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NM Avg Real Estate Commission Rate in Farmington, New Mexico

Farmington is a city in San Juan County in the U.S. state of New Mexico. As of the 2013 population estimate from the United States Census Bureau the city had a total population of 45,426 people. Farmington (and surrounding San Juan County) makes up one of the four Metropolitan Statistical Areas (MSA's) in New Mexico. The U.S. Census Bureau's population estimate in 2011 for Farmington was about 45,256.

Farmington is located at the junction of the San Juan River, the Animas River, and the La Plata River, and is located on the Colorado Plateau. Farmington is the largest city of San Juan County, one of the geographically largest counties in the United States covering 5,538 square miles (14,340 km2). The county seat and the other city in San Juan County is Aztec. Farmington serves as the commercial hub for most of northwestern New Mexico and the Four Corners region of four states. Farmington lies at or near the junction of three important highways: U.S. Highway 550, U.S. Highway 64, and New Mexico Highway 371.

It is on the Trails of the Ancients Byway, one of the designated New Mexico Scenic Byways.

The primary industries of San Juan County are the production of petroleum, natural gas, and coal. Major coal mines are the Navajo and San Juan mines, operated by BHP Billiton 15 to 19 miles (24 to 31 km) southwest of Farmington. The coal mined from the Navajo and San Juan mines is used entirely for fuel for the nearby Four Corners Generating Station and San Juan Power Plant to produce electric power.

Farmington is known across New Mexico and throughout the southwest for its baseball tournaments, and Ricketts Park is the home of the Connie Mack World Series. Farmington High School claimed the AAAA Baseball State Championship four years in a row from 2005 through 2008. Piedra Vista High School in Farmington also claimed the AAAA Baseball State Championship in 2010 and 2011.

 

Farmington, 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 Farmington, 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 Farmington, 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 census of 2010, there were 45,895 people and 17,548 housing units in Farmington. The racial makeup of the city was 62.8% White (including 52.4% White non-Hispanic), 1.0% African American, 22.2% Native American, 0.6% Asian, 0.1% Pacific Islander, and 4.2% from two or more races. Hispanic or Latino of any race were 22.4% of the population.

There were 16,466 households out of which 33.4% had children under the age of 18 living with them, 49% were married couples living together, 13.6% had a female householder with no husband present, and 30.1% were non-families. 21.7% of all households were made up of individuals and 8% had someone living alone who was 65 years of age or older. The average household size was 2.7 and the average family size was 3.19.

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