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Determining Price When Selling Your Crested Butte Home

December 12, 2018 By Chris Kopf

Determining Price When Selling Your Crested Butte HomeDetermining Price When Selling Your Crested Butte Home

One of the most complicated things can be determining price when selling your Crested Butte home. It can be tough to look at the market objectively when you are a seller. It is common to believe your home is better or more valuable than other similar homes and will sell quickly. The challenge is to price your home “in the ballpark,” even if a bit high to start, but to have a realistic perspective. If you don’t see the activity in terms of showings, and positive feedback, then you need to be prepared to reduce your price or wait for the market to rise to your price. 

Key Factors in Determining the Price of Your Crested Butte Home

There are several things to keep in mind when determining price when selling your Crested Butte home. The goals for every seller are clear, but having the data and being honest about the price your home will fetch given the market is key to getting it sold. Depending on your holding costs, selling your home in two months at a lower price vs. a year later at a higher price may yield a higher net to you. 

This concept is so important that it’s worth repeating: selling your home in two months at a lower price vs. a year later at a higher price may yield a higher net to you.

Put pencil to paper and use the information below to understand what your carrying costs and opportunity costs are. There are no certainties, but below are some questions that will help you to make an informed decision.

Selling Your Crested Butte Home Because of DivorceGoals
  • Obtain the highest price.
  • Sell the home sooner vs. later.
Market Data
  • What similar homes have sold (comps)?
  • What similar homes are for sale that are competing for the buyer’s offer?
  • Is the market rising, falling or flat?
Carrying Cost
  • Cost Per Month – What is the total burdened cost to hold the home per month? E.g. mortgage payment, taxes, utilities, HOA fees, property management fees, snow removal, weekly landscaping, weekly hot tub cleaning, maintenance, repairs, etc.
  • Estimated Days on Market (DOM) in months = _______?

Right now in the Crested Butte market in 2018, the DOM for sold single-family homes is 222 days, or around 7 months. So to calculate your total carrying costs while selling your home, use this formula.

Total Carrying Cost per month $________ x Number of months ________ = $______________ (total carrying cost).

This is where it will become clear to you how important it can be to sell your house for a lower price in two months rather than a higher price a year from now. Chances are you will lose more in carrying costs than you would make from a higher offer.

Opportunity Costs
  • What would the seller do with the use of the monthly carrying cost money?
  • What would the seller do with the proceeds from the sale of the home?

Necessities for a Seller to Make an Informed Decision

Determining Price When Selling Your Crested Butte HomeIt can be very difficult because many sellers are obviously attached to their home, but it’s important to maintain an unemotional perspective. You need a good real estate agent who will give you clear and candid input and you need to be able to listen to them. A good real estate agent will provide you with accurate market data as well. If you are willing to pay for it, an appraisal from a certified appraiser can be very helpful. As a third party you will be able to trust that the appraiser is giving you a fair and honest value of your home. Accurate carrying cost numbers are also essential in helping you in determining price when selling your Crested Butte home.

Finally, you need to answer these two questions:

  • Given the market, what do you think someone would pay for your home today?
  • What would you pay for your home today?

Determining Price When Selling Your Crested Butte Home Final Thoughts

Crested Butte Co Real EstateI hope you see the level of detail and time and effort I put into this candid article Determining Price When Selling Your Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.

This article is an example of what you can expect from me as your agent.

Thanks,
Chris.

How can I help you?

I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.

If you are Considering Selling Your Home in Crested Butte

Selling your Mountain Home TipsClick HERE to get FREE Real Estate book by Chris Kopf, “The Complete Guide to SELLING Your Mountain Dream Home”

If you considering Selling your Crested Butte home and are interested in finding out what your existing property is worth – call me.

Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405

 

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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