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MA Avg Real Estate Commission Rate in Springfield, Massachusetts

Springfield is a city in western New England, and the seat of Hampden County, Massachusetts, United States. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers: the western Westfield River, the eastern Chicopee River, and the eastern Mill River. As of the 2010 Census, the city's population was 153,060. Metropolitan Springfield, as one of two metropolitan areas in Massachusetts (the other being Greater Boston), had a population of 692,942 as of 2010.

The first Springfield in the New World, it is the largest city in western New England, and the urban, economic, and cultural capital of Massachusetts' Connecticut River Valley (colloquially known as the Pioneer Valley). It is the third-largest city in Massachusetts and fourth-largest in New England after Boston, Worcester, and Providence. Springfield has several nicknames – "The City of Firsts", because of its many innovations (see below for a partial list); "The City of Homes", due to its Victorian residential architecture; and "Hoop City", as basketball – one of the world's most popular sports – was invented in Springfield by James Naismith.

Hartford, the capital of Connecticut, lies 24 miles (39 km) south of Springfield, on the western bank of the Connecticut River. Bradley International Airport, which sits 12 miles (19 km) south of Metro Center Springfield, is Hartford-Springfield's airport. The Hartford-Springfield region is known as the Knowledge Corridor because it hosts over 160,000 university students and over 32 universities and liberal arts colleges – the second-highest concentration of higher-learning institutions in the United States. The city of Springfield itself is home to Springfield College, Western New England University, American International College, and Springfield Technical Community College, among other higher educational institutions.

 

Springfield, Massachusetts 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, Massachusetts. 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, Massachusetts, 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 Massachusetts, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Barnstable Town $384,400 4.60%
Boston-Cambridge-Newton, MA-NH $464,900 6.70%
Pittsfield $206,800 8.30%
Providence-Warwick, RI-MA $280,400 5.60%
Springfield $206,900 2.60%
Worcester, MA-CT $255,700 5.50%
 
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 Massachusetts.

 

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:

According to the 2010 Census, Springfield had a population of 153,060, of which 72,573 (47.4%) were male and 80,487 (52.6%) were female. 73.0% of the population were over 18 years old, and 10.9% were over 65 years old; the median age was 32.2 years. The median age for males was 30.2 years and 34.1 years for females.

According to the 2010 Census, there were 61,706 housing units in Springfield, of which 56,752 were occupied. This was the highest average of home occupancy among the four distinct Western New England metropolises (the other three being Hartford, New Haven, and Bridgeport, Connecticut). Also as of 2010, Springfield features the highest average home owner occupancy ratio among the four Western New England metropolises at 50% – 73,232 Springfielders live in owner-occupied units, versus 74,111 in rental units. By comparison, as of the 2010 Census, New Haven features an owner occupancy rate of 31%; Hartford of 26%; and Bridgeport of 43%.

In terms of race and ethnicity, Springfield is 51.8% White, 22.3% Black or African American, 0.6% American Indian and Alaska Native, 2.4% Asian (1.2% Vietnamese, 0.3% Chinese, 0.2% Indian, 0.1% Cambodian, 0.1% Filipino, 0.1% Korean, 0.1% Pakistani, 0.1% Laotian), 0.1% Native Hawaiian and Other Pacific Islander, 18.0% from Some Other Race, and 4.7% from Two or More Races (1.5% White and Black or African American; 1.0% White and Some Other Race). Hispanics and Latinos of any race made up 38.8% of the population (33.2% Puerto Rican, 1.7% Dominican, 1.0% Mexican, 0.5% Guatemalan, 0.3% Cuban, 0.2% Colombian, 0.2% Spanish, 0.2% Salvadoran, 0.1% Peruvian, 0.1% Ecuadorian, 0.1% Panamanian, 0.1% Costa Rican, 0.1% Honduran). Non-Hispanic Whites were 36.7% of the population in 2010, down from 84.1% in 1970.

Racial composition 2010 1990 1970 1940
White 51.8% 68.5% 87% 97.9%
—Non-Hispanic 36.7% 63.6% 84.1%
—Jewish 2.2% n/a n/a n/a
Black or African American 22.3% 19.2% 3.3% 2.1%
Hispanic or Latino (of any race) 38.8% 16.9% 3.3%
Asian 2.4% 1% 0.1%

 

ECONOMY:

Springfield's top five industries (in order, by number of workers) are: Trade and Transportation; Education and Health Services; Manufacturing; Tourism and Hospitality; and Government. Springfield is considered to have a "mature economy," which protects the city to a degree during recessions and inhibits it somewhat during bubbles. Springfield is considered to have one of America's top emerging multi-cultural markets – the city features a 33% Latino population with buying power that has increased over 295% from 1990 to 2006. More than 60% of Hispanic Springfielders have arrived during the past 20 years.

With 25 universities and colleges within a 15-mile (24 km) radius from Springfield, including several of America's most prestigious universities and liberal arts colleges, and more than six institutions within the city itself, the Hartford-Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen – touting its 32 universities and liberal arts colleges, numerous highly regarded hospitals, and nearly 120,000 students. The Knowledge Corridor universities and colleges provide the region with an educated workforce, which yields a yearly GDP of over $100 billion – more than at least 16 U.S. States. Hartford-Springfield has become home to a number of biotech firms and high-speed computing centers. As of 2009 Springfield ranks as the 24th most important high-tech center in the United States with approximately 14,000 high-tech jobs.

In 2010, the median household income was $35,236. Median income for the family was $51,110. The per capita income was $16,863. About 21.3% of families and 26.8% of the population were below the poverty line, including 40.0% of those under age 18 and 17.5% of those age 65 or over.

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