Should I use a realtor? | What does a realtor do in New Mexico? | Cost of selling without a realtor | New Mexico real estate paperwork | How to sell without a realtor | Alternatives to selling without a realtor | FAQs
Selling your home without a realtor means you won’t have to pay a listing commission, which in New Mexico averages 2.9% of the sale price. Considering a typical New Mexico house is worth about $282,000, that’s a savings of $8,057.
However, trying to sell a home For Sale by Owner (FSBO) can be tough. It will cost you a lot of time and energy.
In the end, selling a house without a real estate agent isn’t worth it for most homeowners in New Mexico. Especially considering there are low commission real estate companies that offer professional assistance for a lower cost.
If you’re considering FSBO in New Mexico, read on to find out everything you need to know to do it successfully.
✍️ Key Takeaways of FSBO Sales
- Selling without a real estate agent means avoiding a listing commission (2.9% on average in New Mexico). But in exchange for those savings, you’ll have to do everything from advertising your home to negotiating the final deal.
- In most cases, you’ll still need to offer a buyer’s agent commission. 3.4% is typical in New Mexico.
- Selling without an agent is best for experienced sellers or people selling to family or friends.
- For most sellers, there are better cost-saving options that will net you more money and provide professional support.
Should I sell my house without a realtor?
Not sure if FSBO is right for you? Use the checklists below to find out if selling your New Mexico home without a realtor is the best option for your situation.
✅ Selling without an agent might be right for you if…
You want to save on commission.
When you sell without a realtor, you won’t pay a listing agent commission. In New Mexico, that puts 2.9% of your final sale price back in your pocket. However, you will still need to offer a competitive buyer’s agent commission (3.4% is typical in New Mexico).
You already have a buyer.
If you’ve already lined up a deal with a friend or family member, there’s no need to pay an agent to list your home on the MLS, host open houses, or negotiate on your behalf.
You have lots of time to spare.
Selling a house is a lot of work! You’ll need time to take on all the tasks a realtor normally handles.
You’re in a hot seller’s market.
If you’re in a high-demand area with low inventory, you could find a buyer relatively easily with just a flat fee MLS package or a “For Sale” in your yard.
Here’s how fast and for how much homes in New Mexico are currently selling for so you see how your local market compares.
|Avg. days on market||Avg. listing price|
🚫 Selling without a realtor might not be right for you if…
You’re short on time.
If you’re on a tight deadline, hiring an agent might be your best option. You’ll have to squeeze home selling tasks into your nights and weekends — or make sacrifices elsewhere in your schedule.
You’ve never sold a home in New Mexico.
Without an agent, you won’t have any professional guidance about increasing your property’s curb appeal, pricing your home, or choosing the best offer.
We can’t say this enough: If you’ve never been through a New Mexico home sale or are facing a complicated transaction, do not try it without a real estate agent.
Making one mistake could cost you tens of thousands of dollars or create some serious legal headaches for you.
You want to sell for more money.
There are conflicting studies about whether FSBO properties sell for less compared to those sold by agents.
On the one hand, FSBO sellers are more likely to sell to friends or family and offer them a good deal on the home. This lowers the average price of homes sold without a realtor.
However, if a FSBO seller is inexperienced, they can lose money by pricing too low or scare away buyers by pricing too high.
If selling your home without a realtor sounds too risky or like too much work, you have other ways to save on commissions. You can work with a discount broker, save money, and not have to deal with the stress of selling without a realtor.
What does a realtor do in New Mexico?
Selling your house in New Mexico without the help of a realtor can be tricky. You will be handling the entire sales process, and as such, you’ll have to face the consequences of any oversights that might occur. A slight miscalculation with the price or a lapse in judgment with the staging can make it difficult for you to sell your home. Here are a few things that a realtor from the Land of Enchantment can help you out with:
Selling your house in New Mexico without the help of a realtor can be tricky. You will be handling the entire sales process, and as such, you’ll have to face the consequences of any oversights that might occur. A slight miscalculation with the price or a lapse in judgment with the staging can make it difficult for you to sell your home.
Here are a few things that a realtor from the Land of Enchantment can help you out with:
Prices homes competitively
Agents will provide you with a comparative market analysis (CMA) to accurately price your home. They look at the popularity of your housing market, how much similar properties are selling for, new upgrades you’ve added to the home, and other variable factors.
But if you’re earlier in the home selling process and just need a general idea of what your house is worth, you may not need to contact a realtor. Try online home value estimators instead.
To get an idea of how much home values can vary, here’s a comparison of different sized homes value in New Mexico.
|Home size||Home value in New Mexico|
Connects you with local pros
Experienced agents have networks of the best professionals in the area. They can connect you with handymen, stagers, photographers, and other service providers so you don’t have to track down reliable pros on your own.
Lists your home
Working with an agent will get your property listed on the multiple listing service (MLS) database. This can only be accessed by real estate agents, who use it to find homes to show their clients. Without a realtor, you’ll need to pay a flat fee MLS company to list your property, or you will face a much smaller pool of potential buyers.
Finds potential buyers
An agent can market your home, schedule open houses, and follow up with people who toured your home.
Agents will also take care of negotiating with prospective buyers and dealing with paperwork to ensure the sale doesn’t fall through.
Cost of selling a house without a realtor in New Mexico
Below, you’ll find a list of prices for common services you might want to consider if you decide to sell without a realtor. However, know that if your home is in need of repairs or is in a buyer’s market, you might need to spend a lot more to prep and market your property.
💸 Common costs for FSBO sellers
|Appraisal||$410 to $475||To price your home more accurately|
|Photography||$148||To compete with homes listed by agents|
|Staging||$1,529||To stand out to local buyers|
|Real estate attorney||$200 per hour||To assist with paperwork, contracts, and legal requirements|
|Flat fee MLS listing||$300 to $1,000||To get listed on the MLS|
|Buyer’s agent commission||3.4% of sale price||To compensate the agent that represents the buyer (it’s customary for the seller to pay)|
Overall, on average, it costs 7.5% of the home price to sell by owner and about 10% of the home price to sell with a real estate agent. However, the amount you’ll actually save will depend on repairs you need to make, concessions, and other expenses.
Use our calculator to get an idea of how much you can expect to spend if you sell without a realtor.
If you’re considering selling without a realtor in New Mexico, check out our friends at Clever Real Estate. Clever eliminates all the hassles and headaches of FSBO while helping you pay less than you would for a traditional realtor.
In New Mexico, sellers pay an average of 2.9% to a listing agent. Considering the median home value in New Mexico is $282,000, that amounts to $8,057. However, Clever agents provide full service support and list your home for $3,000 (or 1% for homes that sell for more than $350,000).
New Mexico FSBO paperwork and regulations
If you decide to sell without a realtor, you’ll be responsible for collecting, preparing, and filing all the correct paperwork.
But know that every state has its own laws and regulations for real estate sales — and New Mexico is no different. Here are some additional forms you may need to close on a house without a realtor in New Mexico:
6 steps to sell a home in New Mexico without a realtor
🤔 Did you know?
20% of sellers think that the most difficult part of the selling process is pricing.
Pricing your home can be tricky, since going too low can potentially lose you a few thousand dollars, whereas going too high can turn off potential buyers. If you don’t know your local market well, it’s best to get an appraisal from a local expert. Doing so can help you avoid any potential mistakes and save you a lot of time and money.
Source: 2022 Clever Real Estate Survey
1. Get your home ready to sell
Simple repairs, such as fixing a squeaky door or repairing dents in the drywall, can greatly improve the aesthetic appeal of your house. Outdoors, a fresh coat of paint, and some basic landscaping work can boost curb appeal.
You can also hire a professional stager to get your home picture-perfect for showings. While prices vary from city to city, in New Mexico it costs an average of $1,529 to stage a house.
High-quality photos of your property can make a huge difference when attracting buyers. Prices can vary based on your location, but in New Mexico you can expect to pay $148 on average for a session with a professional photographer.
2. Price your home accurately
Without a real estate agent, it can be difficult to accurately price your home. An appraisal is a professional assessment of a home to evaluate its condition and estimate its value. In New Mexico, an appraisal costs $410 to $475.
3. List your home
In New Mexico, this will cost you $300 to $1,000, but without a realtor, it’s the only way to get your property listed on the MLS — which is how most buyers find homes.
4. Show your home
Once buyers start contacting you, it’s important to have a system to track showing appointments and their contact information.
During a showing, be available to answer the buyer’s questions, but don’t follow them around from room to room. That can come off as overwhelming and scare buyers off.
5. Consider offers
Reviewing offers is about more than the price. You also need to consider whether the buyer’s moving timeline aligns with your own and what types of contingencies or concessions they’re asking for. Those parts of the offer will impact negotiations and how much you’ll actually walk away with.
6. Use a title and/or escrow company
It’s important to have a third party that will take care of collecting signatures and fees before and during closing. Often this will be your title company, but in some cases, you might have to find a separate escrow company to manage the money involved in the transaction.
Alternatives to selling without a realtor in New Mexico
For many people, trying to sell without an agent isn’t worth the hassle. If you think you’ll need some help along the way, here are a few other low-cost options.
New Mexico flat fee MLS companies
Getting your home listed on your local MLS is the best way to reach more buyers. The biggest home search sites (Zillow, realtor.com, etc.) all pull their listings from the MLS. Unfortunately, the only way to get your home on the MLS without a realtor is by purchasing a flat fee MLS package.
In New Mexico, this will cost you about $300 to $1,000. However, if you want more support from a real estate professional, there are better options.
|For Sale By Owner New Mexico||Affordable Realty Services||Congress Realty|
|Number of Photos||30 to 99||50||4|
|Listing Term||12 months||12 months||6 months|
New Mexico discount brokers
Discount brokers are full-service real estate agents who are willing to work for a reduced commission rate. Sellers can save thousands while still receiving assistance from an expert local agent.
For discount broker services, we highly recommend our friends at Clever! Clever pre-negotiates with top agents to offer you the lowest commission rates without compromising on service quality.
Frequently asked questions
Do I need a lawyer to sell my house in New Mexico?
Yes, it is required to hire a lawyer when selling your house in New Mexico. Although they cost a few hundred dollars an hour, their fees are worth it to ensure that all your legal documents are correct and without issue.
Is selling a house without a realtor worth it in New Mexico?
If you have the real estate know-how to do it properly, then selling without a realtor can be worth it. Selling FSBO will help you save the 3% commission fee that realtors typically charge, but you stand to lose a lot more than that if you don’t know what you’re doing. For instance, inaccurately pricing your home will easily slash away a few thousand dollars from your profit — and that’s just one risk of many.
If you’d like some more advice about selling your home, here are a few great resources to check out:How realtor commissions work in New Mexico: Even if you decide to sell your house without an agent, it’s still a good idea to offer commission to the buyer’s agent. Learn how much realtors expect to earn and what you can do to make your listing more appealing to agents and their clients. Top We Buy Houses Companies in New Mexico REVEALED: If you need to sell your home in a hurry, a We Buy Houses company may purchase your house as-is for a reduced rate. Find out if this option could be the best option for you here! : Wondering how much you’ll have to pay to sell your house? Check out this article to calculate your repair budget, closing fees, marketing expenses, and more.
How to Sell Your House – The Ultimate Guide: Our guide breaks down the process of selling a house in 12 steps. We discuss how to find and choose a realtor, list your home for sale, review and negotiate offers, close, and calculate capital gains tax.