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NM Avg Real Estate Commission Rate in Albuquerque, New Mexico

Albuquerque is the most populous city in the U.S. state of New Mexico. The city serves as the county seat of Bernalillo County, and it is situated in the north central part of the state, straddling the Rio Grande. The city population is 559,277 as of the July 1, 2016 population estimate from the United States Census Bureau, and ranks as the 32nd-largest city in the U.S. The Albuquerque metropolitan statistical area (or MSA) has a population of 909,906 according to the United States Census Bureau's most recently available estimate for 2016. Albuquerque is the 60th-largest United States metropolitan area. The Albuquerque MSA population includes the city of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen, Bosque Farms, and forms part of the larger Albuquerque–Santa Fe–Las Vegas combined statistical area, with a total population of 1,171,991 as of the July 1, 2016, Census Bureau estimates.

Albuquerque is home to the University of New Mexico (UNM), Kirtland Air Force Base, Sandia National Laboratories, the National Museum of Nuclear Science & History, Lovelace Respiratory Research Institute, Central New Mexico Community College (CNM), Presbyterian Medical Services (PMS), Presbyterian Health Services, New Mexico Museum of Natural History and Science, Albuquerque Biological Park, and Petroglyph National Monument. The Sandia Mountains run along the eastern side of Albuquerque, and the Rio Grande flows through the city, north to south. Albuquerque is also the home of the International Balloon Fiesta, the world's largest such gathering of hot-air balloons from around the globe. The event takes place during October.

 

Albuquerque, New Mexico Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Albuquerque, New Mexico. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Albuquerque, New Mexico, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the West rose 7.5%, to $372,400, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of New Mexico, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Albuquerque $196,500 1.60%
Farmington $184,300 8.80%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in New Mexico.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

As of the United States census of 2010, there were 545,852 people, 239,166 households, and 224,330 families residing in the city. The population density was 3010.7/mi² (1162.6/km²). There were 239,166 housing units at an average density of 1,556.7 per square mile (538.2/km²).

The racial makeup of the city was:

  • 69.7% White (Non-Hispanic white 42.1%)
  • 4.6% Native American
  • 3.3% Black or African American
  • 2.6% Asian
  • 0.1% Native Hawaiian and Other Pacific Islander
  • 4.6% Multiracial (two or more races)

The ethnic makeup of the city was:

  • 46.7% of the population were Hispanics or Latinos (of any race)

There were 239,116 households out of which 33.3% had children under the age of 18 living with them, 43.6% were married couples living together, 12.9% had a female householder with no husband present, and 38.5% were non-families. 30.5% of all households were made up of individuals and 8.4% had someone living alone who was 65 years of age or older. The average household size was 2.40 and the average family size was 3.02.

The age distribution was 24.5% under 18, 10.6% from 18 to 24, 30.9% from 25 to 44, 21.9% from 45 to 64, and 12.0% who were 65 or older. The median age was 35 years. For every 100 females there were 94.4 males. For every 100 females age 18 and over, there were 91.8 males.

The median income for a household in the city was $38,272, and the median income for a family was $46,979. Males had a median income of $34,208 versus $26,397 for females. The per capita income for the city was $20,884. About 10.0% of families and 13.5% of the population were below the poverty line, including 17.4% of those under age 18 and 8.5% of those age 65 or over.

 

ECONOMY:

Albuquerque lies at the center of the New Mexico Technology Corridor, a concentration of high-tech private companies and government institutions along the Rio Grande. Larger institutions whose employees contribute to the population are numerous and include Sandia National Laboratories, Kirtland Air Force Base, and the attendant contracting companies which bring highly educated workers to a somewhat isolated region. Intel operates a large semiconductor factory or "fab" in suburban Rio Rancho, in neighboring Sandoval County, with its attendant large capital investment. Northrop Grumman is located along I-25 in northeast Albuquerque, and Tempur-Pedic is located on the West Mesa next to I-40.

The solar energy and architectural-design innovator Steve Baer located his company, Zomeworks, to the region in the late 1960s; and Los Alamos National Laboratory, Sandia, and Lawrence Livermore National Laboratory cooperate here in an enterprise that began with the Manhattan Project. In January 2007, Tempur-Pedic opened an 800,000-square-foot (74,000 m2) mattress factory in northwest Albuquerque. SCHOTT Solar, Inc., announced in January 2008 they would open a 200,000-square-foot (19,000 m2) facility manufacturing receivers for concentrated solar thermal power plants (CSP) and 64MW of photovoltaic (PV) modules. The facility closed in 2012.

Forbes magazine rated Albuquerque as the best city in America for business and careers in 2006 and as the 13th best (out of 200 metro areas) in 2008. The city was rated seventh among America's Engineering Capitals in 2014 by Forbes magazine. Albuquerque ranked among the Top 10 Best Cities to Live by U.S. News & World Report in 2009 and was recognized as the fourth best place to live for families by the TLC network. It was ranked among the Top Best Cities for Jobs in 2007 and among the Top 50 Best Places to Live and Play by National Geographic Adventure magazine.

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Albuquerque - New Mexico