Closing Cost Calculator: New Mexico Seller Averages
This free calculator can help home sellers in New Mexico estimate their closing costs and net proceeds. To get a preliminary idea of the cost of selling your house, enter the information for each of the input fields above. You can see typical or state averages for most New Mexico seller closing costs below.
Home Selling Price: $357,000
How does your home compare to the state’s median selling price of $357,000? To determine your listing price, you can:
1. Get a preliminary estimate with HomeLight’s free Home Value Estimator
2. Request a Comparative Market Analysis (CMA) from a top New Mexico agent
3. Purchase a pre-listing home appraisal (typically $700-$800 in New Mexico)
4. Visit this HomeLight map link to compare recently sold homes in New Mexico
Mortgage Payoff Amount: $193,587
According to Experian, the average mortgage balance for New Mexico homeowners is $193,587. To find your exact payoff amount, check your most recent mortgage statement or contact your mortgage provider.
Listing Agent Fee: $8,925–$10,710
A typical listing agent commission in New Mexico is 2.5% to 3% of the home’s selling price. On a $357,000 house, your agent’s fee might range from $8,925–$10,710.
Get the Highest Proceeds: HomeLight data shows that the top 5% of agents sell homes faster and for up to 10% more than average agents. Try HomeLight’s free Agent Match platform to consult with the highest-performing agents in your New Mexico market.
Buyer’s Agent Fee: $8,925–$10,710
In the past, home sellers covered both the listing agent and the buyer’s agent fees. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you are offering to pay this fee to attract buyers, on a $357,000 median-priced New Mexico home, you can expect to pay $8,925–$10,710.
Detailed Closing Costs: $3,962
Closing costs in New Mexico average about 1.11% of the home’s sale price. On a median-priced home of $357,000, you might pay $3,962. Below are some of the typical types of closing costs you can expect:
- Home Preparations: To increase proceeds and speed up your sale, you’ll want to invest in curb appeal improvements such as cleaning, landscaping, or staging.
- Renovations/Repairs: Consult with your agent regarding what to fix or update on your property to meet buyer expectations or clear the home inspection.
- Title Service Fees: Title company work will be required to verify that you are the legal owner and manage the transfer of the home.
- Owner’s Title Insurance: The seller pays this one-time insurance premium to protect the buyer from future title issues or ownership disputes.
- Transfer Taxes: New Mexico does not levy a state transfer tax on home sales, but some local municipalities might impose a fee.
- Recording Fees: These fees are typically paid to the local government to officially record the change in homeownership.
- Buyer Incentives: To seal the deal, you might offer your buyer credits or concessions, such as paying their agent fees or offering a rate buydown.
- Other Costs: Many home sales have miscellaneous expenses not covered in other categories, such as attorney fees. (An attorney is not required to sell a house in New Mexico.)
- Moving Expenses: While moving costs are not considered an official closing cost, you might want to include these in your budget ($883 to $7,000).
Make Buying and Selling Easier: Most New Mexico sellers are also buyers looking to purchase a new home. With HomeLight’s Buy Before You Sell program, you can make a non-contingent offer on your new home and only move once. Watch this brief video to learn more.
More Helpful Seller Tools From HomeLight
Here are some additional tools you may find helpful as you plan your New Mexico home sale:
- Listing Agent Match platform
- Home Value Estimator
- Best Time to Sell Calculator
- Agent Commissions Calculator
- Net Proceeds Calculator
Want to avoid closing costs and sell fast? Get a cash offer today.
With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer in 24 hours and close in as few as 10 days. Answer a few questions about your New Mexico home to get started. Along with your cash offer, you’ll also see an estimate of what a top New Mexico agent might be able to get for your home. Get both options with one tool.
As you look ahead to your next home purchase, here are some helpful buyer resources: