What Is the Cost of Selling a House in New Mexico?

If you’re like many residents in New Mexico, your home is probably your most significant financial asset. Choosing to sell it is a major decision. Whether you’re moving out of state, relocating to the suburbs, or simply looking to downsize, you are likely aiming for a seamless, straightforward sale while maximizing your proceeds.

As you plan, understanding the potential costs associated with selling your New Mexico home is key to avoiding surprises at the closing table. This brief post outlines the expenses you can anticipate and provides expert insights to give you a clearer picture of the costs involved in selling a house in New Mexico.

Housing trends in New Mexico

Similar to many areas across the country, the New Mexico housing market is facing high interest rates and increased home prices.

“Our housing market is still very stable, and that’s due to a few key factors. Prices continue to rise, and great homes are selling quickly — especially when they’re priced correctly for the market,” says Valerie Almanzar, a top New Mexico real estate agent who works with over 65% more single-family homes than the average agent in her area.

Here’s a snapshot of the current real estate conditions in New Mexico:

Sources: New Mexico Association of Realtors, Redfin, World Population Review

As a seller in New Mexico, one important metric to consider is the days on market (DOM), which indicates the average time from listing a home to securing a signed purchase agreement. In New Mexico, the average DOM is currently 60 days.

Start with a home value estimate

A critical first step in determining the cost of selling your New Mexico home is obtaining an accurate home value estimate. Given the constant fluctuations in home values and market trends, it’s a good idea to understand what your property is worth. You might be pleasantly surprised by its value.

You can request a quick online value estimate using HomeLight’s Home Value Estimator. This free automated valuation model (AVM) tool analyzes recent sales, local market trends, and your home’s latest selling price to provide a ballpark value range in less than two minutes. Simply enter your address to begin.

How much does it cost to sell a house in New Mexico?

The answer varies. Based on our findings, the cost to sell a home in New Mexico typically ranges from 6% to 10% of your final selling price.

For instance, if you sell your home for $352,250 — the median home price in New Mexico — your selling costs might be approximately $21,135 to $35,225.

Whether you can expect to pay on the lower or higher end of the spectrum largely depends on your choices regarding home preparations, agent commissions, and any concessions offered to the buyer. Let’s explore the factors you should consider when calculating the cost to sell your New Mexico home.

What are common expenses for sellers in New Mexico?

Several factors can affect the cost of preparing your home for sale, including its size, age, and current condition. Almanzar notes that the cost of selling a house in New Mexico can vary significantly based on the state’s ever-changing market.

“When someone starts thinking about the cost of selling, it’s important to look at the big picture — and that begins the moment they decide to sell,” says Almanzar. “A house needs to be ready for the market. It’s not just a matter of putting it up for sale and being done. There are always some upfront costs involved in preparing a home, like fixing small issues that sellers might have lived with for years — like a leaky sink or a broken cabinet.”

Below are some estimated prices to guide you as you plan.

Prepping your house for sale

Preparing your New Mexico home for sale typically costs between 1.5% and 2.7% of your home’s final sale price. Based on the median price of a home in the state, this could amount to anywhere between $5,284 and $9,511.

Here’s a breakdown of these expenses:

• Pre-sale repairs: $4,500-$5,400, depending on the year your home was built and its maintenance history.
• Staging the home: $1,500-$4,000 (recommended by agents for higher proceeds).
• Professional cleaning services: $118-$237, depending on the home’s size.
• Interior painting: $966-$3,086.
• Landscaping: $1,248-$6,281.
• Pre-listing inspection: $250-$500 if desired.

Before taking on significant projects, such as a kitchen remodel or roof replacement, be sure to consult with your Realtor. An experienced New Mexico real estate agent can advise you on what needs fixing, as well as which repairs you can skip when prepping your home.

Realtor fees in New Mexico

Agent commissions are among the most significant costs in a real estate transaction. In New Mexico, Realtor fees can range from 2.5% to 6%, depending on whether you choose to pay the buyer’s agent commissions, which is no longer a given due to a landmark court settlement that changed commission rules nationwide.

Based on the median home price of $352,250 in New Mexico, you can expect to pay between $8,806 (2.5%) and $21,135 (6%) in real estate agent commissions.

While agent commissions may seem high, working with a skilled professional can help you walk away with significantly higher net proceeds. HomeLight transaction data indicates that the top 5% of agents across the U.S. sell homes for as much as 10% more than average agents.

Later in this post, we’ll illustrate how agent commissions might impact your total selling costs in our overview example chart.