When buying or selling a home in South CarolinaIt is important to understand real estate commissions in order to make accurate budgets and smooth negotiations. In 2024, new rules have changed how real estate commissions are transferred across the country, providing greater transparency for both buyers and sellers. These reviews aim to help people make informed decisions when dealing with real estate costs.
Even if you are a the first buyer or an experienced seller, this Redfin guide will walk you through South Carolina real estate commissions and what to expect in today’s market.
The current state of the South Carolina housing market
Before we jump into South Carolina’s real estate commissions, let’s first examine the state’s housing market.
| Median Home Sales Price | $382,300 |
| Provision of Housing | 31,748 (+17.8% YOY) |
| Homes Selling Above List Price | 14.2% (-5.1 pts YoY) |
Understanding real estate commissions in South Carolina
What are real estate commissions?
Housing commissions are fees paid by real estate buyers or sellers to their agents to help make a successful real estate transaction. These fees are usually calculated as a percentage of the home’s price and are paid on it to close.
Who pays the commission?
Traditionally, merchants would close their own agent’s commission and buyer’s agent fees from the sale proceeds. However, as of August 17, 2024, buyers must now agree of their agent’s fee in writing before they start visiting homes.
While buyers can still request that the seller cover their agent’s commission during the offer process, this change makes the amount the seller pays the buyer’s agent flexible, and completely negotiable.
Real estate commission rates in South Carolina
Real estate commission rates in South Carolina are subject to change depending on the specifics of the transaction and the agreements made between the parties involved. While standard expectations exist for commission rates, they are fully negotiable, allowing buyers and sellers to work with their agents to tailor the commission structure to their needs.
Factors such as geographic location, current market conditions, and the level of service provided by the agent can all affect the final commission. This flexibility allows both parties to negotiate payments that fit their budgets and goals. Below is a breakdown of sample commission rates based on average home prices for some of them Major cities in South Carolina.
| The city | Median Home Sales Price | 1.5% Property Commission | 3% Real Estate Commission | 5% Real Estate Commission |
| Charleston | $578,250 | $8,674 | $17,348 | $28,913 |
| Columbia | $266,000 | $3,990 | $7,980 | $13,300 |
| North Charleston | $381,400 | $5,721 | $11,442 | $19,070 |
At Redfin, we’re focused on giving consumers the best value possible. To support this, we offer sellers a listing fee starting as low as 1%.* For buyers, our fees vary by location but are always competitive, helping your offer stand out and improving your chances of success in the home buying process.
Can you negotiate real estate commissions in South Carolina?
Yes, you can! There are no laws in the US that set commission rates, so agents may be open to negotiating lower fees based on the type of work, services required, and relationship with the client.
When discussing commissions, it is important to consider the agent’s level of service, the marketing strategies they will use, and their knowledge of the local market. Sellers may be able to negotiate a lower price if their property is highly desirable or expected to sell quickly. Additionally, in a dual agency situation where one agent represents both the buyer and the seller, there may be room for further reduction in commission fees since there is no second agent involved.
Tips for a successful interview
- Compare multiple agents and their commission rates before making a decision.
- Consider performance-based incentives, such as offering a higher commission for quick sales or a better final price.
- If your property is in a desirable area, use this to your advantage, as agents may agree to a lower commission.
South Carolina Real Estate Commission FAQs
What are the changes to the real estate commission? Two major changes have reshaped the way commissions are handled. First, buyers must now agree to their agent’s fees in writing before visiting homes. Second, the way these fees are displayed has changed, and in many markets, agent compensation is no longer listed in MLS postings. Read more about Housing commission changes here.
How do the changes affect consumers in South Carolina? Buyers must now sign an agreement with their agent detailing the amount of the commission before they start visiting homes. However, you can still ask the seller to cover your agent’s commission as part of your offer.
How do the changes affect retailers in South Carolina? Sellers will still discuss with their listing agent the compensation they want to offer the buyer’s agent, if any. Any buyer requests will be reviewed, and the seller can negotiate terms as part of the offer.
How to find a real estate agent in South Carolina? If you’re ready to start your home search or sell your property, Redfin is here to help. Connect with A Redfin agent today.
How can you avoid fees? Selling a home without an agent In South Carolina it saves on commission fees, but managing a sale by owner (FSBO) requires the seller to take on responsibilities such as marketing, showings, and paperwork.
*Listing fees are subject to change, minimum applicable. Any buyer’s agent fees the seller chooses to cover are not included. The listing fee is increased by 1% of the purchase price if the buyer is not represented. Sell at 1% listing rate only if you shop with Redfin within 365 days of closing your Redfin listing. We’ll charge a 1.5% listing fee, and send you a check for the 0.5% difference after you buy your next home with us. Read more here.
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