R
eal estate commissions play a significant role in Ohio's housing market, impacting financial planning and negotiations between buyers and sellers. In 2024, new rules increased transparency, allowing both parties to understand costs better.

    Before diving into real estate commissions, it's essential to have an overview of Ohio's current housing market:

    * Median Home Sale Price: $257,700

    * Housing Supply: 39,192 (+16.4% YoY)

    * Homes Sold Above List Price: 36.1% (-5.5 pts YoY)

    Deciding between renting or buying a home? Explore your options and compare costs.

    Real estate commissions are fees paid to agents for facilitating successful home sales. Traditionally, sellers cover both the listing agent's and buyer's agent's commissions. However, as of August 17, 2024, buyers must sign an agreement specifying their agent's commission before touring homes.

    Average real estate commission rates in Ohio vary depending on market conditions, property location, and agreements between parties. Below are average commission rates for Ohio's largest cities:

    * Columbus: $290,000 (1.5% = $4,350, 3% = $8,700, 5% = $14,500)

    * Cleveland: $125,000 (1.5% = $1,875, 3% = $3,750, 5% = $6,250)

    * Cincinnati: $265,500 (1.5% = $3,983, 3% = $7,965, 5% = $13,275)

    At Redfin, we offer sellers listing fees starting at 1%, and our competitive buyer fees help make your offer more attractive in Ohio's housing market.

    Can you negotiate real estate commissions in Ohio? Yes, you can! Several factors influence the final commission rate. When negotiating, consider the agent's services, marketing strategy, and local market knowledge.

    Tips for a successful negotiation:

    * Speak with multiple agents to compare their services and fees.

    * Propose a commission structure that rewards quicker sales or higher sale prices.

    * Leverage your property's desirability to negotiate lower rates.

    Ohio real estate commission FAQs:

    * What are the changes to real estate commission? Buyers must agree to their agent's fee in writing before home tours begin, and buyer agent commission rates may not be visible on the MLS.

    * How do the changes impact buyers in Ohio? Buyers can still negotiate with sellers to cover fees when making an offer.

    * How do the changes impact sellers in Ohio? Sellers can collaborate with listing agents to determine if they will contribute to buyer's agent commissions.

    To find a real estate agent in Ohio, work with a Redfin agent for expert support throughout the process. To avoid commission fees, consider selling your home through the For Sale By Owner (FSBO) route, but be aware of the time-consuming and complex process involved.