U
nderstanding real estate commissions in West Virginia is crucial when buying or selling a home. New rules introduced in 2024 have brought about clearer communication and greater transparency between buyers, sellers, and agents.

    Before diving into commission details, it's essential to understand the current state of the West Virginia housing market:

    * Median Home Sale Price: $250,200

    * Housing Supply: 4,340 (+10.4% YoY)

    * Homes Sold Above List Price: 20.1% (-5.3 pts YoY)

    Real estate commissions are fees paid to agents for their services in completing a property transaction. These fees are typically calculated as a percentage of the home's sale price and are paid at closing.

    Traditionally, sellers covered both their agent's commission and the buyer's agent fee from the sale proceeds. However, starting August 17, 2024, buyers must agree to their agent's fee in writing before beginning any home tours.

    Average real estate commission rates in West Virginia vary based on the specifics of the transaction and the agreement between parties involved. While some rates are standard, commissions remain fully negotiable, giving buyers and sellers flexibility to customize a structure that works for them.

    Below is an example of commission rates based on median home prices in major cities:

    * Charleston: $190,450 - 1.5% ($2,857), 3% ($5,714), 5% ($9,522)

    * Huntington: $91,700 - 1.5% ($1,376), 3% ($2,751), 5% ($4,585)

    * Morgantown: $189,000 - 1.5% ($2,835), 3% ($5,670), 5% ($9,450)

    Commission rates are fully negotiable in West Virginia. Agents may be open to negotiating lower fees depending on the transaction, services provided, and relationship with clients.

    When discussing commission rates, consider the level of service, agent's marketing strategies, and experience in your local market. In some cases, agents may be more willing to negotiate lower fees if the property is expected to sell quickly or is highly desirable.

    Two major changes occurred in 2024:

    * Buyers are now required to sign an agreement with their agent regarding commission before beginning home tours.

    * Buyer agent fees can no longer be displayed in MLS listings in many markets.

    Buyers must sign off on their agent's fee before touring homes, but they can still request that the seller covers their agent's commission when making an offer. Sellers will discuss with their agent the amount they're willing to offer the buyer's agent and review and negotiate terms as part of the offer process.