When navigating the Oklahoma real estate market, it’s essential to understand the intricacies of real estate commissions to manage your budget and negotiate effectively. Recent changes in 2024 have altered how these commissions are presented nationwide, aiming to enhance transparency for both buyers and sellers. These updates are designed to help you make more informed decisions when dealing with real estate fees.
Whether you’re new to home buying or selling in Oklahoma, this Redfin guide will provide valuable insights into Oklahoma’s real estate commissions and what to anticipate in today’s market.
Current state of the Oklahoma housing market
Before diving into the specifics of real estate commissions in Oklahoma, let’s take a look at the current housing market conditions:
| Median Home Sale Price | $249,700 |
| Housing Supply | 18,489 (+22.6% YoY) |
| Homes Sold Above List Price | 22.5% (-5.5 pts YoY) |
Understanding real estate commissions in Oklahoma
What are real estate commissions?
Real estate commissions are the fees paid by homebuyers or sellers to their agents for their role in facilitating a home sale or purchase. These fees, calculated as a percentage of the sale price, are settled at closing.
Who pays the commission?
Traditionally, sellers covered the cost of both their agent’s and the buyer’s agent’s commissions. Starting August 17, 2024, buyers must now agree to their agent’s fees in writing before they start viewing homes. While buyers can still request that the seller pay their agent’s commission during the offer process, this change means the amount a seller might pay for a buyer’s agent can vary, and is entirely negotiable.
Average real estate commission rates in Oklahoma
Commission rates in Oklahoma can vary significantly based on transaction details and negotiations. While typical rates exist, they are negotiable, offering flexibility for buyers and sellers to tailor agreements to their needs.
Factors like property location, market conditions, and agent services influence the final commission. This flexibility gives both parties room to discuss and adjust fees to fit their budget and goals. Here’s a look at example commission rates based on median home prices in some of Oklahoma’s major cities:
| City | Median Home Sale Price | 1.5% Real Estate Commission | 3% Real Estate Commission | 5% Real Estate Commission |
| Oklahoma City | $260,750 | $3,911 | $7,823 | $13,038 |
| Tulsa | $250,000 | $3,750 | $7,500 | $12,500 |
| Norman | $290,000 | $4,350 | $8,700 | $14,500 |
At Redfin, we provide consumers with the best value possible. To support this, we offer sellers a listing fee starting as low as 1%.* For buyers, our fees differ by location, but remain competitive to help ensure your offer stands out and improves your chances of success.
Can you negotiate real estate commissions in Oklahoma?
Yes, you can negotiate! Since there are no set laws governing commission rates, agents may agree to lower rates based on the specifics of the transaction, the services required, and your relationship with them.
When negotiating, consider the agent’s service level, marketing strategies, and local market expertise. Sellers might secure lower rates if their property is particularly attractive or expected to sell quickly.
Tips for a successful negotiation
- Compare Agents: Evaluate multiple agents and their commission structures before making a choice.
- Discuss Incentives: Consider performance-based incentives, such as higher commissions for quicker sales or better prices.
- Leverage Your Property: If your property is in a sought-after area, agents might accept lower commissions.
Oklahoma real estate commission FAQs
What are the changes to real estate commission? There are two significant changes: Buyers must now agree to their agent’s fees in writing before touring homes, and fees can no longer be displayed in MLS listings in many markets. For more details on these changes, click here.
How do the changes impact buyers in Oklahoma? Buyers are now required to sign an agreement with their agent regarding their commission rate before they start touring homes. However, you can still request that the seller cover your agent’s commission in your offer.
How do the changes impact sellers in Oklahoma? Sellers will still have a discussion with their listing agent regarding the compensation they wish to offer the buyers’ agent, if any. The seller will review any requests and negotiate terms of the offer.
How do you find a real estate agent in Oklahoma? If you’re ready to buy or sell a home, Redfin can assist you. Connect with a Redfin agent today for help.
How can you avoid fees? Opting to sell your home without an agent in Oklahoma can save you on commission fees, but for-sale-by-owner (FSBO) transactions require you to handle marketing, showings, and paperwork.
*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.
This post first appeared on Redfin.com. To see the original, click here.