Updated on March 17, 2020
Now is a good time to be selling a house in New Mexico! According to Zillow Research, property values in the Land of Enchantment rose 4.89% in 2019, and are projected to rise a further 3.66% over the next year.
Of course, even the best New Mexico properties will struggle to sell if you don't price the home properly, do a poor job of marketing it, or don't know how to handle the negotiations.
Read on to learn the eight steps to successfully selling your home in New Mexico!
1. Finding a New Mexico realtor
Selling a home isn't easy. It's a high-stakes, complex transaction and requires a considerable amount of time and expertise to get a good outcome. If you're looking to sell your New Mexico home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The best New Mexico listing agents know exactly what local buyers want and how to reach them. They'll offer expert advice, guidance, and support every step of the way, from the initial listing all the way through closing.
In fact, sellers who work with real estate agents net 33% more, on average, than those who list on their own. For a $200,789 home — the median home value in New Mexico, according to Zillow — that's a premium of $66,260. In other words, hiring an agent is well worth the investment.
2. Deciding when to sell
The time of year that you put your home up for sale can make a big difference. A Clever Partner Agent can help you sell your home at its best price no matter when you decide to sell. But sellers should be aware that there are some months that are better than others for home sales in New Mexico.
When it comes to getting the most for your home, spring is typically the best time to sell. That's when you'll find more buyers out house hunting. But sellers also face more competition at this time. Inventory is lower and you'll have less competition in fall and winter. Conversely, that's also when there are fewer buyers.
Also, know that every market has its own unique trends and cycles. What works nationally, might not work in your part of New Mexico.
Best time to sell a house across the U.S.
Source: 2019 Redfin Data Center
Best time to sell a house in New Mexico
|Best Month to Sell for Speed in New Mexico||July||50 days on market||18 days faster than average|
|Best Month to Sell for Price in New Mexico||October||$427,000 median sale price||11% more than average|
If you're shooting for the fastest sale possible, listing in July is your best option. Homes listed in this month spend 50 days on market — significantly quicker than the Idaho average of 68 days on market.
To get the highest sales price, put your house on the market in October. The median sale price of homes listed then is $427,000, which is almost $43,000 more than average.
Learn More: The Best Time to Sell a Home in New Mexico
3. Pricing your home
If you want to sell your home for the best return you have to price it right from the start. If you underprice your home, you could lose tens-of-thousands of dollars. Overprice it and your home could stay on the market for much longer than you want, or it may not sell at all.
An overpriced home at the outset may also force you to drop your price more than you want to later on.
Your Clever Partner Agent has the latest statistics and sales data for homes in neighborhoods across New Mexico. They will help you to accurately assess the optimal selling price for your home. Our Partner Agents buy and sell homes in New Mexico every day and they know what buyers are looking for and how much they are willing to pay for a home.
4. Preparing, marketing, and showing your home
One of the best things that you can do to prepare and market your home is to speak to a professional realtor. They know the buyers pool and what features of your home to highlight.
They also are up-to-date on the latest social media marketing tools and can help market your home to the widest possible number of prospective buyers. And because they know New Mexico communities intimately, they'll be able to highlight such features as the quality of local schools or other amenities that buyers in the region are looking for.
Learn More: The Best Paint Colors For Selling A House
One of the most important things that you can do when listing your home is setting up proper staging. This may include new lighting to make your home brighter or it may even include renting modern furniture. Whatever you decide to do, the cost of staging is a great return on investment.
A Clever Partner Agent will also do a thorough analysis of your home and suggest any repairs or renovations that may need to be made. Again, the return on investment will often be well worth the cost.
Your realtor will also discuss when you would like your home to viewed. Private viewings are less and less common, but you will want to hold regular open houses.
5. Fielding offers and negotiations
New Mexico is a very hot real estate market. The median home value is $196,300, up by more than 8% between 2017 and 2018. Clever Partner Agents live and work in New Mexico communities and they know what the market conditions are at any given time. They will help you capitalize on New Mexico's rapidly changing housing market.
They will list your home for its peak price based on the latest market trends and data. Just as importantly, they will guide you through the offer and counteroffer stages of the home selling process. They'll also work with you to come up with a final deal and help with all of the paperwork that's required.
Learn More: Real Estate Counter Offer Etiquette
6. Appraisal and inspections
Home sellers can expect a home buyer to have an appraisal done at some time near the closing of a property sale. It's usually required by lenders. Home buyers will also likely have a more thorough home inspection done on your property.
As a home seller, you may want to hire your own inspector before listing your home. This way you will know what repairs or defects your home may have. This can help your realtor when it comes to the negotiation stage. If you know the problems of the property you are selling, you'll be ready for any demands by the buyer.
7. Paperwork and required New Mexico disclosures
New Mexico law requires sellers to inform prospective buyers about significant defects with a property before the sale. Home sellers must give buyers a written disclosure of all material defects that they know about.
The disclosure statement must be given to the buyer before the purchase contract is signed. A seller must let a buyer know in writing about major problems such as serious mold, broken air conditioners, and even future tax burdens.
State law also requires that the disclosure statement be filed with the county clerk, the board of county commissioners and the attorney general's office.
A lot of additional paperwork goes into selling a house. While it's good to be familiar with all the documents you might need to close on your home, always consult your agent or attorney before signing or filing paperwork.
Learn More: Disclosure Requirements in New Mexico
8. The closing process
As you can see, there's a lot that goes into selling a home. Luckily, your Partner Agent can walk you through all of the steps and relieve the stress of selling your property.
It should be noted that once an offer is accepted and a contract signed, the process is not fully complete. An escrow agent, attorney, or broker will need to be appointed to accept the deposit on the property.
The buyer can then elect to perform an inspection and will have to sign off on disclosures. If they respond and object to a sale after an inspection, they can choose to renegotiate the contract, leave it as is, ask for repairs, or walk away from the deal.
By working with a Clever Partner Agent, you can ensure that the buyer has no surprises once a deal is signed, and they can help negotiate any differences to complete the purchase.
Learn More: How Much Are Closing Costs for the Seller?
Next steps: Sell your New Mexico home and save thousands
Whether you're looking to list your New Mexico home immediately or 6-12 months from now, it's never too early to start looking for an agent, getting advice, and making a plan.
Clever is here to help guide you through the home selling process — and save money along the way! In fact, homeowners who list with us save an average of $9,000 on home selling costs.
Top ways to sell your home in New Mexico
- Discount real estate agents in New Mexico
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