Let us help you!

ListingBidder Resources

IL Avg Real Estate Commission Rate in Peoria, Illinois

Peoria is the county seat of Peoria County, Illinois, and the largest city on the Illinois River. Established in 1691 by the French explorer Henri de Tonti, Peoria is the oldest European settlement in Illinois, and is named after the Peoria tribe. As of the 2010 census, the city was the seventh-most populated in Illinois (and the third largest outside the Chicago metropolitan area), with a population of 115,007. The Peoria Metropolitan Statistical Area had a population of 373,590 in 2011. Peoria had a population of 118,943 in 2010, when far northern Peoria was also included. Peoria is formerly the global and national headquarters for Caterpillar Inc., one of the 30 companies composing the Dow Jones Industrial Average, and listed on the Fortune 100, but a relocation of the headquarters to Deerfield, Illinois is planned for 2017 or 2018.

 

Peoria, Illinois 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 Peoria, Illinois. 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 Peoria, Illinois, 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 Illinois, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Bloomington $156,700 2.00%
Cape Girardeau $146,500 -1.50%
Champaign-Urbana $152,300 4.90%
Chicago-Naperville-Elgin, IL-IN-WI $264,300 7.30%
Davenport-Moline-Rock Island, IA-IL $129,500 3.20%
Decatur $107,400 12.30%
Kankakee $128,400 -5.30%
Peoria $125,900 4.50%
Rockford $122,500 12.40%
St. Louis, MO-IL $174,000 2.20%
Springfield $129,800 -9.30%
 
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 Illinois.

 

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:

As of the census of 2010, there were 115,021 people and 47,202 households residing in the city. The population density was 2,543.4 people per square mile (982.1/km²). There were 52,621 housing units. The racial makeup of the city was 62.4% White, 26.9% Black or African American, 0.3% Native American, 4.6% Asian, and 3.6% of mixed races. Hispanic or Latino of any race were 4.9% of the population. The city has a sizable, established Lebanese population with a long history in local business and government.

There were 45,199 households, out of which 29.0% had children under the age of 18 living with them, 41.6% were married couples living together, 15.5% had a female householder with no husband present, and 39.5% were non-families. Individuals made up 33.2% of all households, and 11.7% had someone living alone who was 65 years of age or older. The average household size was 2.39 and the average family size was 3.04.

In the city, the population was spread out, with 25.7% under the age of 18, 12.0% from 18 to 24, 27.2% from 25 to 44, 20.8% from 45 to 64, and 14.2% who were 65 years of age or older. The median age was 34 years. For every 100 females, there were 89.9 males. For every 100 females age 18 and over, there were 85.0 males.

The median income for a household in the city was $36,397. The per capita income for the city was $20,512. Some 18.8% of the population was below the poverty line.

Special censuses were conducted in 2004 and 2007 that noted a total increase of 8,455 in the city's population since the 2000 census, mainly in the northwest corridor making the current population 121,391. The metropolitan area has a population of 370,000, which includes Peoria, Tazewell, Woodford, Stark and Marshall counties. Suburbs and towns in this area include Bartonville, Bellevue, Creve Coeur, Dunlap, East Peoria, Germantown Hills, Groveland, Marquette Heights, Metamora, Morton, North Pekin, Norwood, Pekin, Peoria Heights, Pottstown, Rome, Tremont, Washington, and West Peoria.

 

ECONOMY:

Peoria's first major industry was started in 1830 by John Hamlin and John Sharp, who constructed the flour mill on Kickapoo Creek. In 1837, another industry was begun with E.F. Nowland's pork planting industry. Many other industries started slowly in Peoria including carriage factories, pottery makers, wholesale warehousing, casting foundries, glucose factories, ice harvesting, and furniture makers.

Peoria became the first world leader for distilleries thanks to Andrew Eitle (1837) and Almiron S. Cole (1844). During this time, Peoria held 22 distilleries and multiple breweries. Together, they produced the highest amount of internal revenue tax on alcohol of any single revenue district in the entire U.S. Peoria also was one of the major bootlegging areas during Prohibition and home to the famed mobsters, the Shelton brothers. This great success placed Peoria into a building boom of beautiful private homes, schools, parks, churches, as well as municipal buildings.

In addition to the distilleries came farm machinery manufacturing by William Nurse in 1837. Also, two men called Toby and Anderson brought the steel plow circa 1843, which gained immediate success. The dominant manufacturing companies in Peoria were Kingman Plow Co., Acme Harvester Co., Selby, Starr & Co., and Avery Manufacturing Co. In 1889, Keystone Steel & Wire developed the first wire fence and has since been the nation's leading manufacturer.

Around the 1880s, businesses such as Rouse Hazard Co. in Peoria, were dealers and importers of bicycles and accessories worldwide. Charles Duryea, one of the cycle manufacturers, developed the first commercially available gasoline-powered automobile in the U.S. in 1893.

At this time, agricultural implement production declined, which led the earth moving and tractor equipment companies to skyrocket and make Peoria in this field the world leader. In 1925, Caterpillar Tractor Co. was formed from the Benjamin Holt Co. and the C.L. Best Tractor Co. Robert G. LeTourneau's earth moving company began its production of new scrapers and dozers in 1935 which evolved into Komatsu-Dresser, Haulpak Division. Today, the joint venture between Komatsu and Dresser Industries has long since passed. The entity that remains is the off-highway truck manufacturing division for Komatsu America Corporation.

According to Peoria's 2012 Comprehensive Annual Financial Report, the top employers in the city are:

# Employer # of Employees
1 Caterpillar 15,000+
2 Advanced Technology Services 1,500+
3 UnityPoint Health – Methodist 1,500+
4 OSF Saint Francis Medical Center 1,500+
5 Peoria Public Schools District 150 1,500+
6 Walmart 1,500+
7 HGS 1,000 – 1,500
8 Bradley University 1,000 – 1,500
9 Peoria County 1,000 – 1,500
10 United States Postal Service 1,000 – 1,500
11 University of Illinois College of Medicine 1,000 – 1,500
12 Ameren 500 – 1,000
13 Citizens Equity First Credit Union 500-1,000
14 City of Peoria 500-1,000
15 Illinois Central College 500-1,000
16 Keystone Steel & Wire 500-1,000
17 Komatsu 500-1,000
18 Journal Star 500-1,000
19 Proctor Hospital 500-1,000
20 SC2 500-1,000

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Peoria - Illinois