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avigating the Washington housing market requires understanding real estate commissions, which are a crucial aspect of financial planning and negotiation strategy. In 2024, significant changes to commission structures were introduced nationwide, making fees more transparent for both buyers and sellers.

    Washington's current housing market is characterized by:

    * Median Home Sale Price: $644,100

    * Housing Supply: 28,335 (+19.1% YoY)

    * Homes Sold Above List Price: 28.8% (-5.1 pts YoY)

    Real estate commissions are fees paid to agents for facilitating the sale or purchase of a home, typically calculated as a percentage of the property's sale price. Traditionally, sellers paid both their agent's commission and the buyer's agent's fees. However, starting August 17, 2024, buyers must agree to their agent's fee in writing before touring homes.

    Average real estate commission rates in Washington vary depending on factors such as location, market conditions, and services provided by the agent. Sample commission rates based on median home sale prices in major cities are:

    * Seattle: $845,000 - 1.5% ($12,675), 3% ($25,350), or 5% ($42,250)

    * Spokane: $386,598 - 1.5% ($5,799), 3% ($11,598), or 5% ($19,330)

    * Tacoma: $490,000 - 1.5% ($7,350), 3% ($14,700), or 5% ($24,500)

    At Redfin, we offer listing fees as low as 1% for sellers and competitive fees for buyers.

    Real estate commission rates in the U.S. are not fixed, allowing buyers and sellers to negotiate with their agents. When negotiating, consider factors such as the agent's expertise, marketing strategies, and familiarity with the local market.

    Tips for a successful negotiation include:

    * Comparing different agents and fee structures

    * Discussing incentives, such as performance-based bonuses

    * Using your property's desirability as leverage

    The recent changes to real estate commission in Washington require buyers to agree to their agent's commission in writing before touring homes. Sellers can still negotiate with their agent regarding the commission they're willing to offer the buyer's agent.

    To find a real estate agent in Washington, contact Redfin today. Selling a home without an agent (FSBO) is an option, but it requires handling all aspects of the sale.