Survey: 60 Percent of Home Sellers Now Save Money on Commissions

Nearly Half of Buyers Save on Real Estate Fees

One in Four Home Sellers Now Sells Without a Full-Service Agent

SEATTLE–(BUSINESS WIRE)–Sixty percent of people who sold a home in the past year got a discount
on the commission they paid to their real estate agent, according to a
survey of more than 2,000 people conducted in June by SurveyMonkey
Audience and commissioned by Redfin (www.redfin.com),
the next-generation real estate brokerage.

Among homebuyers, 46 percent said their agent gave them a refund or
closing cost contribution of more than $100, with the average savings
amount for that group being $3,693. Last year, 37 percent of buyers said
they received savings from their agent worth $500 or more.

“While market forces are driving home prices up, innovation is helping
to drive commissions and fees down,” said Redfin chief economist Nela
Richardson. “These survey findings suggest that the industry is becoming
more dependent on technology and less dependent on the local agent as
the sole source of information about homes for sale. The fact that
savings are so widespread indicates that agents and brokers are adapting
by using technology to work more efficiently and charge less money.”

Findings about for-sale-by-owner (FSBO) and other alternative approaches
to buying and selling homes include:

• A quarter of people who sold a home in the past year did so without
  the help of a full-service agent:
  • 15% of sellers used a limited-service agent.
  • 10% of sellers listed their home without an agent’s help. This is
    slightly higher than the latest figure reported by the National
    Association of Realtors, that FSBOs accounted for 8% of home sales
    in 2014.

  For the full report and methodology including more data and insights,
  visit: https://www.redfin.com/blog/2016/08/survey-60-percent-of-home-sellers-are-now-saving-on-commissions.html.

  Connect with Redfin

  Facebook
  Twitter
  Instagram
  Google+
  LinkedIn
  Blog
  Download
  the Redfin mobile app

  About Redfin

  Redfin (www.redfin.com)
  is the next-generation real estate brokerage, combining its own
  full-service agents with modern technology to redefine real estate in
  the customer’s favor. Founded by software engineers, Redfin has the
  country’s #1 brokerage website and offers a host of online tools to
  consumers, including the most accurate home-value estimate online, the Redfin
  Estimate. Homebuyers and sellers enjoy a full-service,
  technology-powered experience from Redfin real estate agents, while
  saving thousands in commission. Redfin serves more than 83 major metro
  areas across the U.S. The company has closed more than $31 billion in
  home sales, and saved customers more than $335 million in fees, and
  counting.

  For more information or to contact a local Redfin real estate agent,
  visit www.redfin.com.
  To learn about housing market trends and download data, visit the Redfin
  Data Center.

  To be added to Redfin’s press release distribution list, subscribe
  here.

  Contacts

  Redfin Journalist Services:
  Rachel Musiker, 206-588-6863
  press@redfin.com