65 or over.
More than 100,000 people commute to Newark each workday, making it the state's largest employment center with many white-collar jobs in insurance, finance, import-export, health-care, and government. As a major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city is also a "college town", with nearly 50,000 students attending the city's universities and medical and law schools. Its airport, maritime port, rail facilities, and highway network make Newark the busiest transshipment hub on the East Coast in terms of volume.
Though Newark is not the industrial colossus of the past, the city does have a considerable amount of industry and light manufacturing. The southern portion of the Ironbound, also known as the Industrial Meadowlands, has seen many factories built since World War II, including a large Anheuser-Busch brewery that opened in 1951 and distributed 7.5 million barrels of beer in 2007. The service industry is also growing rapidly, replacing those in the manufacturing industry, which was once Newark's primary economy. In addition, transportation has become a large business in Newark, accounting for more than 17,000 jobs in 2011.
Newark is one of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state's Economic Development Authority. Developers who invest a minimum of $50 million within 0.5 miles of a train station are eligible for pro-rated tax credit. After the election of Cory Booker, millions of dollars of public-private partnership investment were made in Downtown development but persistent underemployment continue to characterize many of the city's neighborhoods. Poverty remains a consistent problem in Newark. As of 2010, roughly one-third of the city's population was impoverished.
Newark is the third-largest insurance center in the United States, after New York City and Hartford. The Prudential Financial, Mutual Benefit Life, Fireman's Insurance, and American Insurance Company all originated in the city. The first, one of the largest insurance companies in the world, has its "home office in Newark. Many other companies are headquartered in the city, including IDT Corporation, NJ Transit, Public Service Enterprise Group (PSEG), Manischewitz, Horizon Blue Cross and Blue Shield of New Jersey. and Audible.com. In 2013 Panasonic moved its North American headquarters to a new 250,000-square-foot (23,000 m2) office building.
Portions of Newark are part of an Urban Enterprise Zone. In addition to other benefits to encourage employment within the Zone, shoppers can take advantage of a reduced 3½% sales tax rate (versus the 7% rate charged statewide) at eligible merchants.
While for years Newark was a food desert with a dearth of supermarkets, several new ones have opened or are planning to open since 2000, including a ShopRite supermarket and the upscale Whole Foods.