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IL Avg Real Estate Commission Rate in Rockford, Illinois

Rockford is the third largest city in the U.S. state of Illinois, the 171st most populous city in the United States, the largest city in Illinois outside the Chicago metropolitan area, and the city of the 148th most populous metropolitan area in the United States. It is the county seat of Winnebago County and is located on both banks of the Rock River in far northern Illinois. A small portion of Rockford dips down into neighboring Ogle County. According to 2010 census data, the City of Rockford had a population of 152,871, with an outlying metropolitan area population of 348,360, which was estimated to have decreased to 150,251 and 344,623, respectively, by July 2013. During 2017, a special census was completed putting the population at 153,379.

Settled in the mid-1830s, the position of the city on the Rock River made its location strategic for industrial development. In the second half of the 19th century, Rockford was notable for its output of heavy machinery and tools; by the twentieth century, it was the second leading center of furniture manufacturing in the nation, and 94th largest city. During the second half of the 20th century, Rockford struggled alongside many Rust Belt cities. Since the late 1990s, efforts in economic diversification have led to growth of automotive, aerospace, and healthcare industries, as well as the undertaking of various tourism and downtown revitalization efforts.

Nicknamed the Forest City, Rockford is known for various venues of cultural or historical significance, including Anderson Japanese Gardens, Klehm Arboretum, Tinker Swiss Cottage, the BMO Harris Bank Center, the Coronado Theatre, the Laurent House, and the Burpee Museum of Natural History. Its contributions to music are noted in the Mendelssohn Club, the oldest music club in the nation, and performers such as Phantom Regiment and Cheap Trick.

 

Rockford, 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 Rockford, 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 Rockford, 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?

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DEMOGRAPHICS:

As of the 2010 census, there were 152,871 people and 66,700 households. Rockford is in the center of its namesake metropolitan area. The racial makeup of the city was 65.1% White (58.4% Non-Hispanic white), 20.5% African American, 0.4% Native American, 2.9% Asian, 0.01% Pacific Islander, 7.5% from other races, and 3.6% from two or more races. Hispanic or Latino of any race were 15.8% of the population.

The median income for a household in the city was $55,667, and the median income for a family was $65,465. Males had a median income of $37,098 versus $25,421 for females. The per capita income for the city was $19,781. 14.0% of the population and 10.5% of families were below the poverty line. 19.6% of those under the age of 18 and 8.0% of those 65 and older were living below the poverty line.

In the late 1950s, Rockford surpassed Peoria as the second largest city in Illinois by population, holding onto that position into the 21st century. In 2003, the status was changed as it was overtaken by Aurora after the results of a special census held by the latter city (as the two cities were not counted together, a direct comparison was not possible until the national census in 2010).

 

ECONOMY:

According to the City's 2009 Comprehensive Annual Financial Report, the largest employers in the city are:

# Employer # of employees
1 Rockford Public School District 4,800
2 Chrysler (Belvidere Assembly Plant) 4,700
3 Swedish American Hospital 2,600
4 Rockford Health System 2,500
5 UTC Aerospace Systems 2,200
6 OSF Saint Anthony Medical Center 2,000
7 United Parcel Service 2,000
8 County of Winnebago 1,602
9 Woodward 1,200
10 City of Rockford 1,135

 

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