Understanding real estate commissions is important to anyone buying or selling a home in Wyoming. In 2024, new rules introduced to improve the way these fees are disclosed, to ensure that buyers and sellers have a clear idea of the costs involved. These updates are designed to increase visibility, helping you make informed decisions when navigating real estate transactions.
Even if you are a the first buyer or you’ve sold homes before, this guide breaks down everything you need to know about real estate commissions in Wyoming.
The current state of the Wyoming housing market
Before examining the details of the commission, here is a current overview of Wyoming housing market:
| Median Home Sales Price | $411,000 |
| Number of houses sold | + 4.4% YOY |
| Number of houses for sale | -6.3% YOY |
Understanding Wyoming real estate commissions
What are real estate commissions?
Housing commissions are payments made to agents from the buyer or seller, once the sale of the house has been completed. Usually, this fee is a percentage of the price and is paid accordingly to closecompensating agents for their services throughout the process.
Who pays the commission?
Traditionally, sellers paid both their agent and the buyer agent’s commission. As of August 17, 2024, buyers must now agree by writing money to their agent before starting the journey home.
While buyers can still ask the seller to cover their agent’s commission as part of the offer, the new law means that the amount a seller may pay a buyer’s agent can vary and is fully negotiable.
Real estate commission rates in Wyoming
In Wyoming, commission rates vary by geographic location and market. Although commission percentages are generally expected, they are not fixed and negotiable. The specifics of the property and the services offered by the agent will affect the commission structure.
Here are some commission examples for Major cities in Wyoming:
| The city | Median Home Sales Price | 1.5% Property 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. In this case, we offer sellers a listing fee starts at only 1%.* For buyers, our fees vary by location but are designed to remain 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 rules regarding commission rates, so you are free to discuss and adjust these fees with your agent.
When negotiating, consider the services your agent offers, such as marketing strategies and local expertise, as these may affect commission rates. If your home is likely to sell quickly or is in a desirable location, you may be able to use these features to negotiate lower commission fees.
Tips for a successful conversation
- Talk to multiple agents to compare services and commission rates.
- Consider performance-based incentives, such as a higher commission for quick sales or exceeding a set sales price.
- If your property is very attractive or in a highly sought-after area, use this to encourage agents to lower their fees.
Wyoming housing commission FAQ
What are the changes to the real estate commission? Two main changes have come into effect. Buyers must now sign an agreement detailing their agent’s commission before visiting homes. Additionally, in many markets, the buyer’s agent’s commission is no longer reflected in MLS listings. Read more about housing commission changes here.
How do the changes affect consumers in Wyoming? Buyers are required to agree to their agent’s fee in writing before starting the home tour. However, you can still negotiate with the seller to pay this amount as part of your offer.
How do the changes affect Wyoming retailers? Sellers will continue to work with their listing agent to determine what and how much commission to offer the buyer’s agent. Be prepared to negotiate commission terms with buyers 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 in every transaction.
How can you avoid fees? Another way to avoid agent fees is to sell your home without an agentalso known as For Sale By Owner (FSBO). However, going this route means taking on all the responsibilities, including marketing, exhibitions, and paperwork, which can be difficult without professional help.
*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 for 1% of listings 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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