When selling a home, Millennials are more likely than older generations to attempt to work out a better deal with their real estate agent.
According to a Redfin survey of recent homebuyers, 57 percent of sellers last year tried to negotiate their listing agent’s commission down to a lower price. The share, up five percentage points from June, was driven by younger sellers. Two-thirds of Millennials said they tried to lower their commission, compared to 58 percent of Gen Xers and 39 percent of Baby Boomers.
Redfin notes that Millennials will shape the future of the housing industry, so sellers will continue to attempt to negotiate commissions.
It’s worth noting that in a seller’s market like we have been in for the past several years, it makes sense that there would be downward pressure on listing agent commissions. Savvy homeowners understand that the forces of supply and demand are working in their favor, which can make a compelling case when negotiating fees with a listing agent who is trying to earn their business.