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IL Avg Real Estate Commission Rate in Springfield, Illinois

Springfield is the capital of the U.S. state of Illinois and the county seat of Sangamon County. The city's population of 116,250 as of the 2010 U.S. Census makes it the state's sixth most populous city. It is the largest city in central Illinois. As of 2013, the city's population was estimated to have increased to 117,006, with just over 211,700 residents living in the Springfield Metropolitan Statistical Area, which includes Sangamon County and the adjacent Menard County.

Present-day Springfield was settled by European Americans in the late 1810s, around the time Illinois became a state. The most famous historic resident was Abraham Lincoln, who lived in Springfield from 1837 until 1861, when he went to the White House as President. Major tourist attractions include multiple sites connected with Lincoln including his presidential library and museum, his home, and his tomb at Oak Ridge Cemetery.

The capital is centrally located within the state. The city lies in a valley and plain near the Sangamon River. Lake Springfield, a large artificial lake owned by the City Water, Light & Power company (CWLP), supplies the city with recreation and drinking water. Weather is fairly typical for middle latitude locations, with hot summers and cold winters. Spring and summer weather is like that of most midwestern cities; severe thunderstorms may occur. Tornadoes hit the Springfield area in 1957 and 2006.

The city has a mayor–council form of government and governs the Capital Township. The government of the state of Illinois is based in Springfield. State government entities include the Illinois General Assembly, the Illinois Supreme Court and the Office of the Governor of Illinois. There are three public and three private high schools in Springfield. Public schools in Springfield are operated by District No. 186. Springfield's economy is marked by government jobs, and the medical field, which account for a large percentage of the city's workforce.

 

Springfield, 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 Springfield, 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 Springfield, 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:

At the 2010 Census, 75.8% of the population was White, 18.5% Black or African American, 0.2% American Indian and Alaska Native, 2.2% Asian, and 2.6% of two or more races. 2.0% of Springfield's population was of Hispanic or Latino origin (they may be of any race). Non-Hispanic Whites were 74.7% of the population in 2010, down from 87.6% in 1980.

As of the census of 2000, there were 111,454 people, 48,621 households, and 27,957 families residing in the city. The population density was 2,063.9 people per square mile (796.9/km²). There were 53,733 housing units at an average density of 995.0 per square mile (384.2/km²). The racial makeup of the city was 81.0% White, 15.3% African American, 0.2% Native American, 1.5% Asian, 0.1% Pacific Islander, 0.5% from other races, and 1.5% from two or more races. Hispanic or Latino of any race were 1.2% of the population.

There were 48,621 households, out of which 27.5% had children under the age of 18 living with them, 41.1% were married couples living together, 12.9% had a female householder with no husband present, and 42.5% were non-families. 36.1% of all households were made up of individuals and 11.7% had someone living alone who was 65 years of age or older. The average household size was 2.24 and the average family size was 2.94.

In the city, the population was spread out, with 28.0% under the age of 18, 8.8% from 18 to 24, 29.8% from 25 to 44, 23.0% from 45 to 64, and 14.4% who were 65 years of age or older. The median age was 37 years. For every 100 females there were 88.6 males. For every 100 females age 18 and over, there were 86.6 males.

The median income for a household in the city was $39,388, and the median income for a family was $51,298. Families with children had a higher income of about $69,437. Males had a median income of $36,864 versus $28,867 for females. The per capita income for the city was $23,324. About 8.4% of families and 11.7% of the population were below the poverty line, including 17.3% of those under age 18 and 7.7% of those age 65 or over.

 

ECONOMY:

Many of the jobs in the city center around state government, headquartered in Springfield. As of 2002, the State of Illinois is both the city and county's largest employer, employing 17,000 people across Sangamon County. As of February 2007, government jobs, including local, state and county, account for about 30,000 of the city's non-agricultural jobs. Trade, transportation and utilities, and the health care industries each provide between 17,000 and 18,000 jobs to the city. The largest private sector employer in 2002 was Memorial Health System. 3,400 people worked for that company. According to estimates from the "Living Wage Calculator", maintained by Pennsylvania State University, the living wage for the city of Springfield is $7.89 per hour for one adult, approximately $15,780 working 2,000 hours per year. For a family of four, costs are increased and the living wage is $17.78 per hour within the city. According to the United States Department of Labor's Bureau of Labor Statistics (BLS), the Civilian Labor force dropped from 116,500 in September 2006 to 113,400 in February 2007. In addition, the unemployment rate rose during the same time period from 3.8% to 5.1%.

Largest employers

According to the City's 2015 Comprehensive Annual Financial Report, the largest employers in the city are:

# Employer # of Employees
1 State of Illinois 17,500
2 Memorial Medical Center 5,854
3 St. John's Hospital 3,096
4 Springfield Public Schools 2,095
5 Springfield Clinic LLP 2,039
6 Southern Illinois University School of Medicine 1,511
7 City of Springfield 1,467
8 BlueCross BlueShield 1,316
9 Horace Mann Educators Corporation 1,063
10 University of Illinois at Springfield 926

 

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