Wyoming Real Estate Commissions: What You Can Expect in 2024
Understanding real estate commissions is essential for anyone buying or selling a home in Wyoming. In 2024, new rules were introduced to improve how these fees are disclosed, ensuring buyers and sellers have a clearer view of the costs involved. These updates are designed to increase transparency, helping you make more informed decisions when navigating real estate transactions.
Whether you’re a first-time buyer or have sold homes before, this guide breaks down everything you need to know about real estate commissions in Wyoming.
Current state of the Wyoming housing market
Before exploring commission details, here’s a snapshot of Wyoming’s current housing market:
Median Home Sale Price
$411,000
Number of homes sold
+4.4% YoY
Number of homes for sale
-6.3% YoY
Understanding real estate commissions in Wyoming
What are real estate commissions?
Real estate commissions are payments made to agents from the homebuyer or seller, once a home sale is completed. Typically, this fee is a percentage of the sale price and is paid at closing, compensating the agents for their services throughout the process.
Who pays the commission?
Traditionally, sellers have paid both their own agent’s and the buyer’s agent’s commission. Starting August 17, 2024, buyers must now agree in writing to their agent’s fee before starting home tours.
While buyers can still ask the seller to cover their agent’s commission as part of the offer, this new rule means the amount a seller might pay for a buyer’s agent can differ and is fully negotiable.
Average real estate commission rates in Wyoming
In Wyoming, commission rates fluctuate depending on the property’s location and the market. Although commission percentages are typically expected, they are not fixed and can be negotiated. The specific details of the property and the services the agent offers will influence the commission structure.
Here are some commission examples for Wyoming’s largest cities:
City
Median Home Sale Price
1.5% Real Estate Commission
3% Real Estate Commission
5% Real Estate Commission
Cheyenne
$350,000
$5,250
$10,500
$17,500
Casper
$315,000
$4,725
$9,450
$15,750
Gillette
$450,000
$6,750
$13,500
$22,500
At Redfin, we strive to deliver exceptional value to our clients. To this end, we offer sellers a listing fee beginning at just 1%.* For buyers, our fees vary by location but are designed to stay competitive, helping your offer stand out
Can you negotiate real estate commissions in Wyoming?
Absolutely! In Wyoming, real estate commission fees are open to negotiation. There are no set regulations on commission rates, so you have the freedom to discuss and potentially adjust these fees with your agent.
When negotiating, consider the services your agent offers, such as marketing strategies and local expertise, as these can influence commission rates. If your home is likely to sell quickly or is in a desirable area, you may be able to leverage these factors to negotiate lower commission fees.
Tips for a successful negotiation
Interview multiple agents to compare services and commission rates.
Consider performance-based incentives, such as a higher commission for quicker sales or exceeding a set sale price.
If your property is highly attractive or in a sought-after area, use this to encourage agents to reduce their fees.
Wyoming real estate commission FAQs
What are the changes to real estate commission? Two main changes have come into effect. Buyers must now sign an agreement detailing their agent’s commission before touring homes. Additionally, in many markets, the buyer’s agent commission is no longer displayed on MLS listings. Learn more about the real estate commission changes here.
How do the changes impact buyers in Wyoming? Buyers are required to agree to their agent’s fee in writing before beginning home tours. However, you can still negotiate with the seller to cover this fee as part of your offer.
How do the changes impact sellers in Wyoming? Sellers will continue to collaborate with their listing agent to decide if and how much commission they’ll offer to the buyer’s agent. Be prepared to negotiate with buyers over commission terms during the offer process.
How do you find a real estate agent in Wyoming? If you’re ready to buy or sell a home in Wyoming, reach out to a Redfin agent for expert guidance throughout the transaction.
How can you avoid fees? One way to avoid agent fees is by selling your home without an agent, also known as For Sale By Owner (FSBO). However, going this route means taking on all responsibilities, including marketing, showings, and handling paperwork, which can be daunting without professional help.
*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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