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Ok Avg Real Estate Commission Rate in Oklahoma City, Oklahoma - OKC

Oklahoma City, often shortened to OKC, is the capital and largest city of the U.S. state of Oklahoma. The county seat of Oklahoma County, the city ranks 27th among United States cities in population. The population grew following the 2010 Census, with the population estimated to have increased to 631,346 as of July 2015. As of 2015, the Oklahoma City metropolitan area had a population of 1,358,452, and the Oklahoma City-Shawnee Combined Statistical Area had a population of 1,459,758 (Chamber of Commerce) residents, making it Oklahoma's largest metropolitan area.

Oklahoma City's city limits extend into Canadian, Cleveland, and Pottawatomie counties, though much of those areas outside the core Oklahoma County area are suburban or rural (watershed). The city ranks as the eighth-largest city in the United States by land area (including consolidated city-counties; it is the largest city in the United States by land area after Houston, whose government is similarly not consolidated with that of a county or borough).

Oklahoma City has the largest municipal population of any city in the Great Plains region of the central United States, as well as all neighboring states to Oklahoma, excluding Texas and Colorado.

Lying in the Great Plains region, Oklahoma City has one of the world's largest livestock markets. Oil, natural gas, petroleum products and related industries are the largest sector of the local economy. The city is in the middle of an active oil field and oil derricks dot the capitol grounds. The federal government employs large numbers of workers at Tinker Air Force Base and the United States Department of Transportation's Mike Monroney Aeronautical Center (these two sites house several offices of the Federal Aviation Administration and the Transportation Department's Enterprise Service Center, respectively).

The city is also home to the Oklahoma City Thunder of the National Basketball Association, where several notable players have played, including Russell Westbrook, Kevin Durant, Paul George, and Carmelo Anthony. The team relocated from Seattle, where they were known as the SuperSonics. Their last season in Seattle was the 2007-08 season.

Oklahoma City is on the I-35 Corridor, which is one of the primary travel corridors south into neighboring Texas and Mexico and north towards Wichita and Kansas City. Located in the state's Frontier Country region, the city's northeast section lies in an ecological region known as the Cross Timbers. The city was founded during the Land Run of 1889, and grew to a population of over 10,000 within hours of its founding. The city was the scene of the April 19, 1995 bombing of the Alfred P. Murrah Federal Building, in which 168 people died. It was the deadliest terror attack in the history of the United States until the attacks of September 11, 2001, and remains the deadliest act of domestic terrorism in U.S. history.

Since the time weather records have been kept, Oklahoma City has been struck by thirteen strong tornadoes; eleven of these tornadoes were rated F4 or EF4 on the Fujita and Enhanced Fujita scales, and two were rated F5 or EF5.

 

Oklahoma City, Oklahoma 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 Oklahoma City, Oklahoma. 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 Oklahoma City, Oklahoma, 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 South rose 6.7%, to $229,400, 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 Oklahoma, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Oklahoma City $160,200 3.40%
Tulsa $161,600 5.80%
 
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 Oklahoma.

 

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, the racial composition of Oklahoma City was as follows:

  • White: 62.7% (56.7% Non-Hispanic White)
  • Black or African American: 15.1%
  • Native American: 3.5%
  • Asian: 4.0% (1.7% Vietnamese, 0.7% Indian)
  • Native Hawaiian and Other Pacific Islander: 0.1%
  • Some other race: 9.4%
  • Two or more races: 5.2%
  • Hispanic or Latino (of any race): 17.2% (14.2% Mexican, 0.7% Guatemalan)

As of the 2010 census, there were 579,999 people, 230,233 households, and 144,120 families residing in the city. The population density was 956.4 inhabitants per square mile (321.9/km²). There were 256,930 housing units at an average density of 375.9 per square mile (145.1/km²).

Of Oklahoma City's 579,999 people, 44,541 reside in Canadian County, 63,723 reside in Cleveland County, 471,671 reside in Oklahoma County, and 64 reside in Pottawatomie County.

There were 230,233 households, 29.4% of which had children under the age of 18 living with them, 43.4% were married couples living together, 13.9% had a female householder with no husband present, and 37.4% were non-families. One person households account for 30.5% of all households and 8.7% of all households had someone living alone who is 65 years of age or older. The average household size was 2.47 and the average family size was 3.11.

The median income for a household in the city was $48,557 and the median income for a family was $62,527. The per capita income for the city was $26,208. 17.1% of the population and 12.4% of families were below the poverty line. Out of the total population, 23.0% of those under the age of 18 and 9.2% of those 65 and older were living below the poverty line.

In the 2000 Census, Oklahoma City's age composition was 25.5% under the age of 18, 10.7% from 18 to 24, 30.8% from 25 to 44, 21.5% from 45 to 64, and 11.5% who were 65 years of age or older. The median age was 34 years. For every 100 females there were 95.6 males. For every 100 females age 18 and over, there were 92.7 males.

Oklahoma City has experienced significant population increases since the late 1990s. Since the official Census in 2000, Oklahoma City has grown 25 percent (a 125,214 raw increase) according to the Bureau estimates. The 2016 estimate of 638,367 is the largest population Oklahoma City has ever recorded. It is the first city in the state to record a population greater than 600,000 residents. It is also the first city in the Great Plains region to record a population greater than 600,000 residents. It is the largest municipal population of the Great Plains region (Oklahoma, Kansas, Nebraska, South Dakota, North Dakota).

 

ECONOMY:

The economy of Oklahoma City, once just a regional power center of government and energy exploration, has since diversified to include the sectors of information technology, services, health services and administration. The city is headquarters to two Fortune 500 companies, Chesapeake Energy Corporation and Devon Energy Corporation, as well as being home to Love's Travel Stops & Country Stores, which is ranked thirteenth on Forbes' list of private companies.

As of July 2014, the top fifteen employers in the city were:

# Employer # of employees
1 State of Oklahoma (SEAT) 40,000 and over
2 United States Federal Aviation Administration 5,000 and over
3 Integris Health (HQ) 5,000 and over
4 University of Oklahoma Health Sciences Center 5,000 and over
5 Hobby Lobby Stores (HQ) 5,000 and over
6 City of Oklahoma City (SEAT) 3,000 and over
7 Mercy Health Center (HQ) 3,000 and over
8 Chesapeake Energy Corporation (HQ) 3,000 and over
9 OG+E Energy Corp (HQ) 3,000 and over
10 Devon Energy Corporation (HQ) 3,000 and over
11 University of Oklahoma Medical Center 3,000 and over
12 SSM Health Care (HQ) 3,000 and over
13 AT&T 3,000 and over
14 Sonic Corp. (HQ) 3,000 and over
15 The Boeing Company (Regional HQ) 1,000 and over
16 LSB Industries, Inc. (HQ) 1,000 and over
17 The Hertz Corporation 1,000 and over
18 Cox Communications 1,000 and over
19 Dell 1,000 and over
20 American Fidelity Assurance (HQ) 1,000 and over

Other major corporations with a large presence (over 1000 employees) in the city of Oklahoma City include Dell, The Hertz Corporation, United Parcel Service, Farmers Insurance Group, Great Plains Coca-Cola Bottling Company, Cox Communications, The Boeing Company, Deaconess Hospital, Johnson Controls, MidFirst Bank, American Fidelity Assurance, Rose State College, and Continental Resources.

While not in the city limits, other large employers within the Oklahoma City MSA include United States Air Force – Tinker AFB (27,000); University of Oklahoma (11,900); University of Central Oklahoma (2,900); and Norman Regional Hospital (2,800).

According to the Oklahoma City Chamber of Commerce, the metropolitan area's economic output grew by 33 percent between 2001 and 2005 due chiefly to economic diversification. Its gross metropolitan product was $43.1 billion in 2005 and grew to $61.1 billion in 2009. By 2016 the GMP had grown to $73.8 billion.

In 2008, Forbes magazine named Oklahoma City the most "recession proof city in America". The magazine reported that the city had falling unemployment, one of the strongest housing markets in the country and solid growth in energy, agriculture and manufacturing. However, during the early 1980s, Oklahoma City had one of the worst job and housing markets due to the bankruptcy of Penn Square Bank in 1982 and then the post-1985 crash in oil prices (oil bust).

In 2013, Forbes ranked Oklahoma City No. 8 on its list of the "Best Places for Business and Careers".

In 2014, Forbes ranked Oklahoma City No. 7 on its list of "Best Places for Business".

In 2017, WalletHub ranked Oklahoma City No. 1 on its list of "Best Large Cities to Start a Business".

*Data provided by Bankrate.com - Real Estate and Wikipedia - Oklahoma City