What Buyers Want to Know: Essential Tips for Selling Your Crested Butte Home

What Buyers Want to Know: Essential Tips for Selling Your Crested Butte Home – I have had the pleasure to successfully help over 400 clients to sell or buy real estate here in the Crested Butte area.

When selling your Crested Butte home, understanding what buyers are looking for is crucial to ensuring a smooth and successful transaction. Crested Butte attracts discerning affluent buyers who have specific expectations and concerns – especially with the ascending price points we have seen over the previous 5 years. To capture buyer’s interest, and meet their needs, it’s essential to present your home in the best possible light, addressing key factors that can influence their buying decision.

Buyers want to know that they are making a sound investment. By anticipating their questions and providing comprehensive information, you can position your Crested Butte property as an irresistible option in a competitive market. In this article you will find some essential tips to help you meet and exceed buyer expectations, making the selling process smoother and more rewarding. I have identified some areas of concern for buyers – and that should be helpful for seller.  This is important because it affects the value of the home and the timeline to get the home sold as well.

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The Crested Butte real estate market is a relatively small area – but there are “micro-markets” with very different amenities (and price points).

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1. Location, Location, Location.

The Crested Butte real estate market is a relatively small area – but there are “micro-markets” with very different amenities.

When I meet with Buyers I always ask them if they have really considered the pros and cons of different areas – and what areas are they considering and why…?  Everyone has different motivations and it may be proximity to skier access, trail access, river and fly fishing access, being closer to the wilderness…  Some people love to golf. Some buyers prefer views of certain mountains or prefer sunset over sunrise views, and some want to be close to their friends or family that have a home in the Crested Butte area. It’s all personal preference. Everyone has different important attributes, but a specific location is what many look for.

It is no secret that the highest prices per sq. ft. are found in historic downtown Crested Butte. For many – being within walking distance is an important benefit. The homes are smaller and closer together, but the location is key.  I have had clients who moved from Mt. Crested Butte to the Skyland area to be closer to the Club at Crested Butte.

2. Priced to the Current Crested Butte Real Estate Market

The Crested Butte Real Estate Market is shifting. We saw a huge run-up in price points as a result of Covid (people being able to work remote). But now with the backdrop of inflation, and rising interest rates we are seeing prices stabilize.  Inventory levels continue to drop for quality single family homes below $2M as the bell curve has shifted to the $2M – $3.5M range for most quality single family homes. Construction costs have also contributed to this price increase for both new home construction and remodel work.

If a home has been on the market for an extended period of time and there has been a lack of showings, or there have been 10+ showings with no offers the seller should consider the feedback and may want to adjust the asking price down to be in line with the current Crested Butte Real Estate market.

For more information and to see the big picture and all the details get your copy of my monthly Crested Butte Real Estate Market Report.

3. Quality Construction & Finish-out

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If it’s not striking, or if it’s old and brown, it will likely sit for quite some time and sell at a much lower price point.

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With all the new construction and modern mountain interior finish-out the expectations of buyers has increased – and new sleek look and feel is getting buyer’s attention.  If it’s not striking or if it’s old and brown, it will likely sit for quite some time and sell at a much lower price point.

Buyers will do their homework and consider the dollars needed to update a home. Most buyers will pass on the home because of the uncertainties – cost, timeline, effort for the remodel…  It is not uncommon to hear $150,000+ for a new kitchen, or $50,000+ for a remodeled full bathroom, and a waiting list to get your home painted. My wife and I recently remodeled our home in Mt. Crested Butte – we added approximately 1,000 square feet and touched every room in the home – we were out of the home for over 20 months. We have added significant value to the home – but we also get the benefit of living in our “new home” and enjoying it.

If you have an older home and you want to own it for many years to come – you may consider doing the updates that you can enjoy – and then get the value out of when you sell.

See Remodel Dilemma Selling Your Crested Butte Home

 

4. The Layout

When searching for a Crested Butte home, the layout is an important attribute for most buyers. Having the main living area and master bedroom on the main level is a plus.  Most affluent buyers are second homeowners and they want to invite family and friends – 4 bedrooms, 4.5 baths and a bonus room, and 2+ car garage are what most buyers are looking for.  An office, and extra spaces for working remotely are a plus in this post covid era.

People who like to gather and interact enjoy a nice open floor plan in their main living area. An outdoor living space is also a perk for gathering and taking in the panoramic views.

5. The Attention to Detail

Buyers are nervous they don’t want to purchase a home to find out they are walking into a money pit. I often recommend to my seller clients to do what I call “The Reverse Inspection”.  It is common knowledge that a buyer will hire an inspector to go through the home with a magnifying glass and a fine tooth comb, but most sellers never consider this as an option for themselves.

Some sellers will be thinking: “I don’t care what they find, I am sure as heck not spending one dime to fix any of the ridiculous issues their inspector finds in my perfect home!” This is a silly emotional thought, and can lead to conflict in the transaction. Instead, why not get ahead of the curve and the buyers, and hire your own inspector to give you the report that you know is coming anyway?  Don’t wait until you are Under Contract and there is time pressure to get estimates and or fix items. Get a complete inspection done on your home – including the roof, and annual maintenance/ check-up on the furnace, and boiler system. Have a Radon test done. If you have a wood burning fireplace – get a chimney inspection/sweep done as well. If you have a water well – it would good to have a check-up on the well pump – or replace an older pump, get an updated water quality report, have your water treatment system looked at…. If you have a septic system – it is required by Gunnison County to have an On-Site Wastewater Treatment System (OWTS) Permit to transfer title of a property. This can be difficult to accomplish in the winter – so get it done in the summer or fall (it is good for 4 years).

Best practice is to take the inspection report and hire a handyman and the various contractors needed and fix all the stuff! Be sure to document the work, including keeping the receipts. This can be a very useful tool up front in the marketing of the home, as well in the negotiation process to assure the buyer they are not facing a lot of downside risk in buying your home. A buyer may hire the same inspector since he already knows the house. If they hire a different inspector, then you can provide them with the documentation as well. There may still be minor items that are found, but it will likely eliminate any confrontation at this stage of the transaction.

6. Make it Easy For A Buyer

I pride myself on helping ensure the transaction is smooth and easy for my client. Buyers are making a major investment when purchasing a Crested Butte home – or parcel of land to build on. It is best to have sellers start out thinking how they can help the buyer and reduce stress and questions and concerns by providing helpful information.

The value of your home is determined by the items above, and the current market – including the recent transactions, and the competing inventory.  Reducing perceived risk for the buyer is adding value by the seller.  There will be many questions from the buyer once under contract – each of these are opportunities to build trust (or make a buyer more nervous with minimal or evasive responses…) Remember this is why I am writing this article – so both buyers and sellers understand “What Buyers Want to Know: Essential Tips for Selling Your Crested Butte Home”.

Here is a short list of some of the items to gather that can be helpful for buyers to make an informed decision (and having these docs provides peace of mind).

• Survey or ILC of the property

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  Building Plans in digital format (you can get them scanned in at FedEx / Kinkos (or Bubble Wrap here in Crested Butte).

• Utility History for prior 12-24 months (I have had some seller say “well if they have to ask they can’t afford the home…”  yes, I get it, but not always true – I have worked with some very affluent buyers who are detail oriented and they need to fill in the blanks in their spreadsheet…)
• Other Annual expenses – Snow Removal, Landscaping, Window Washing…
• Annual Maintenance records.
• Rental History – Lots of buyers are looking to purchase a second-home and generate some rental income when they are not using their home. If you currently rent your home – do you have rental history for the prior 12-24 months?
• Service Provider List – do you have a Property Manager, who is your Homeowners Insurance with, Who set-up and takes care of your Audio/Visual Systems in the home..?
• Who is your Internet Service Provider?  Century Link, Spectrum, Xtream Internet, Starlink…? What are your upload/download speeds…?
• If an agent was going to do a FaceTime live video tour likely they will need access to your wifi network – Network name and Password
• What are all the codes for access – HVM Security, Garage Keypads…
• Do you have at least one garage door opener remote controls for each garage door?  – do they work?
• Do you have double pane windows that the seals have broken – likely there is condensation inside the panes of glass. Get these replaced – or at a minimum get an estimate.
• If raw land – have you had soil testing done? Do you have the reports?
• Do you have a well?  Have you had a well test done in the past 2 years? What about water quality testing reports? Do you have info regarding the water filtration system – who maintains it…?
• Do yo have a Septic System – It is now required by Gunnison county to have the Septic System professional inspected and prior to a transfer of title to comply with the Environmental Health & OWTS (On-Site Wastewater Treatment Systems) regulations. Generally this is a Seller’s responsibility – and best to have this completed as a part of the annual service of the septic system prior to winter and snow – or putting the home on the market. See link: https://www.gunnisoncounty.org/140/Environmental-Health-OWTS.
• HOA contact info and meeting minutes and financials, are there upcoming assessments being discussed?  Some HOAs are great and have professional HOA management and websites with documents and info that make it easy for the buyer to access. Others, not so much.