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VA Avg Real Estate Commission Rate in Virginia Beach, Norfolk, Newport News, Virginia

Virginia Beach is an independent city located on the southeastern coast of the Commonwealth of Virginia in the United States. As of the 2010 census, the population was 437,994. In 2015, the population was estimated to be 452,745. Although mostly suburban in character, it is the most populous city in Virginia and the 41st most populous city in the nation. Located on the Atlantic Ocean at the mouth of the Chesapeake Bay, Virginia Beach is included in the Hampton Roads metropolitan area. This area, known as "America's First Region", also includes the independent cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, and Suffolk, as well as other smaller cities, counties, and towns of Hampton Roads.

Virginia Beach is a resort city with miles of beaches and hundreds of hotels, motels, and restaurants along its oceanfront. Every year the city hosts the East Coast Surfing Championships as well as the North American Sand Soccer Championship, a beach soccer tournament. It is also home to several state parks, several long-protected beach areas, three military bases, a number of large corporations, two universities, International headquarters and site of the television broadcast studios for Pat Robertson's Christian Broadcasting Network (CBN), Edgar Cayce's Association for Research and Enlightenment, and numerous historic sites. Near the point where the Chesapeake Bay and the Atlantic Ocean meet, Cape Henry was the site of the first landing of the English colonists, who eventually settled in Jamestown, on April 26, 1607.

The city is listed in the Guinness Book of Records as having the longest pleasure beach in the world. It is located at the southern end of the Chesapeake Bay Bridge-Tunnel, the longest bridge-tunnel complex in the world.

 

Virginia Beach, Norfold, Newport News, Virginia 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 Virginia Beach Norfolk Newport News, Virginia. 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 Virginia Beach Norfolk Newport News, Virginia, 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 South rose 6.7%, to $229,400, 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 Virginia, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Richmond $254,000 5.7%
Virginia Beach-Norfolk-Newport News $239,900 7.6%
Washington-Arlington-Alexandria, DC-VA-MD-WV $428,700 5.4%
 
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 Virginia.

 

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, the racial composition of Virginia Beach was as follows:

  • White or Caucasian: 67.7% (Non-Hispanic White: 64.5%)
  • Black or African American: 19.6%
  • American Indian: 0.4%
  • Asian: 6.1% (4.0% Filipino, 0.5% Chinese, 0.4% Indian, 0.4% Vietnamese, 0.3% Korean, 0.2% Japanese)
  • Native Hawaiian and Other Pacific Islander: 0.1%
  • Some other race: 2.0%
  • Two or more races: 4.0%
  • Hispanic or Latino (of any race): 6.6% (2.2% Puerto Rican, 1.9% Mexican, 0.3% Dominican, 0.2% Panamanian, 0.2% Salvadoran, 0.2% Cuban, 0.2% Colombian)

 

As of the census of 2000, there were 425,257 people, 154,455 households, and 110,898 families residing in the city. The population density was 1,712.7 people per square mile (661.3/km²). There were 162,277 housing units at an average density of 653.6 per square mile (252.3/km²).

 

The racial makeup of the city was: 67.7% White (64.5% non-Hispanic white), 19.6% African American, 0.4% Native American, 6.1% Asian, 0.1% Pacific Islander, 2.0% from other races, and 4.0% from two or more races. 6.6% of the population were Hispanic or Latino of any race.

There were 154,455 households out of which 38.8% had children under the age of 18 living with them, 55.7% were married couples living together, 12.4% had a female householder with no husband present, and 28.2% were non-families. 20.4% of all households were made up of individuals and 5.5% had someone living alone who was 65 years of age or older. The average household size was 2.70 and the average family size was 3.14.

The age distribution was 27.5% under the age of 18, 10.0% from 18 to 24, 34.3% from 25 to 44, 19.8% from 45 to 64, and 8.4% who were 65 years of age or older. The median age was 33 years. For every 100 females there were 98.0 males. For every 100 females age 18 and over, there were 95.8 males.

The median income for a household in the city was $48,705, and the median income for a family was $53,242. Virginia Beach had the 5th highest median family income among large cities in 2003. The per capita income for the city was $22,365. About 5.1% of families and 6.5% of the population were below the poverty line, including 8.6% of those under age 18 and 4.7% of those age 65 or over.

The city of Virginia Beach has a lower crime rate than the other regional cities of Hampton Roads, Newport News, Norfolk, and Portsmouth, which all exceed national average crime rates. In 1999 Virginia Beach experienced 12 murders giving the city a murder rate of 2.7 per 100,000 people. For 2007, Virginia Beach had 16 murders, for a murder rate of 3.7 per 100,000 people. That was lower than the national average that year of 6.9. The city's total crime index rate for 2007 was 221.2 per 100,000 people, lower than the national average of 320.9. According to the Congressional Quarterly Press '2008 City Crime Rankings: Crime in Metropolitan America, Virginia Beach, Virginia ranks 311th in violent crime among 385 cities containing more than 75,000 inhabitants.

 

ECONOMY:

Virginia Beach is composed of a variety of industries, including national and international corporate headquarters, advanced manufacturers, defense contractors and locally-owned businesses. The city's location and business climate have made it a hub of international commerce, as nearly 200 foreign firms have established a presence, an office location or their North American headquarters in Hampton Roads. Twenty internationally-based firms have their U.S. or North American headquarters in Virginia Beach, including companies like STIHL, Busch, IMS Gear, and Sanjo Corte Fino. Other major companies headquartered in Virginia Beach include Amerigroup, the Christian Broadcasting Network and Operation Blessing International. Other major employers include GEICO, VT and Navy Exchange Service Command. Virginia Beach was ranked at number 45 on Forbes list of best places for business and careers.

Tourism produces a large share of Virginia Beach's economy. With an estimated $857 million spent in tourism related industries, 14,900 jobs cater to 2.75 million visitors. City coffers benefit as visitors provide $73 million in revenue. Virginia Beach opened a Convention Center in 2005 which caters to large group meetings and events. Hotels not only line the oceanfront but also cluster around Virginia Beach Town Center and other parts of the city. Restaurants and entertainment industries also directly benefit from Virginia Beach's tourism.

Virginia Beach has a large agribusiness sector which produces $80 million for the city economy. One hundred-seventy-two farms exist in Virginia Beach, mostly below the greenline in the southern portion of the city. Farmers are able to sell their goods and products at the city's Farmer's Market.

 
A VF-41 F-4J over NAS Oceana in the late 1960s
 

Virginia Beach is home to several United States Military bases. These include the United States Navy's NAS Oceana and Training Support Center Hampton Roads, and the Joint Expeditionary Base East located at Cape Henry. Additionally, NAB Little Creek is located mostly within the city of Virginia Beach but carries a Norfolk address.

NAS Oceana is the largest employer in Virginia Beach; it was decreed by the 2005 BRAC Commission that NAS Oceana must close unless the city of Virginia Beach condemns houses in areas designated as "Accident Potential Zones." This action has never been the position of the United States Navy; indeed, the Navy had not recommended NAS Oceana to the BRAC Commission for potential closure. The issue of closure of NAS Oceana remains unresolved as of May 2008.

Both NAS Oceana and Training Support Center Hampton Roads are considered to be the largest of their respective kind in the world. Furthermore, located in nearby Norfolk is the central hub of the United States Navy's Atlantic Fleet, Norfolk Navy Base.

54% of the 171,000 people working in Virginia Beach live in the city, 12% live in Chesapeake, and 10% live in Norfolk. An additional 99,600 people commute from Virginia Beach, with 35% going to Norfolk and 23% going to Chesapeake. In 2016, 3.9% of residents were unemployed.

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Virginia Beach - Virginia