Regarding purchases and sales Home in MaineUnderstanding real estate commissions is essential for smart financial planning and effective negotiation. In a recent update for 2024, New Rules Increase transparency on how these commissions are communicated nationally.
Even for beginners Home purchase Or, if you’re a seasoned seller, this Redfin guide will explain Maine real estate commissions and what to expect in today’s market.
Current state of the Maine housing market
Before we look into real estate fees in Maine, let’s take a look at the current state of real estate fees in Maine. Housing market:
| Median home sales price | $414,700 |
| Housing Supply | 7,312 (34.1% increase from the previous year) |
| Homes sold above list price | 35.7% (-10.5 points compared to the previous year) |
Understanding Maine Real Estate Commissions
What are real estate commissions?
Real Estate Commission This is the commission paid to the agent who mediates the real estate transaction. Usually calculated as a percentage of the sales price, the commission for real estate transactions is: end For sale.
Who pays the fees?
Historically, the seller has paid both the agent’s and the buyer’s fees. Agent Commission From the sale proceeds. However, as of August 17, 2024, the purchaser Required You should agree to the agent’s commission rate in writing before you begin touring homes.
While buyers can still negotiate for the seller to cover their agent’s commission as part of their offer, the new rules give them more flexibility: the amount a seller pays to a buyer’s agent is negotiable and can vary depending on the deal.
Average Real Estate Commission Rates in Maine
Commission rates in Maine vary widely based on a variety of factors, including the details of the transaction and the agreements of the parties. Although there are standard rates, these fees are negotiable.
Factors like the location of the property, current market conditions, and the services offered by the real estate agent will affect your final commission rate. Here are some example commission rates based on the median home prices in the area: Major cities in Maine:
| city | Median home sales price | Real estate commission 1.5% | Real estate commission 3% | Real estate commission 5% |
| 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 |
Redfin’s goal is to provide great value for our clients and attractive offers to sellers. Listing fees start from just 1%*For buyers, our fees vary by location to help maximize the appeal of your offer and increase your chances of closing on a home purchase.
Can you negotiate real estate commissions in Maine?
Absolutely! Because there are no federal regulations on commission rates, agents typically negotiate their fees based on the details of the transaction, the services required, and the agent-client relationship.
When negotiating, consider the following:
- The level of service provided by the agent
- Their marketing approach
- Local market knowledge
If the property is in high demand or is expected to sell quickly, the seller may have more influence. Additionally, if the same agent represents both parties (Dual Agency), you may have the opportunity to reduce your fees even further.
Tips for successful negotiations
- Compare different agents and their commission structures before making your selection.
- Consider performance-based incentives, such as paying a higher commission for selling faster or achieving a better final price.
- If your property is in a desirable area, highlight its location, which may encourage the real estate agent to accept a lower commission.
Maine Real Estate Commission Frequently Asked Questions
What are the changes to real estate commissions? Recent updates have changed how commissions are managed: buyers must agree to their agent’s commission in writing prior to touring the home, and in many markets buyer agent compensation is no longer listed on the MLS. Changes to real estate commissions here.
How does this change affect buyers in Maine? Buyers should sign a contract with their agent outlining their commission rate before they begin viewing homes, but they can ask the seller to cover the agent’s commission as part of their offer.
How do these changes affect Maine sellers? The Seller will continue to negotiate with the Seller’s Agent regarding the compensation (if any) to be provided to the Buyer’s Agent. Any requests or changes to these terms will be addressed during the negotiation process.
How do I find a real estate agent in Maine? If you’re looking to buy or sell a home in Maine, Redfin can help. Contact a Redfin Agent Start the process.
How can I avoid fees? Selling a Home By myself (For Sale By Owner, or FSBO) doesn’t charge any commission, but it does require a lot of hard work, including marketing, showings, and handling the paperwork yourself.
*Listing fees are subject to change and minimums apply. Does not include buyer’s agent fee if seller chooses to cover it. If buyer does not hire an agent, the listing fee will increase by 1% of the sale price. You can only sell with a 1% listing fee if you purchase on Redfin within 365 days of closing on your Redfin listed property. We charge a 1.5% listing fee and will pay you the difference of 0.5% by check after you purchase your next home with us. Learn more here.
