Portland is the most populous city in the U.S. state of Maine, with a population of 67,067 as of 2017. The Greater Portland metropolitan area is home to over half a million people, more than one-third of Maine's total population. Portland's economy is heavily dependent on tourism and the Old Port district is a popular destination.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Portland, South Portland, Maine. 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 Portland, South Portland, Maine, 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 Maine, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
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 Maine.
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 66,194 people, 30,725 households, and 13,324 families residing in the city. The population density was 3,106.2 inhabitants per square mile (1,199.3/km2). There were 33,836 housing units at an average density of 1,587.8 per square mile (613.1/km2). The racial makeup of the city was 85.0% White (83.6% non-Hispanic White alone), down from 96.6% in 1990, 7.1% African American, 0.5% Native American, 3.5% Asian, 1.2% from other races, and 2.7% from two or more races. Hispanic or Latino of any race were 3.0% of the population. 40.7% of the population had a bachelor's degree or higher. Men's Health ranked Portland the ninth most educated city in America.
There were 30,725 households of which 20.7% had children under the age of 18 living with them, 29.7% were married couples living together, 10.1% had a female householder with no husband present, 3.6% had a male householder with no wife present, and 56.6% were non-families. 40.5% of all households were made up of individuals and 11.4% had someone living alone who was 65 years of age or older. The average household size was 2.07 and the average family size was 2.88.
The median age in the city was 36.7 years. 17.1% of residents were under the age of 18; 11.4% were between the ages of 18 and 24; 33.1% were from 25 to 44; 25.9% were from 45 to 64; and 12.6% were 65 years of age or older. The gender makeup of the city was 48.8% male and 51.2% female.
Portland has become Maine's economic capital because the city has Maine's largest port, largest population, and is close to Boston (105 miles to the south). Over the years, the local economy has shifted from fishing, manufacturingand agriculture towards a more service-based economy. Most national financial services organizations such as Bank of America and Key Bank base their Maine operations in Portland. Unum, TruChoice Federal Credit Union, Maine Bank & Trust, ImmuCell Corp, and Pioneer Telephone have headquarters here, and Portland's neighboring cities of South Portland, Westbrook and Scarborough, provide homes for other corporations including IDEXX and WEX Inc. Since 1867, Burnham & Morrill Co., maker of B&M Baked Beans, has had its main plant in Portland. The plant is considered a local and state landmark.
The city's port is also undergoing a revival and the first-ever container train departed from the new International Marine Terminal with 15 containers of locally produced bottled water in early 2016.
Americold, a US-based international provider of temperature-controlled storage and distribution, won the port authority's bid to develop a state-of-the-art temperature-controlled storage facility adjacent to the port. The facility will support perishable produce, meats and seafood imports and exports directly through the port and is slated to have construction begin in December 2016.
Portland has a low unemployment level when compared to national and state averages; being 3% as of June 2017. Portland and surrounding communities also have higher median incomes than most other Maine communities.
Portland is home to increased urban farming particularly in the East Bayside neighborhood.