Though not all states allow rebates on real estate transactions, most do, and the Department of Justice has given two thumbs up to more competition in real estate services. Just announced, the Antitrust Division of the DoJ launched their new Competition and Real Estate website, offering buyers and sellers another resource tool for investigating options for real estate transactions.
The estimated median commission paid by home sellers in 2006 was $11,672, according to the Antitrust Division. New real estate brokerage models have the potential to reduce that amount by thousands of dollars. For example, in states that allow open competition, some buyer’s brokers rebate up to two-thirds of their commission to the customer, and some seller’s brokers offer limited-service packages that let sellers list their homes on the local multiple listing service (MLS) for as little as a few hundred dollars.
In addition to summing up relevant laws by state, the new DoJ website also provides a Rebate Calculator to help you estimate how much you can save by using cutting edge services like those offered on our beloved Redfin. For even more on Redfin rebate stats, read up on Ellie Wilkinson’s summary.