Is NOW the Best Time to Sell a House in New Mexico?

✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.

Surprisingly, yes. April is ideally a good time to start prepping New Mexico home for sale. The housing demand is at its peak but inventory is still tight. With the median home price currently at $337,500, major forecasts expect home prices to continue rising in 2024. 

But home prices aren’t the only factor expected to increase. Mortgage rates, though lower than their 7.79% peak in October 2023, are also inching their way up. The current 6.87% mortgage rate favorably treats home shoppers. But it may not do so in a month’s time.

If you want to take advantage of this trend before the housing inventory tightens up, list your home on the MLS in New Mexico NOW!

What Is the Best Time to Sell a House in New Mexico?

Selecting the best time to sell a house depends on your goals, whether you want to earn profits or sell your home quickly.

1. Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in New Mexico. The median sale price of houses in October 2023 was $365,000, which is expected to rise in 2024.

However, cities like Los Lunas and Albuquerque follow an upward trend throughout the year.

» Home Value Calculator: You can find your property’s current FMV in a few seconds and list the home accordingly.

2. Best Time to Sell Your House Quickly

Again, June and July are the best months to close your house sale quickly. During these months, homes spend an average of 30-32 days on the market, which is 10-15 days less than the rest of the months.

Fewer days on the market are considered an indicator of a seller’s market. However, people who have to move due to job relocation tend to do it during November and December. Such sellers are usually eager and have strict home-selling timelines.

3. Best Day of the Week to List Your New Mexico House

Thursday is the best day as 21% of homes across the nation are listed on Thursday and get better exposure. Homes listed at the start of the week had to stay longer on the market.

People searching for houses attend home tours on the weekends. If you want to take advantage of the time game, list your home on Thursday after 5 p.m. This is when most buyers return from work and start looking at online listings.

4. Best Season to Sell Your House in New Mexico

Spring is the primary housing season of the year. If you have time flexibility, listing your home in late spring or early summer can yield quicker sales and higher profits.

These seasons are ideal for three advantages:

• Families can settle without disrupting their kids’ schooling.
• Fall and winter are busy seasons, leaving little time for house-hunting.
• Summer offers longer daylight hours and better weather, which is ideal for scheduling house showings.

But winter still holds an opportunity for a home sale in warmer regions. Buyers visit New Mexico to invest in a second home for their holidays.

When Is the Best Time of the Year to Sell a House in New Mexico?

New Mexico’s net population rate has increased from 2022. Having said this, it indicates that the market conditions are favorable to list your property.

Check this table to find the best and the worst time to sell your New Mexico house:

Month	Average Home Sale Price	Houses Sold	Days on Market
January	$312,000	619	61
February	$333,200	526	60
March	$341,100	781	51
April	$347,800	743	40
May	$241,500	946	38
June	$346,800	1,081	32
July	$341,900	919	30
August	$362,100	1,062	35
September	$363,600	894	37
October	$365,000	868	37
November	$356,600	767	43
December	$328,500	694	46

When Should You Sell Your New Mexico House?

Here’s when you can consider selling your home:

When You Need a Change in Life

Sometimes some situations demand a change in your life such as:

• Job-Relocation: Say, you have received an appealing job offer, but it demands relocation. This situation can force you to sell your house in a slow market.
• Adverse Neighborhood: You may need a safe neighborhood for your family or a house closer to your kids’ school.
• Divorce: Homes often hold a sentimental value for couples. But after a divorce, you may consider selling it a practical option.

When Market Conditions Are in Your Favor

Favorable market conditions can get you a top-dollar rate. Some factors that affect the real estate market are:

• Economy: Economic indicators like manufacturing activity, GDP, employment rate, costs of goods, etc., influence the New Mexico real estate market.
• Interest Rates: Lower interest rates boost the demand for mortgages. This affects the real estate sector, thus increasing the price of the homes.
• Government Policies: The government can temporarily create a favorable housing market by implementing tax credits, subsidies, and deductions.

When You Are Financially Prepared

Here are a few factors to know if you are financially ready:

• Affordability: The average mortgage rate affects the affordability of buyers. Check in advance if the interest rates are surging or are expected to decline.
• Downgrade Your Expenses: If you own a bigger house and are looking to save on your property taxes, homeowners insurance, and HOA fees, you can sell the bigger house and move into a smaller one.
• Equity for New House: When your current home has procured enough equity to fulfill a healthy down payment, you can sell it at the right time.

Is Now a Good Time to Sell a House in New Mexico?

Yes, this is the right time to list your New Mexico home to sell. Spring will be here soon, and the summer season will be an excellent time for home sellers.

If you want to sell your house in New Mexico quickly and for higher profits, list it on the MLS. Houses listed on the MLS sell for 17.5% more than those off the MLS.

Houzeo can get your New Mexico home listed on the MLS for a flat fee. This saves you 3% real estate agent commission. Your listing also gets syndicated to the major online real estate websites.

Eager to Know how Houzeo Works?

Houzeo is the #1 For Sale By Owner website in the U.S. It helps you list your house within 24 hours, unlike traditional brokers, who take 20 days to list your property.

Check out the following video to understand how Houzeo would help you crack the deal faster in 5 steps.

Frequently Asked Questions

• Best Time to Sell a House
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