Providence is the capital and most populous city of the U.S. state of Rhode Island and is one of the oldest cities in the United States. The city is situated at the mouth of the Providence River at the head of Narragansett Bay.
The Providence metropolitan area includes Providence, Fall River, Massachusetts, and Warwick, and is estimated to have a population of 1,622,520. In 2006, this area was officially added to the Boston Combined Statistical Area (CSA), the sixth-largest CSA in the country. In the last 15 years, Providence has experienced a sizable growth in its under-18 population. The median age of the city is 28 years, while the largest age cohort is 20- to 24-year-olds, owing to the city's large student population.
Providence was one of the first cities in the country to industrialize and became noted for its textile manufacturing and subsequent machine tool, jewelry, and silverware industries. Today, the city of Providence is home to eight hospitals and seven institutions of higher learning which have shifted the city's economy into service industries, though it still retains some manufacturing activity. The city was once nicknamed the "Beehive of Industry"; it began rebranding itself as the "Creative Capital" in 2009 to emphasize its educational resources and arts community.
The city is the third most populous city in New England after Boston and Worcester, Massachusetts.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Providence, Warwick, Rhode Island. 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 Providence, Warwick, Rhode Island, 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 Rhode Island, 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 Rhode Island.
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 2000, the population consisted of 173,618 people, 162,389 households, and 35,859 families. The population density was 9,401.7 inhabitants per square mile (3,629.4/km²), characteristic of comparatively older cities in New England such as New Haven, Connecticut, Springfield, Massachusetts, and Hartford, Connecticut. Its population peaked in the 1940s, just prior to the nationwide period of rapid suburbanization.
Providence has a racially and ethnically diverse population. In 2010, white Americans formed 49.8% of the population, including a sizable white Hispanic community. Non-Hispanic whites were 37.6% of the total population, down from 89.5% in 1970. Providence has had a substantial Italian population since the start of the 20th century, with 14% of the population claiming Italian ancestry. Italian influence manifests itself in Providence's Little Italy in Federal Hill. Irish immigrants have also had considerable influence on the city's history, with 8% of residents claiming Irish heritage. The city also has a sizeable Jewish community, estimated at 10,500 in 2012 or roughly 5% of the city's population.
In 2010, people of Hispanic or Latino origin composed 27.8% of the city's population and currently form a majority of city public school students. The largest Hispanic groups are those having origins in Puerto Rico, Colombia, Bolivia, the Dominican Republic, and Guatemala. Hispanics are most concentrated in the neighborhoods of Elmwood, the West End, and Upper and Lower South Providence. The city elected its first Hispanic mayor in 2010, Dominican-American Angel Taveras.
African Americans constitute 16% of the city's population, with their greatest concentrations found in Mount Hope and the Upper and Lower South Providence neighborhoods. Asians are 6% of Providence's population and have enclaves scattered throughout the city. The largest Asian groups are Cambodians (1.7%), Chinese (1.1%), Asian Indians (0.7%), Laotians (0.6%), and Koreans (0.6%). Another 6% of the city has multiracial ancestry. American Indians and Pacific Islanders make up the remaining 1.3%. Liberians compose 0.4% of the population; the city is home to one of the largest Liberian immigrant populations in the country.]
Providence has a considerable community of immigrants from various Portuguese-speaking countries, especially Portugal, Brazil, and Cape Verde, living mostly in the areas of Washington Park and Fox Point. Portuguese is the city's third-largest European ethnicity, after Italian and Irish, at 4% of the population; Cape Verdeans compose 2%.
The per capita income as of the 2000 census was $15,525, which is well below both the state average of $29,113 and the national average of $21,587. The median income for a household was $26,867, and the median income for a family in Providence was $32,058, according to the 2000 census. The city has one of the highest rates of poverty in the nation with 29.1% of the population and 23.9% of families living below the poverty line in 2000, the largest concentrations being found in the city's Olneyville, and Upper and Lower South Providence areas. Poverty has affected children at a disproportionately higher rate, with 40.1% of those under the age of 18 living below the poverty line, concentrated west of downtown in the neighborhoods of Hartford, Federal Hill, and Olneyville.
Around 1830, Providence had manufacturing industries in metals, machinery, textiles, jewelry, and silverware. Manufacturing has declined since, but the city is still one of the largest centers for jewelry and silverware design and manufacturing. Services also make up a large portion of the city's economy, in particular education, healthcare, and finance. Providence also is the site of a sectional center facility (SCF), a regional hub for the U.S. Postal Service. It is the capital of Rhode Island, so the city's economy additionally consists of government services.
Over one third of Providence's economy is based in trade, transportation, utilities, and educational and health services.
Textron's headquarters, One Financial Plaza, and the Rhode Island Hospital Trust building
Prominent companies headquartered in Providence include Fortune 500 Textron, an advanced technologies industrial conglomerate; United Natural Foods, a distributor of natural and organic foods; Fortune 1000 Nortek Incorporated; Gilbane, a construction and real estate company; and GTECH Corporation, which recently moved its world headquarters to downtown Providence. Citizens Bank is also headquartered in Providence and is the 15th largest bank in the country.
The city is home to the Rhode Island Convention Center, which opened in December 1993. Along with a hotel, the convention center is connected to the Providence Place Mall, a major retail center, through a skywalk. The Port of Providence is the second largest deep-water seaport in New England. It handles cargos such as cement, chemicals, heavy machinery, petroleum, and scrap metal. Providence is also home to some of toy manufacturer Hasbro's business operations, although their headquarters are in Pawtucket.
According to the City's 2014 Comprehensive Annual Financial Report, the top twenty employers in the city are:
|#||Employer||# of Employees||% of Total city employment|
|2||Rhode Island Hospital||4,200||3.93%|
|4||Women & Infants Hospital||1,800||1.68%|
|5||Roger Williams Medical Center||1,470||1.38%|
|7||Belo Corp/Providence Journal||870||0.81%|
|10||AAA Southern New England||700||0.66%|
|11||Johnson & Wales University||700||0.66%|
|13||H. Carr & Sons Inc.||500||0.47%|
|17||Gilbane Building Co.||400||0.37%|
|19||Jewel Case Corp.||300||0.28%|