W
hen buying or selling a home in Maine, understanding real estate commissions is crucial for smart financial planning and effective negotiation. Recent updates have introduced new rules enhancing transparency nationwide.
Maine's current housing market:
Median Home Sale Price: $414,700
Housing Supply: 7,312 (+34.1% YoY)
Homes Sold Above List Price: 35.7% (-10.5 pts YoY)
Real estate commissions in Maine are fees paid to agents for facilitating a property transaction. Typically calculated as a percentage of the sale price, these fees are settled at closing. Historically, sellers covered both their agent's and the buyer's agent's commissions from the sale proceeds. However, as of August 17, 2024, buyers must agree in writing to their agent's commission rate before starting home tours.
Average real estate commission rates in Maine vary widely based on factors like transaction specifics, party agreements, property location, market conditions, and services offered by the agent. Here are example commission rates for major Maine cities:
City | Median Home Sale Price | 1.5% Commission | 3% Commission | 5% Commission
Portland | $596,000 | $8,940 | $17,880 | $29,800
Lewiston | $318,000 | $4,770 | $9,540 | $15,900
Bangor | $270,000 | $4,050 | $8,100 | $13,500
At Redfin, our goal is to deliver outstanding value for clients. For sellers, we offer attractive listing fees beginning at 1%*. Buyers' fees vary by location to maximize the attractiveness of their offer and improve their likelihood of closing.
Can you negotiate real estate commissions in Maine? Yes! Since there are no federal regulations on commission rates, agents are usually open to negotiating based on transaction specifics, services required, and agent-client relationship. Consider factors like level of service provided, marketing approach, and local market knowledge when negotiating.
Tips for a successful negotiation:
* Compare various agents and their commission structures before choosing.
* Explore performance-based incentives, such as higher commissions for achieving quicker sales or better final prices.
* Emphasize your property's location if it's in a desirable area, which might encourage agents to accept lower commissions.
Maine real estate commission FAQs:
What are the changes to real estate commission? Recent updates have changed how commissions are managed: Buyers must now agree to their agent's fees in writing before home tours.
How do the changes impact buyers in Maine? Buyers must sign an agreement with their agent specifying the commission rate before beginning home tours.
How do the changes impact sellers in Maine? Sellers will continue to negotiate with their listing agent regarding buyer agent compensation, if any.
*Listing fee subject to change, minimums apply. Any buyer's agent fee the seller chooses to cover not included. Listing fee increased by 1% of sale price if buyer is unrepresented. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing.
