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MA Avg Real Estate Commission Rate in Worcester, Massachusetts

Worcester is a city and the county seat of Worcester County, Massachusetts, United States. Named after Worcester, England, as of the 2010 Census the city's population was 181,045, making it the second most populous city in New England after Boston. Worcester is located approximately 40 miles (64 km) west of Boston, 50 miles (80 km) east of Springfield and 40 miles (64 km) north of Providence. Due to its location in Central Massachusetts, Worcester is known as the "Heart of the Commonwealth", thus, a heart is the official symbol of the city. However, the heart symbol may also have its provenance in lore that the mass-produced Valentine's Day card was invented in the city.

Worcester was considered its own distinct region apart from Boston until the 1970s. Since then, Boston's suburbs have been moving out further westward, especially after the construction of Interstate 495 and Interstate 290. The Worcester region now marks the western periphery of the Boston-Worcester-Providence (MA-RI-NH) U.S. Census Combined Statistical Area (CSA), or Greater Boston. The city features many examples of Victorian-era mill architecture. It is home of the University of Massachusetts Medical School.

 

Worcester, 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 Worcester, MA-CT, 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 Worcester, 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:

Successive waves of immigrants have in the past formed coherent ethnic enclaves, some of which continue to contribute to the rich ethnic texture of Worcester today. Swedes settled in Quinsigamond Village and Greendale, Italians settled along Shrewsbury Street, Irish and Poles settled around Kelley Square, Lithuanians settled on Vernon Hill, and Jews built their first synagogues on Green Island and Union Hill. The African-American community has existed since colonial times. Since the late 19th century, Grafton Hill and Vernon Hill have been points of entry for immigrants from all over the world: Irish, Italians, Lithuanians, Poles, Syrians, Lebanese, Indians, Puerto Ricans, French Canadians, and more recently, Albanians and Brazilians. Other prominent groups include Congolese, Russians, Armenians, Vietnamese, Liberians, Ghanaians and Greeks.

According to the 2010 U.S. Census, Worcester had a population of 181,045, of which 88,150 (48.7%) were male and 92,895 (51.3%) were female. In terms of age, 77.9% were over 18 years old and 11.7% were over 65 years old; the median age is 33.4 years. The median age for males is 32.1 years and 34.7 years for females.

In terms of race and ethnicity, Worcester's population was 69.4% White, 11.6% Black or African American, 0.4% American Indian and Alaska Native, 6.1% Asian (3.0% Vietnamese, 0.9% Chinese, and 0.8% Asian Indian), <0.1% Native Hawaiian and Other Pacific Islander, 8.4% from Some Other Race, and 4.0% from Two or More Races (1.2% White and Black or African American; 1.0% White and Some Other Race). Hispanics and Latinos of any race made up 20.9% of the population (12.7% Puerto Rican). Non-Hispanic Whites were 59.6% of the population in 2010, down from 96.8% in 1970.

 

ECONOMY:

By the mid-19th century Worcester was one of the largest manufacturing centers in New England. The city's large industries specialized in machinery, wire production, and power looms. And although manufacturing has largely declined, the city still maintains large manufactures, like Norton Abrasives, which was bought by Saint-Gobain in 1990, Morgan Construction and the David Clark Company. The David Clark Company pioneered aeronautical equipment including anti-gravity suits and noise attenuating headsets.

 
The Hanover Insurance Group
 

Services, particularly education and healthcare make up a large portion of the city's economy. Worcester's many colleges and universities make higher education a considerable presence in the city's economy. Hanover Insurance was founded in 1852 and retains its headquarters in Worcester. Unum Insurance and Fallon Community Health Plan have offices in the city. Polar Beverages is the largest independent soft-drink bottler in the country and is located in Worcester.

 
University of Massachusetts Medical School's Lazare Research Building
 

Worcester is home to the largest concentration of digital gaming students in the United States.

The biotechnology and technology industries have helped spur major expansions at both the University of Massachusetts Medical School and Worcester Polytechnic Institute. The Massachusetts Biotechnology Research Park hosts many innovative companies including Advanced Cell Technology and AbbVie. The Worcester Foundation for Experimental Biology located in nearby Shrewsbury developed the oral contraceptive pill in 1951.

Downtown Worcester used to boast major Boston retailers Filene's and Jordan Marsh as well Worcester's own department stores Barnard's and Denholm & McKay. Over time most retailers moved away from downtown and into the suburban Auburn Mall and Greendale Mall in North Worcester.

In 2010, the median household income was $61,212. Median income for the family was $76,485. The per capita income was $29,316. About 7.7% of families and 10.8% of the population were below the poverty line, including 14.1% of those under age 18 and 7.5% of those age 65 or over. In October 2013, Worcester was found to be the number five city for investing in a rental property.

Top employers

According to the City's 2010 Comprehensive Annual Financial Report, the top ten employers in the city are:

# Employer # of employees
1 UMass Memorial Health Care 13,764
2 University of Massachusetts Medical School 5,678
3 City of Worcester 5,128
4 Saint Vincent Hospital 2,386
5 Hanover Insurance 1,850
6 Saint-Gobain 1,807
7 Reliant Medical Group 1,801
8 Polar Beverages 1,400
9 College of the Holy Cross 1,107
10 Quinsigamond Community College 900

 

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