Panama City is a city and the county seat of Bay County, Florida, United States. Located along U.S. Route 98, it is the largest city between Tallahassee and Pensacola. It is the more populated of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the city population was 36,484. When Panama City was incorporated in 1909, its original city limits were 15th Street (Hwy 98) on the north, Balboa Avenue on the west and Bay Avenue on the east.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Panama City, Florida. 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 Panama City, Florida you will find the following real estate commissions charged*:
Typical Asking Commission: 6.00%
Competitive Commission: 5.0%-5.9%
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 Florida, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Cape Coral-Fort Myers||$240,000||6.70%|
|Miami-Fort Lauderdale-West Palm Beach||$340,000||7.90%|
|Port St. Lucie||$229,900||12.10%|
|Deltona-Daytona Beach-Ormond Beach||$195,000||11.40%|
|Crestview-Fort Walton Beach-Destin||$269,900||6.10%|
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 Florida.
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 36,484 people, 14,792 households, and 8,613 families residing in the city. The population density was 1,245.2 people per square mile (481.3/km2). There were 17,438 housing units at an average density of 595.2 per square mile (230.1/km2). As of the census of 2010, the racial makeup of the city is 71.6% White, 22.0% African American, 1.6% Asian, 0.5% Native American, 0.1% Pacific Islander, 2.9% from two or more races, and 5.1% Hispanic or Latino of any race.
There were 14,792 households, out of which 23.6% had children under the age of 18 living with them, 36.3% were headed by married couples living together, 6.8% had a female householder with no husband present, and 41.8% were non-families. 34.1% of all households were made up of individuals, and 13.0% were someone living alone who was 65 years of age or older. The average household size was 2.28, and the average family size was 2.91.
In the city, the population was 20.7% under the age of 18, 10.2% from 18 to 24, 25.9% from 25 to 44, 26.9% from 45 to 64, and 16.3% who were 65 years of age or older. The median age was 39.7 years. For every 100 females there were 96.3 males. For every 100 females age 18 and over, there were 95.2 males.
Panama City has a humid subtropical climate, with short, mild winters and long, hot and humid summers. In January, the average low is 42 °F (6 °C), and in July the average high is 90 °F (32 °C).
The city is susceptible to hurricanes, such as Hurricane Earl, which brought winds of more than eighty miles per hour in 1998.
As of the 2000 census, the city's median household income was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The city's per capita income was $17,830. About 12.1% of families and 17.2% of the population were below the poverty line, including 24.5% of those under age 18 and 14.9% of those age 65 or over.
Although two military bases make the federal government the largest employer, major industrial employers in the Bay County area include Eastern Shipbuilding Group, Gulf Power, WestRock, Trane, L-3 Communications, ARINC, and JENSEN-GROUP.
In 2006, Panama City was named the best place to invest in real estate in the US by CNN's Business 2.0 magazine.