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WY Avg Real Estate Commission Rate in Wyoming

Wyoming is a state in the mountain region of the western United States. The state is the 10th largest by area, the least populous and the second least densely populated state in the country. Wyoming is bordered on the north by Montana, on the east by South Dakota and Nebraska, on the south by Colorado, on the southwest by Utah, and on the west by Idaho. The state population was estimated at 586,107 in 2015, which is less than 31 of the most populous U.S. cities including neighboring Denver. Cheyenne is the state capital and the most populous city, with population estimated at 63,335 in 2015.

The western two-thirds of the state is covered mostly by the mountain ranges and rangelands of the Rocky Mountains, while the eastern third of the state is high elevation prairie called the High Plains. Almost half of the land in Wyoming is owned by the U.S. government, leading Wyoming to rank sixth by area and fifth by proportion of a state's land owned by the federal government. Federal lands include two national parks—Grand Teton and Yellowstone—two national recreation areas, two national monuments, several national forests, historic sites, fish hatcheries, and wildlife refuges.

Original inhabitants of the region include the Crow, Arapaho, Lakota, and Shoshone. Southwestern Wyoming was in the Spanish Empire and then Mexican territory until it was ceded to the United States in 1848 at the end of the Mexican–American War. The region acquired the name Wyoming when a bill was introduced to the U.S. Congress in 1865 to provide a "temporary government for the territory of Wyoming". The name was used earlier for the Wyoming Valley in Pennsylvania, and is derived from the Munsee word xwé:wamənk, meaning "at the big river flat".

The main drivers of Wyoming's economy are mineral extraction—mostly coal, oil, natural gas, and trona—and tourism. Agricultural commodities include livestock (beef), hay, sugar beets, grain (wheat and barley), and wool. The climate is semi-arid and continental, drier and windier than the rest of the U.S., with greater temperature extremes.

Wyoming has been a politically conservative state since the 1950s with the Republican Party candidate winning every presidential election except 1964.

 

Wyoming 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 Wyoming. 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 Wyoming, 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 West rose 7.5%, to $372,400, 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 Wyoming, median home prices are as follows*:

 

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 Wyoming.

 

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:

The United States Census Bureau estimates that the population of Wyoming was 579,315 in 2017, which is an increase of 2.8% since the 2010 United States Census. The center of population of Wyoming is located in Natrona County.

In 2014, the United States Census Bureau estimated that the racial composition of the population was 92.7% white (82.9 non-Hispanic white), 2.7% American Indian and Alaska Native, 1.6% Black or African American, 1.0% Asian American, and 0.1% Native Hawaiian or Pacific Islander.

According to the 2010 census, the racial composition of the population was 90.7% white, 0.8% black or African American, 2.4% American Indian and Alaska Native, 0.8% Asian American, 0.1% Native Hawaiian and other Pacific Islander, 2.2% from two or more races, and 3.0% from some other race. Ethnically, 8.9% of the total population was of Hispanic or Latino origin (they may be of any race) and 91.1% Non-Hispanic, with non-Hispanic whites constituting the largest non-Hispanic group at 85.9%.

As of 2015, Wyoming had an estimated population of 586,107, which was an increase of 1,954, or 0.29%, from the prior year and an increase of 22,481, or 3.99%, since the 2010 census. This includes a natural increase since the last census of 12,165 people (that is 33,704 births minus 21,539 deaths) and an increase from net migration of 4,035 people into the state. Immigration resulted in a net increase of 2,264 people, and migration within the country produced a net increase of 1,771 people. In 2004, the foreign-born population was 11,000 (2.2%). In 2005, total births in Wyoming numbered 7,231 (birth rate of 14.04 per thousand). Sparsely populated, Wyoming is the least populous state of the United States. Wyoming has the second-lowest population density, behind Alaska. It is one of only two states with a smaller population than the nation's capital, Washington, D.C. (the other state is Vermont).

According to the 2000 census, the largest ancestry groups in Wyoming are: German (26.0%), English (16.0%), Irish (13.3%), Norwegian (4.3%), and Swedish (3.5%).

ECONOMY:

According to the 2012 United States Bureau of Economic Analysis report, Wyoming's gross state product was $38.4 billion. As of 2014 the population was growing slightly with the most growth in tourist-oriented areas such as Teton County. Boom conditions in neighboring states such as North Dakota were drawing energy workers away. About half of Wyoming's counties showed population losses. The state makes active efforts through Wyoming Grown, an internet-based recruitment program, to find jobs for young people educated in Wyoming who have emigrated but may wish to return.

As of November 2015, the state's unemployment rate was 4.0%. The composition of Wyoming's economy differs significantly from that of other states with most activity in tourism, agriculture, and energy extraction; and little in anything else.

The mineral extraction industry and travel and tourism sector are the main drivers behind Wyoming's economy. The federal government owns about 50% of its landmass, while 6% is controlled by the state. Total taxable values of mining production in Wyoming for 2001 was over $6.7 billion. The tourism industry accounts for over $2 billion in revenue for the state.

In 2002, more than six million people visited Wyoming's national parks and monuments. The key tourist attractions in Wyoming include Grand Teton National Park, Yellowstone National Park, Devils Tower National Monument, Independence Rock and Fossil Butte National Monument. Each year Yellowstone National Park, the world's first national park, receives three million visitors.

Historically, agriculture has been an important component of Wyoming's economy. Its overall importance to the performance of Wyoming's economy has waned. However, agriculture is still an essential part of Wyoming's culture and lifestyle. The main agricultural commodities produced in Wyoming include livestock (beef), hay, sugar beets, grain (wheat and barley), and wool. More than 91% of land in Wyoming is classified as rural.

Mineral and energy production

A Wyoming coal mine

Wyoming's mineral commodities include coal, natural gas, coalbed methane, crude oil, uranium, and trona.

  • Coal: Wyoming produced 395.5 million short tons (358.8 million metric tons) of coal in 2004, greater than any other state.Wyoming possesses a reserve of 68.7 billion tons (62.3 billion metric tons) of coal. Major coal areas include the Powder River Basin and the Green River Basin
  • Coalbed methane (CBM): The boom for CBM began in the mid-1990s. CBM is characterized as methane gas that is extracted from Wyoming's coal bed seams. It is another means of natural gas production. There has been substantial CBM production in the Powder River Basin. In 2002, the CBM production yield was 327.5 billion cubic feet (9.3 km3).
  • Crude oil: Wyoming produced 53,400,000 barrels (8,490,000 m3) of crude oil in 2007. The state ranked fifth nationwide in oil production in 2007.Petroleum is most often used as a motor fuel, but it is also utilized in the manufacture of plastics, paints, and synthetic rubber.
  • Diamonds: The Kelsey Lake Diamond Mine, located in Colorado less than 1,000 feet (300 m) from the Wyoming border, produced gem quality diamonds for several years. The Wyoming craton, which hosts the kimberlitevolcanic pipes that were mined, underlies most of Wyoming.
  • Natural gas: Wyoming produced 1.77 trillion cubic feet (50.0 billion m3) of natural gas in 2016. The state ranked 6th nationwide for natural gas production in 2016. The major markets for natural gas include industrial, commercial, and domestic heating.

A drilling rig drills for natural gas just west of the Wind River Range in the Wyoming Rockies.

  • Trona: Wyoming possesses the world's largest known reserve of trona, a mineral used for manufacturing glass, paper, soaps, baking soda, water softeners, and pharmaceuticals. In 2008, Wyoming produced 46 million short tons (41.7 million metric tons) of trona, 25% of the world's production.
  • Wind power: Because of Wyoming's geography and high-altitude, the potential for wind power in Wyoming is one of the highest of any state in the US. The Chokecherry and Sierra Madre Wind Energy Project is the largest commercial wind generation facility under development in North America. Carbon County is home to the largest proposed wind farm in the US. However, construction plans have been halted because of proposed new taxes on wind power energy production.
  • Uranium: Although uranium mining in Wyoming is much less active than it was in previous decades, recent increases in the price of uranium have generated new interest in uranium prospecting and mining.

Taxes

Unlike most other states, Wyoming does not levy an individual or corporate income tax. In addition, Wyoming does not assess any tax on retirement income earned and received from another state. Wyoming has a state sales tax of 4%. Counties have the option of collecting an additional 1% tax for general revenue and a 1% tax for specific purposes, if approved by voters. Food for human consumption is not subject to sales tax. There also is a county lodging tax that varies from 2% to 5%. The state collects a use tax of 5% on items purchased elsewhere and brought into Wyoming. All property tax is based on the assessed value of the property and Wyoming's Department of Revenue's Ad Valorem Tax Division supports, trains, and guides local government agencies in the uniform assessment, valuation and taxation of locally assessed property. "Assessed value" means taxable value; "taxable value" means a percent of the fair market value of property in a particular class. Statutes limit property tax increases. For county revenue, the property tax rate cannot exceed 12 mills (or 1.2%) of assessed value. For cities and towns, the rate is limited to 8 mills (0.8%). With very few exceptions, state law limits the property tax rate for all governmental purposes.

Personal property held for personal use is tax-exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt. Other exemptions include property used for religious, educational, charitable, fraternal, benevolent and government purposes and improvements for handicapped access. Mine lands, underground mining equipment, and oil and gas extraction equipment are exempt from property tax but companies must pay a gross products tax on minerals and a severance tax on mineral production.

Wyoming does not collect inheritance taxes. There is limited estate tax related to federal estate tax collection.

In 2008, the Tax Foundation ranked Wyoming as having the single most "business friendly" tax climate of all 50 states. Wyoming state and local governments in fiscal year 2007 collected $2.242 billion in taxes, levies, and royalties from the oil and gas industry. The state's mineral industry, including oil, gas, trona, and coal provided $1.3 billion in property taxes from 2006 mineral production.Wyoming receives more federal tax dollars per capita in aid than any other state except Alaska. The federal aid per capita in Wyoming is more than double the United States average.

As of 2016, Wyoming does not require the beneficial owners of LLCs to be disclosed in the filing, which creates an opportunity for a tax haven, according to Clark Stith of Clark Stith & Associates in Rock Springs, Wyoming, a former Republican candidate for Wyoming secretary of state.

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