Norwich, known as 'The Rose of New England', is a city in New London County, Connecticut, United States. The population was 40,493 at the 2010 United States Census. Three rivers, the Yantic, the Shetucket, and the Quinebaug, flow into the city and form its harbor, from which the Thames River flows south to Long Island Sound.
New London is a seaport city and a port of entry on the northeast coast of the United States. It is located at the mouth of the Thames River in New London County, Southeastern Connecticut.
For several decades beginning in the early 19th century, New London was one of the world's three busiest whaling ports, along with Nantucket and New Bedford, Massachusetts. The wealth that whaling brought into the city furnished the capital to fund much of the city's present architecture. New London subsequently became home to other shipping and manufacturing industries, but has gradually lost its commercial and industrial heart.
New London is home to the United States Coast Guard Academy, Connecticut College, Mitchell College, and The Williams School. The Coast Guard Station New London and New London Harbor is home port to the U.S. Coast Guard Cutter Chinook and the Coast Guard's tall ship Eagle. The city had a population of 27,620 at the 2010 census. The Norwich-New London metropolitan area (NECTA) includes twenty-one towns and 274,055 people.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Norwich, New London, 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 Norwich, New London, 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 Hartford||$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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In 2012, the population of Norwich had risen to 40,502 and the racial makeup of the city was 70% White, 13% Hispanic or Latino, 10% Black or African American, 8% Asian, and 1% Native American. A significant influx of Chinese Americans has settled in Norwich since 2010.
The 2012 median income for a household in the city was $51,300. 15% of the population were below the poverty line.