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avigating Rhode Island's housing market requires understanding real estate commissions. Changes implemented in 2024 have increased transparency, allowing buyers and sellers to better comprehend associated costs.

    Whether you're new to Rhode Island's real estate scene or a seasoned seller, this guide will shed light on commission structures in today's market.

    Rhode Island's current housing market:

    * Median Home Sale Price: $512,300

    * Housing Supply: 3,024 (+11.7% YoY)

    * Homes Sold Above List Price: 52.8% (-5.8 pts YoY)

    Understanding real estate commissions is crucial for making informed decisions.

    What are real estate commissions?

    Real estate commissions are fees paid to agents for facilitating the purchase or sale of a home. These fees, typically calculated as a percentage of the sale price, are settled during closing.

    Who pays the commission?

    Traditionally, sellers handle commission fees for both their agent and the buyer's agent. However, Rhode Island buyers must now sign an agreement outlining their agent's commission before touring properties.

    Average real estate commission rates in Rhode Island vary by location, market conditions, and services provided. Both parties can negotiate terms that suit their needs.

    Example commission costs in major cities:

    * Providence: $483,840 (1.5%=$7,257, 3%=$14,515, 5%=$24,192)

    * Cranston: $444,950 (1.5%=$6,674, 3%=$13,349, 5%=$22,248)

    * Warwick: $415,000 (1.5%=$6,225, 3%=$12,450, 5%=$20,750)

    Can you negotiate real estate commissions in Rhode Island? Yes, commissions are completely negotiable.

    Tips for a successful negotiation:

    * Consult with multiple agents to compare services and commission rates.

    * Consider offering performance-based bonuses for quicker sales or higher sale prices.

    * Highlight property strengths to leverage negotiating power.

    Rhode Island real estate commission FAQs:

    * What are the changes to real estate commission? Buyers must agree on their agent's fee in writing before starting property tours.

    * How do the changes impact buyers? Buyers must sign off on their agent's commission before touring homes.

    * How do the changes impact sellers? Sellers continue to negotiate with their listing agent on how much, if any, commission will be offered to the buyer's agent.

    To find a real estate agent in Rhode Island or avoid fees, consider working with Redfin.