Help! I Need to Sell My Land in New Mexico Quickly

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Help! I Need to Sell My Land in New Mexico Quickly
By

Bart Waldon

New Mexico, the Land of Enchantment, is home to vibrant deserts, red rock mesas, rich cultural history, and wide open spaces. As the fifth largest U.S. state by area, New Mexico offers no shortage of beautiful land to call home. But when life circumstances change and you need to sell your New Mexican property in a hurry, it can feel daunting trying to offload it fast.

Whether you inherited unused land, are moving out of state, or are struggling to pay your property taxes, finding the right buyer to purchase your land swiftly for a fair price is key. The process differs greatly from selling a traditional house. Let’s explore some practical tips to help expedite the sale of your New Mexico land.

Navigating the Local New Mexico Land Market

New Mexico has a unique landscape encompassing prairie grasslands, rugged mountains, high deserts, and fertile farmlands. Land use varies greatly from region to region. When evaluating your land and planning its sale, it’s important to understand factors like:

  • Local climate and geography
  • Accessibility
  • Nearby attractions and infrastructure
  • Demand drivers for land in the area
  • Land development regulations
  • Comps for recent vacant land sales nearby

For instance, land near tourist hubs like Santa Fe, Taos, and Red River in the north central mountains or metro areas like Albuquerque on the Rio Grande may be more valuable for development or recreation. Whereas remote land limited by desert terrain or reservations may be harder to market for top dollar.

Getting up to speed on the land market dynamics around your property will help you pitch it accurately to potential buyers and brokers.

Pricing Your New Mexico Land to Sell Fast

Setting the right asking price for an expedited sale requires thoughtful strategy. The natural instinct is to look at nearby land listings and size up the potential market value, then tack on a margin for negotiation. However, those listings often represent best case scenarios of sellers who aren’t in a hurry.

When needing to sell more quickly, you’ll generally net the highest value by:

  • Pricing 10-20% below actual market value
  • Quantifying any investments made to improve the land
  • Considering carrying costs if holding any longer
  • Weighing what a liquidation would yield

This balances optimizing your sale price while still keeping it attractive enough for buyers to bite. You can also stipulate the price is only valid for a short period to create urgency.

Utilizing a Broker That Specializes in Land

Selling vacant land solo adds unnecessary hassle. Engaging an experienced real estate broker well-versed in New Mexico land can make the difference landing a sale swiftly and for more money.

Brokers bring in-depth knowledge of zoning codes, regulations, development potential, valuation methods, and buyer demand trends that the average landowner lacks. They also have preexisting connections with cash buyers interested in land deals. This enables packaging your listing for fast sale more strategically.

When interviewing brokers, seek out ones immersed specifically in raw land sales for their efforts and marketing access. Ask about average timeframes of their recent sales. Optimal turnaround is 30-90 days.

Alternative Fast Sale Options for New Mexican Land

If engaging a broker still seems too uncertain or lengthy, other alternatives like land buying companies may yield the speed you need.

  • Companies like Land Boss are direct cash buyers keeping tabs on underpriced land opportunities. We buy and sell land. We purchase land at a discount with cash. We have 5 years in business with over 100 land transactions.
  • By selling directly to an established land buyer for all cash, you exchange some upside for the security of a guaranteed closed sale fast. Closings often occur within 5-7 days once an agreement is reached.
  • Land buying companies have the vision, resources, and access to markets needed to add value. This includes holding or developing land for resale. Even if they pay moderately below market price, it can make sense getting cash now without additional time or risk.

Understand that sellers needing extremely fast exits rarely receive absolute top dollar. But the rapid cash injection, lower costs of selling, and effort relief may outweigh leaving some money on the table. In dire circumstances, it could mean the difference between insolvency and recovering stability.

Ways to Prepare Your Land for a Fast Sale

You can take proactive measures to position your New Mexico land for quick purchase:

  • Resolve Any Liens - Outstanding property tax bills or other liens create barriers delaying closing. Address these ASAP.
  • Improve Access - Clearly marking boundaries and improving access roads or trails boosts site visit interest.
  • Gather Relevant Property Details - Having boundary surveys, utility availability info, development plans, etc. readily available is useful.

Streamlining due diligence concerns ahead of time smooths the path to closing. Cash buyers can more easily evaluate cost and potential by seeing such prep work done.

Final Thoughts

Selling land quickly in New Mexico comes down to realistically assessing options beyond conventional listings. Pricing for motivated sale, understanding regional land demand drivers, leveraging experienced land brokers, and preparing your property for rapid due diligence all help land sell faster.

In emergency scenarios, accepting an amount at short term discount levels may be necessary for quick cash to move or pay off pressing bills. Companies like Land Boss can make this possible through direct purchase. But in less urgent situations, casting a wide net across land-focused brokers and networks will likely yield better long run results selling closer to market value.

With the right strategy tailored to your priorities - whether maximizing price or speed - selling your property in the Land of Enchantment can be smooth and successful amidst life’s changing circumstances. The wide open vistas and beauty of New Mexico will beckon a new owner thanks to your thoughtful approach expedited the land transfer.

Frequently Asked Questions (FAQs)

How long does vacant land usually take to sell in New Mexico?

On average, marketing and selling raw land in New Mexico takes 1-2 years if listed on the open market through a broker at market value prices. Timelines tend to be longer for rural properties or regions with depressed demand. Aggressively pricing land below market value and engaging multiple specialized land listing brokers can sometimes shorten the sales process to 6-12 months. In hot areas or boom times, 30-90 day turnarounds are possible.

What options exist beyond brokers to sell my New Mexico land fast?

Alternatives beyond traditional broker listings include:

  • Direct outreach to local land developers, farmers, ranchers etc. This leverages existing community connections who may already be searching for land.
  • Online land listing services like Lands of America catering to a national audience of land buyers. With modest subscription fees, they provide added exposure.
  • Land buying companies and investors focused on New Mexico. Groups like Land Boss proactively seek discounted land deals across the state and have the resources to buy quickly with cash.
  • Land auction houses able to accelerate sales through competitive bidding with shorter due diligence periods. However, auction prices are not guaranteed.

How much under market value is reasonable to list land for a fast sale?

When needing to sell land quickly in New Mexico within 30-90 days, consider pricing it conservatively at 10-20% under actual market value. Aggressive discounts beyond 20% may yield faster buyer interest. But likely leave too much money on the table. Anything under 10% discount runs higher risk of the property languishing.

Sweetening the deal by assuming certain closing costs also incentivizes buyers. Find the balance between cashing out fast at an amount you’re comfortable with.

What expenses come out of the sale proceeds when selling land?

Common closing costs deducted from the final sales price on New Mexico land transactions include:

  • Realtor commission fees (6% average)
  • Title insurance fees
  • Appraisal/survey fees
  • Back taxes or liens
  • Legal fees

Typically, combined closing costs range from 8-12% of the total land sales price. Some fees get split between buyer and seller. Understand the complete net proceeds you’ll walk away with.

What steps can I take to make my land more sellable quickly?

Tactics to improve the salability of New Mexican land to expedite a fast closing include:

  • Gain clarity on all property boundaries and access points via survey
  • Improve roads, trails leading onto the property
  • Remove eyesores that may detract buyer interest
  • Gather relevant zoning info, comps data and due diligence docs
  • Resolve any outstanding tax bills or property liens
  • Stage the site nicely with basic cleaning and landscaping

Proactively enhancing the condition and understanding of your land saves buyers time and money assessing it. This smooths a swift sale. Even minor improvements show good faith.

About The Author

Bart Waldon

Bart, co-founder of Land Boss with wife Dallas Waldon, boasts over half a decade in real estate. With 100+ successful land transactions nationwide, his expertise and hands-on approach solidify Land Boss as a leading player in land investment.

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