Selling your New Mexico house For Sale By Owner (FSBO) can save you thousands in real estate agent commissions. Not only that, 77% of FSBO homes sold in just two weeks, faster than the 49-day average in the Land of Enchantment.
And selling your home FSBO is now easier than ever! High-tech For Sale By Owner websites in New Mexico will help you list on MLS within 24 hours. And when you sell, you’ll pocket an average of $10,000 in additional savings on an average New Mexico home!
How to Sell a House By Owner in New Mexico in 6 Steps
Families and young professionals are moving to the Land of Enchantment for it’s affordable cost of living, warm climate, and growing job market. New Mexico’s beautiful landscapes also attracts buyers.
Here’s how to capitalize on this demand and sell your house by owner in New Mexico in 6 simple steps:
Step 1: Price Your Home Competitively
New Mexico is a seller’s market, with 3.5% of all homes being sold above list price. This has resulted in more competitive offers and fewer days on the market for many homes.
In cities like Taos and Albuquerque, you can even price your home up to 10% more because of the high demand for homes and population growth. On the other hand, if you’re in regions with more supply of homes than demand like Roswell or Clovis, price your home lower than the FMV to attract more offers.
Step 2: Make Your Home Market-Ready
People move to the Land of Enchantment for its affordable cost of living, warm climate, and natural beauty. Buyers look for homes with great workspaces, outdoor areas, and places to unwind. You can attract them if you stage your home. In fact, 58% of buyers say home staging influences their decision.
Here’s what you can do when learning how to sell your home by owner:
- Declutter and Depersonalize: Clean surfaces and remove personal items to help buyers envision themselves in the space. This makes the home feel more inviting and neutral.
- Improve Curb Appeal: Enhance curb appeal by keeping your outdoor areas well-maintained. Improve the lawn, add lighting, and trim the shrubs to improve curb appeal.
- Highlight Outdoor Living Spaces: Showcase features like screen patios, lanais, or pool areas to help sway buyers’ decisions.
- Opt for a Professional Home Stager: Hire professional home staging companies in New Mexico. They will help you prep your house for listing photographs and walkthroughs.
Step 3: Increase Your Property’s Visibility
A major aspect of learning how to sell a house by owner in New Mexico is figuring out how to boost your property’s visibility. Here’s what you must do:
- Hire a Pro Photographer: Homes photographed professionally sell 32% faster than the average home. Showcase features like canyon views or desertscape to captivate buyers.
- Craft a Compelling Property Description: Use words like “mountain retreat,” “sun-soaked,” or “sandstone sanctuary” when describing your home. Also, mention details like proximity to beaches, screened pools, or White Sands National Park.
- List on For Sale By Owner Websites: FSBO sites like Zillow and Craigslist can increase your home’s exposure to more buyers than just friends and family.
- Put a “For Sale” Yard Sign: New Mexico’s sunny climate makes yard signs highly effective. 12% of sellers use yard signs to market their homes when selling FSBO.
- List on MLS: MLS is the most powerful tool in real estate. If you want to sell your home quickly and for top dollar, you need to list on MLS in New Mexico.
Step 4: Organize Home Showings
Schedule showings for out-of-state buyers during mild winter weekends. This helps you make the most of increased buyer activity while steering clear of the summer heat that can limit showings.
- Open Houses: 41% of homebuyers rely on information from open houses. Host these open houses in the early afternoon (12:00pm to 3:00pm).
- Showings Management Platforms: With tools like Houzeo Showings, buyers and buyer agents can easily select showing slots. For out-of-state buyers, use this tool to schedule virtual tours or live video showings.
Step 5: Review, Compare, and Negotiate Offers
Though you are selling a house without a Realtor, the basics of what to do when you get offers remain the same. Consider the following when evaluating offers:
- Cash Offers: Ensure you are getting a fair value for your property and not being low-balled.
- Buyer Financing: Make sure the buyer is preapproved for a mortgage and has financial backing.
- Contingencies: Look for inspection or appraisal contingencies. New Mexico homes may need special evaluations for thunderstorm damage or flash flood risks.
- Closing Costs: As a seller, you typically pay your own closing costs like escrow fees, HOA, etc. However, if you offer seller concessions, your home will appeal more to buyers.
Step 6: Finalize the Sale Seamlessly
A real estate attorney can help you draft the paperwork for selling a house without a Realtor in New Mexico to minimize legal risks. This includes title and closing documents. Typically, their fee ranges between $150 and $500 per hour.
How Much Do You Save By Selling Your Home By Owner?
The entire 3% listing agent fee! That’s how much you save when selling a house by owner in New Mexico.
To put that into perspective, let’s say, you’re selling a house priced at $350,700. Assuming you pay a 3% commission fee, you’ll have to shell out $10,521 to your listing agent. With Houzeo, you could reduce that cost significantly:
| Details | Traditional Realtor (3%) | FSBO with Houzeo |
| Home Sale Price | $350,700 | $350,700 |
| Listing Price | $10,521 | $429* |
| Savings | $0 | ($10,521 – $2,182) $8,339 |
Pros and Cons of Selling a House Without a Realtor
More homeowners are choosing FSBO, with 26% of Boomers, 17% of Millennials, 23% of Gen Xers, and 6% of Silent Gen going this route. However, before you jump on the bandwagon, you must consider the pros and cons of FSBO:
✅ Pros
- Cost Savings: In New Mexico, sellers typically pay 2.5% to 3% in listing fees. When you sell FSBO, you can eliminate the cost.
- Quick Sale: You can list your house yourself whenever you are ready. You need not hunt for a real estate agent to begin selling a house For Sale By Owner in New Mexico. 77% of FSBO homes sell in less than 2 weeks.
- Full Control: As an independent New Mexico home seller, you will interact with buyers directly. You will also control other aspects of selling by owner in New Mexico, such as showings, negotiations, paperwork, etc.
❌ Cons
- Limited Assistance: Handling paperwork, inspections, and negotiations on your own can be overwhelming without the right support.
- Potential Hidden Costs: Several FSBO listing services with low upfront costs may have a high hidden fee at closing. Additionally, several FSBO sites like Craigslist are infamous for attracting unqualified buyers and scammers.
What are the common FSBO Mistakes to Avoid?
❌ Don’t Skip the MLS: MLS exposure is crucial so that your house is listed on over 100+ sites. Statistically, homes listed on the MLS sell faster and for 17.5% more.
❌ Don’t Over or Underprice Your Home: Overpricing in competitive New Mexico markets like Los Alamos or Rio Rancho can scare off buyers, while underpricing may result in leaving money on the table.
❌ Don’t Skip Professional Photography: Professionally shot homes sell 32% faster. So, skipping professional real estate photography will lead to lesser foot traffic and slower home sales.
❌ Don’t Miscalculate Closing Costs: An error when calculating your closing costs can affect how you plan for future expenses. A shortfall could impact your ability to secure your new home.
❌ Don’t Make Paperwork Mistakes: Errors in your paperwork, like flood zone disclosures or HOA details, could delay or cancel the sale.
Should You Sell a House By Owner in New Mexico?
Yes! Selling your house by owner in New Mexico can save you thousands in commissions. While buyers might not be actively looking now, there’s a chance your property could families looking for the Land of Enchantment.
Frequently Asked Questions
How to list your home For Sale By Owner in New Mexico?
To list your home FSBO in New Mexico, opt for a Flat Fee MLS company. This increases your property's visibility on major sites like Redfin, Zillow, Trulia, etc. Check out our rankings for top New Mexico Flat Fee MLS companies.
How to sell a house in New Mexico without a Realtor for cash?
To sell your New Mexico home without a Realtor for cash, you can list it on cash marketplaces like Houzeo.com and Sundae. You could get offers from multiple cash buyers, increasing your offer value to up to 100% of the FMV. If you sell it to iBuyers you can get upto 80% of FMV.
How to sell your house by owner in New Mexico as fast as possible?
To sell your house fast by owner, you can sell it for cash to a house flipper, wholesaler or to companies that buy houses for cash in New Mexico.
Who draws up the contract in for sale by owner?
In a FSBO transaction, sellers are usually responsible for the purchase agreement often referred to as a for sale by owner contract in New Mexico. Some people also take help from a real estate attorney to draft or review the contract.
