How Much Does it Cost to Sell a House in New Mexico? (2022 Updates!)

Jamie Ayers

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Jamie Ayers

September 1st, 2022
Updated September 1st, 2022

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Average cost to sell a house in New Mexico | Cost to sell calculator | Home selling expenses | Prep costs | Realtor fees | Closing costs | Moving expenses | Tips for saving $$$

Find out the average cost of selling a house in New Mexico

Selling a house in New Mexico can be expensive. Between repairs, realtor commissions, closing costs, moving fees, and more, your total expenses can easily eat up 12.09% or more of your home’s final sale price.

While you may not be able to avoid some costs completely, there is one way to save big when you sell in New Mexico.

Clever Real Estate can help you save thousands on realtor fees. With Clever, you'll work with a full-service agent from a top brokerage, but pay only 1% or $3,000 to list your home. For a typical home in New Mexico, that could save you $5,220 and reduce your cost to sell by over 14%!

» SAVE: List your home for 1% or $3,000 today!

Average cost to sell a house in New Mexico

Your total out-of-pocket costs will vary based on your situation, but you should expect for around 12.09% of your home’s final sale price to go towards selling costs. If you sell your home for $297,808 — the median home value in New Mexico — you'll likely spend $36,008.

Here's how much you can expect to pay at different price points based on the average cost to sell a house in New Mexico.

Sale price
Cost to sell
$350,000
$42,318
$500,000
$60,455
$750,000
$90,682

Common expenses for home sellers in New Mexico

The chart below breaks down some of the most common expenses for home sellers in New Mexico.

Keep in mind these costs are highly variable — particularly the home prep and relocation expenses. Talk to your realtor for a more accurate and tailored estimate of your costs.

Common expenses
Estimated cost
$200 to $7,298
🏘️ Realtor fees
$13,937 to $19,328
$2,336 to $9,892
$403 to $3,770
Total
$16,876 to $40,288

While repairs, closings costs, and relocation expenses may be out of your control, you can still save money on realtor fees by either selling for sale by owner (FSBO) or hiring a discount real estate broker.

💰 Clever pre-negotiates low commission rates for you!

List with the best agents in your area for just $3,000 or 1%:

  • Sell with a full-service agent from a top brokerage
  • No upfront fees — you only pay when your home sells
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  • On average, Clever sellers save $9,000 on commission

How much will I make selling my New Mexico house?

How much money you pocket after selling your house will depend on several factors, including:

  • How you choose to sell your home (realtor, cash buyer, for sale by owner, etc.)
  • Which repairs and improvements you do to prep your home for sale
  • Whether you make any concessions or offer incentives to buyers
  • State and local taxes and closing costs
  • Your remaining mortgage balance

If you don't have a mortgage, you'll get the entire sale price minus the costs of selling your home. That means you could take home $261,800 if you sell your home for $297,808 and pay 12.09% to sell it.

But you may owe money on the property or have other unique expenses that impact your overall cost to sell.

Cost of selling a house calculator

Use this cost of selling a house calculator to get a better idea of how much you'll have to spend to sell your home — and how much you'll take home after!

Home selling costs in New Mexico: An in-depth breakdown

🚨 Disclaimer: We’ve compiled an overview of some of the most common home selling costs in New Mexico. This guide is not 100% comprehensive, and actual costs will vary from situation to situation. Talk to your real estate agent and lender for the most accurate sense of how much it will cost to sell your home.

Preparing your home for sale: Varies

Unless you’re planning to sell your New Mexico house as is or to a cash buyer, you’ll need to spend some money to get your home market-ready to attract qualified buyers.

At minimum, you’ll want to invest in some basic pre-listing improvements to maximize your home value. The table below breaks down some of the most common professional pre-listing expenses. And even if you decide to go the DIY route, remember to budget a few hundred dollars for supplies.

Home prep expense
Average project cost
Home staging
$2,802
Cleaning service
$156
Handyman
$57 per hour
Interior repaint
$1,776
Exterior repaint
$1,961
Photography
$148

» LEARN MORE: What home improvements to make before selling

Realtor fees in New Mexico: 5.59%

Realtor fees in New Mexico
% of sale price
Cost
Listing commission
2.76%
$8,220
Buyer’s agent commission
2.83%
$8,428
Total
5.59%
$16,647

Realtor fees are one of the biggest costs for selling a house in New Mexico. In a standard real estate transaction — one involving two traditional, full-price agents — you will likely be on the hook for covering the full commission fee for both agents.

The average real estate commission in New Mexico is between 4.68% and 6.49% of the home’s final selling price and is typically split between the two agents handling the sale.

Based on the median home value in New Mexico, that comes to roughly $16,647.

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Clever's service is 100% free, with zero obligation. You can interview as many agents as you like, or walk away at any time. Enter your zip code to find a top local agent today!

Closing costs: 2.78%

Common closing costs in New Mexico
Estimated cost
Typical % of sale price
Title insurance (owner's policy)
Typically paid by buyer
N/A
Title insurance (lender's policy)
Typically paid by buyer
N/A
Title service fees
$1,077
0.36%
Transfer tax
N/A
No transfer tax in New Mexico
Recording fees
$28
0.01%
Attorney fees (optional)
$200 per hour
N/A
Buyer incentives
$5,956
2%
Total
$8,292
2.78%

Closing costs are a blanket term for the various fees and expenses (not including realtor commission) paid at the close of a real estate transaction.

Expect to pay roughly 2.78% of your home’s final sale price at closing. Based on the average home value in New Mexico of $297,808, that translates to $8,292.

Depending on your circumstances, you might be able to negotiate for the buyer to pay some of them. However, it's just as common for buyers to ask sellers to pay their closing costs to seal the deal.

» READ: How much are seller closing costs in New Mexico?

Don't forget property taxes

At closing, you'll also pay prorated property taxes. The total amount will depend on when you sell your home and where you live in New Mexico. The overall average rate for property taxes in New Mexico is 0.80%, however it varies greatly across the state. For example, in Harding, the property tax rate is 0.32%, but in McKinley, it's 1.75%.

Moving expenses: ~1%

Depending on factors like the distance of your move, how much you want to DIY, and how much stuff you have, these expenses can really add up.

Moreover, don’t forget to account for potential overlap periods. If there’s a gap between when you move out of your current home and close on your new one, you may need to pay for a storage space and/or temporary housing. Or you may have to pay carrying costs (e.g., utilities, HOA fees, property taxes, etc.) on two properties at once.

Common relocation expenses
Cost
Movers
$148 per hour
Overlap and carrying costs
$58 per day

How to avoid losing money on your New Mexico home sale

Whether you’re selling a vacation rental in Taos, a ranch home in Santa Fe, or a condo in Albuquerque, these tips will help you maximize the profits from your New Mexico home sale!

1. List with a low commission real estate agent

Realtor commission fees are a huge expense for New Mexico home sellers, often making up a large portion of your total selling costs. Thankfully, finding a way to save on commission is one of the best ways to make more money when you sell your home!

You can negotiate commission rates on your own, but the easiest option is to find a low commission real estate agent through an agent-matching company like Clever.

» LEARN MORE: Ways to save money when selling your house

2. Negotiate like a pro

Negotiating is a delicate balance between getting as much money as you can for your home and keeping the buyer happy and interested.

Buyers may request you pay for repairs, closing costs, or a home warranty. These fees can add up quickly and eat into your profits if you're not careful.

» READ: How to successfully sell your home

3. Time your sale to get top dollar for your New Mexico home

To make top dollar when selling your New Mexico home, try selling in June. Based on past data, listing prices typically shoot up about 13% more than the annual average during this month. Besides that, homes usually sell faster too, with turnaround times averaging about two weeks quicker than normal. On the other hand, avoid selling in the winter, as prices drop and homes are more difficult to sell.

One big contributor to this trend is the weather — buyers are less enticed to go out and house hunt because of the colder weather, and holiday obligations prevent many families from making a big purchase. In the summer, the weather is pleasant and many families have more time to attend open houses with school out. It's also the perfect time for families with children to find a new home before school starts again.

If you want to stay ahead of the game, price your home competitively and highlight the nearby school districts in your listing. Also consider working with an experienced realtor. They can help you come up with the best strategy to sell your home.

Local markets can vary wildly, so make sure to consult with an agent before deciding anything. They'll know the latest trends by heart and can help make the selling process easy for you.

» MORE: When is the best time to sell a house in New Mexico?

Methodology

Our data on the costs to sell a home are compiled from the following sources:

  • Home values (Zillow, August 31, 2022)
  • Average real estate commissions (Clever Real Estate, survey of 630 agents)
  • Service costs like attorney fees, photography, movers, title insurance, etc. were compiled from over 8,500 professional service quotes
  • Tax rates are based on publicly available information

FAQs about costs to sell in New Mexico

You should expect to pay about 2.78% of your home's final sale price in closing costs, plus 5.59% in realtor fees when you sell a house in New Mexico. However, your actual closing costs will vary depending on your situation and working with a local realtor can help you better estimate your costs.

Additional resources for New Mexico home sellers

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