West Virginia Real Estate Commissions: What You Can Expect in 2024
Understanding how real estate commissions work is essential when buying or selling a home in West Virginia. With new rules introduced in 2024, real estate commissions have changed across the U.S., offering clearer communication and greater transparency for both buyers and sellers. These adjustments empower consumers to make better-informed decisions when it comes to real estate fees.
Whether you’re a first-time homebuyer or an experienced seller, this guide will walk you through everything you need to know about real estate commissions in West Virginia and how they impact your transaction.
Current state of the West Virginia housing market
Before diving into real estate commissions, it’s useful to first take a snapshot of West Virginia’s 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)
Understanding real estate commissions in West Virginia
What are real estate commissions?
Real estate commissions are the fees paid to agents by homebuyers or sellers 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.
Who pays the commission?
Traditionally, sellers would cover both their agent’s commission and the buyer’s agent fees from the sale proceeds. However, starting August 17, 2024, buyers must now agree to their agent’s fee in writing before beginning any home tours.
While buyers can still ask sellers to cover their agent’s fee during the offer process, the amount a seller contributes toward the buyer’s agent is negotiable and can vary depending on the situation.
Average real estate commission rates in West Virginia
Commission rates in West Virginia vary based on the specifics of the transaction and the agreement between the parties involved. While some rates are standard, commissions remain fully negotiable, giving buyers and sellers the opportunity to agree on a structure that works for them.
Various factors, such as property location, market conditions, and the services provided by the agent, can influence the final commission amount. This allows for flexibility and customization to meet the needs of both parties. Below is a look at example commission rates based on median home prices in West Virginia’s major cities:
City
Median Home Sale Price
1.5% Real Estate Commission
3% Real Estate Commission
5% Real Estate Commission
Charleston
$190,450
$2,857
$5,714
$9,522
Huntington
$91,700
$1,376
$2,751
$4,585
Morgantown
$189,000
$2,835
$5,670
$9,450
At Redfin, we strive to offer the best value to consumers. Our listing fee for sellers can start as low as 1%*, and while buyer fees vary by location, we remain competitive to help your offer stand out in today’s market.
Can you negotiate real estate commissions in West Virginia?
Yes, commission rates are fully negotiable in the U.S., including in West Virginia. Agents may be open to negotiating a lower commission rate depending on the transaction, the services they’re providing, and your relationship with them.
When discussing commission rates, consider the level of service, the agent’s marketing strategies, and their 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. If the same agent represents both buyer and seller in a dual agency, this can also lead to lower overall fees.
Tips for a successful negotiation
Compare different agents and their commission structures before making a final decision.
Consider performance-based incentives, such as a higher commission if the agent secures a quicker sale or a higher final price.
Leverage your property’s desirability to negotiate a lower commission if it’s in a sought-after location.
West Virginia real estate commission FAQs
What are the changes to real estate commission? Two major changes occurred in 2024:
Buyers are now required to sign an agreement with their agent regarding their commission before they begin home tours.
In many markets, buyer agent fees can no longer be displayed in MLS listings.
Learn more about the real estate commission changes here.
How do the changes impact buyers in West Virginia? Buyers must sign off on their agent’s fee before touring homes. However, they can still request that the seller covers their agent’s commission when making an offer.
How do the changes impact sellers in West Virginia? Sellers will discuss with their agent the amount they’re willing to offer the buyer’s agent, if any. They can review and negotiate the terms as part of the offer process.
How do you find a real estate agent in West Virginia? Ready to start your home search or sell your property? Connect with a Redfin agent today to receive expert guidance throughout the process.
How can you avoid fees? Selling a home without an agent (FSBO) can save on commission, but this approach requires the seller to handle marketing, showings, and paperwork independently.
*Listing fee subject to change, minimums apply. Any buyer’s agent fee the seller chooses to cover not included. Listing fee increased by 1% of sale price if buyer is unrepresented. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing. We will charge a 1.5% listing fee, then send you a check for the 0.5% difference after you buy your next home with us. Learn more here.
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