Rochester is a city on the southern shore of Lake Ontario in western New York. With a population of 208,880 residents, Rochester is the seat of Monroe County and the third most populous city in New York state, after New York City and Buffalo. The metropolitan area has a population of just over 1 million people.
Rochester was one of America's first boomtowns, initially due to its flour mills along the Genesee River, and then as a manufacturing hub. Several of the region's universities (notably the University of Rochester and Rochester Institute of Technology) have renowned research programs. Rochester is the site of many important inventions and innovations in consumer products. The Rochester area has been the birthplace to Kodak, Western Union, Bausch & Lomb, Gleason and Xerox, which conduct extensive research and manufacturing of industrial and consumer products. Until 2010, the Rochester metropolitan area was the second-largest regional economy in New York State, after the New York City metropolitan area. Rochester's GMP has since ranked just below that of Buffalo, New York, while still exceeding it in per-capita income.
The 25th edition of the Places Rated Almanac rated Rochester as the "most livable city" in 2007, among 379 U.S. metropolitan areas. In 2010 Forbes rated Rochester as the third-best place to raise a family in the United States. In 2012 Kiplinger rated Rochester as the fifth-best city in the United States for families, citing low cost of living, top public schools, and a low jobless rate.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Rochester, New York. 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 Rochester, New York, 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 New York, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Dutchess County-Putnam County||$274,700||3.80%|
|Nassau County-Suffolk County||$466,700||5.40%|
|New York-Jersey City-White Plains, NY-NJ||$384,500||4.90%|
|New York-Newark-Jersey City, NY-NJ-PA||$414,000||4.70%|
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 New York.
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.
Click here to see your savings in just 24 hours…
According to the 2010 census, the city's population was 43.7% White or White American, 41.7% Black, 0.5% American Indian and Alaska Native, 3.1% Asian, 0.0% Native Hawaiian and Other Pacific Islander, 6.6% from some other race and 4.4% from two or more races. 16.4% of the total population were Hispanic or Latino of any race, mostly made up of Puerto Ricans. Non-Hispanic Whites were 37.6% of the population in 2010, compared to 80.2% in 1970.
Over the course of the past 50 years Rochester has become a major center for immigration, particularly for arrivals from Eastern and Southeastern Europe, Subsaharan Africa and the Caribbean. Rochester has the highest percentage of Puerto Ricans of any major city in the United States, one of the four largest Turkish American communities, one of the largest Jamaican American communities in any major U.S city and a large concentration of Polish Americans along with nearby Buffalo, New York. In addition, Rochester is ranked number 9 in the nation for the largest Italian population in the United States.
In 1997, Rochester was reported to have the largest per-capita deaf population in the United States. This is attributed to the fact that Rochester is home to the National Technical Institute for the Deaf.
There were 88,999 households of which 30.0% had children under 18 living with them, 25.1% were married couples living together, 23.3% had a female householder with no husband present, and 47.0% were non-families. Of all households, 37.1% were made up of individuals and 9.2% had someone living alone 65 or older. The average household size was 2.36 and the average family size was 3.19.
The city population was 28.1% under 18, 11.6% from 18 to 24, 32.2% from 25 to 44, 18.1% from 45 to 64, and 10.0% who were 65 or older. The median age was 31. For every 100 females there were 91.6 males. For every 100 females 18 and over, there were 87.3 males.
The median income for a city household was $27,123, and the median family income was $31,257. Males had a median income of $30,521, versus $25,139 for females. The per capita income for the city was $15,588. About 23.4% of families and 25.9% of the population were below the poverty line, including 37.5% of those under age 18 and 15.4% of those age 65 or over.
Rochester is home to a number of Fortune 1000 and international businesses, including Eastman Kodak, as well as several national and regional companies, such as Carestream Health. Xerox was founded in Rochester in 1906 as The Haloid Company, and retains a significant presence in Rochester, although its headquarters are now in Norwalk, Connecticut. Bausch & Lomb moved to Bridgewater, New Jersey in 2014. The Gannett newspaper company and Western Union were founded in Rochester by Frank Gannett and Hiram Sibley respectively but have since moved to other cities. The median single-family house price was $135,000 in the second quarter of 2015 in greater Rochester, an increase of 5.4% from a year earlier, according to the National Association of Realtors.