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NY Avg Real Estate Commission Rates in Syracuse, New York

Syracuse is a city in and the county seat of Onondaga County, New York, in the United States. It is the largest U.S. city with the name "Syracuse", and is the fifth most populous city in the state of New York following New York City, Buffalo, Rochester, and Yonkers. At the 2010 census, the city population was 145,252, and its metropolitan area had a population of 662,577. It is the economic and educational hub of Central New York, a region with over one million inhabitants. Syracuse is also well-provided with convention sites, with a downtown convention complex. Syracuse was named after the original Greek city Syracuse (Siracusa in Italian), a city on the eastern coast of the Italian island of Sicily.

The city has functioned as a major crossroads over the last two centuries, first between the Erie Canal and its branch canals, then of the railway network. Today, Syracuse is located at the intersection of Interstates 81 and 90, and its airport is the largest in the region. Syracuse is home to Syracuse University, a major research university, as well as Le Moyne College, a nationally recognized liberal arts college. In 2010, Forbes rated Syracuse fourth in the top 10 places in the U.S. to raise a family.

 

Syracuse, New York 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 Syracuse, 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 Syracuse, 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
Albany-Schenectady-Troy $210,300 3.70%
Binghamton $109,000 3.30%
Buffalo-Cheektowaga-Niagrara Falls $140,000 8.00%
Dutchess County-Putnam County $274,700 3.80%
Elmira $111,600 -3.50%
Glenn Falls $162,800 -6.20%
Kingston $201,700 -0.50%
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%
Rochester $137,900 2.50%
Syracuse $129,200 0.60%
 
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 New York.

 

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:

As of the census of 2010, there were 145,170 people, 57,355 households, and 28,455 families residing in the city. The racial makeup of the city was 56.0% White, 29.5% African American, 1.1% Native American, 5.5% Asian, 0.03% Pacific Islander, 2.7% from other races, and 5.1% from two or more races. Hispanic or Latino of any race were 8.3% of the population. The largest ancestries include Irish (12.4%), Italian (12.3%), German (9.6%), English (4.5%), and Polish (3.6%). Non-Hispanic Whites were 52.8% of the population in 2010, down from 87.2% in 1970.

There were 57,355 households out of which 29% had children under the age of 18 living with them, 9.3% were married couples living together, 20.8% had a female householder with no husband present, and 50.4% were non-families. 38.4% of all households were made up of individuals and 10.4% had someone living alone who was 65 years of age or older. The average household size was 2.31 and the average family size was 3.14.

In the city, the population was spread out with 19% under the age of 15, 23% from 15 to 24, 25.6% from 25 to 44, 21.7% from 45 to 64, and 10.5% who were 65 years of age or older. The median age was 29.6 years. For every 100 females there were 91 males. For every 100 females age 18 and over, there were 87.89 males.

According to the 2014 estimates from the American Community Survey, the median income for a household in the city was $31,566, and the median income for a family was $38,794. Males had a median income of $39,537 versus $33,983 for females. The per capita income for the city was $19,283. About 28.2% of families and 35.1% of the population were below the poverty line, including 50% of those under age 18 and 16.7% of those age 65 and over.

As of July 2015, the United States Census Bureau indicated an estimated population of 144,142.

According to the 2010 United States Census, the population ages 16 and older commuted to work as follows:

  • 64.1% drive alone
  • 9.7% carpool
  • 11.4% walk
  • 8.6% use public buses (CENTRO)
  • 1.2% bike
  • 1.6% use a taxicab

Syracuse currently ranks 50th in the United States for high transit ridership and 12th for most pedestrian commuters. Each day, 38,332 people commute into Onondaga County from the four adjoining counties (2006).

 

ECONOMY:

Syracuse's economy has faced challenges over the past decades as industrial jobs have left the area. The number of local and state government jobs also has been declining for several years. Syracuse's top employers are now primarily in education and the service industry. University Hill is Syracuse's fastest growing neighborhood, fueled by expansions by Syracuse University and Upstate Medical University (a division of the State University of New York), as well as dozens of small medical office complexes.

Top employers

The top employers in the Syracuse region and the size of their workforce, as of January 1, 2008:

  • State University of New York Upstate Medical University: 6,400
  • Syracuse University: 5,925
  • Wegmans Food Markets: 3,760
  • St. Joseph's Hospital Health Center: 3,150
  • Magna International: 600 (Closed as of August 2012)
  • Crouse Hospital: 2,400
  • Lockheed Martin Corp.: 2,350
  • National Grid USA: 1,860
  • Loretto (elder care services): 1,825
 
Skyline from northwest, showing downtown at left to Syracuse University's Carrier Dome at right
 

Bristol-Myers Squibb, founded by alumni of nearby Hamilton College, has a complex in East Syracuse. Time Warner Cable has based one of its divisions in Syracuse.

Today the Syracuse area has few extremely large employers, but rather many smaller ones, which provides for a certain amount of stability. Additionally, eight of the area's top eleven employers are in education or the service industry, which tend to be much more stable than the manufacturing industry.

Throughout 2006, the area gained jobs over the previous year's figures. During February and March 2006, the area's job growth rate tied with New York City for the highest in the state.

Syracuse's unemployment rate in July 2016 was 4.7 percent, comparable to the national rate of 5.1.

*Data provided by Bankrate.com - Real Estate and Wikipedia - Syracuse - New York