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Chris Kopf Coldwell Banker Mountain Properties

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What a Crested Butte home is worth?

April 25, 2017 By Chris Kopf

What a Crested Butte home is worth?What a Crested Butte home is worth?

What a Crested Butte home is worth?I get the opportunity to work with both Buyers and Sellers in the Crested Butte Real Estate market and a common question is what a Crested Butte home is worth? This discussion and comparison with clients gives me a unique perspective on Crested Butte home values and the perceptions of the individuals who end up on either end of these transactions.

My goal as the agent for my clients is to help the process go as smooth as possible. One of the ways I help to do this is to provide clients with insights and data so they can make informed decisions.

As I always tell my clients “I will not be cavalier with your money…”

So what a Crested Butte home is worth? The real answer is it is worth the price a buyer is willing to pay, and one a seller is willing to accept. This may sound trite, but it is a fact.

For the seller, it only takes one buyer, and for the buyer, there may be only one home that is their perceived dream home. Once a home is put up for sale, most sellers are motivated to sell their home as soon as possible and at the highest possible price.

Pricing a home correctly is the single most important factor in determining if a home sells quickly, or at all. Location and quality are key in determining price. This is true whether it is a “buyer’s or seller’s market”. The inventory of similar properties for sale will also impact the price (supply and demand).

The best data to help determine market value for a particular Crested Butte home for sale is to look at what similar properties have sold recently, and to ask if they are really comparable?

I get clients who ask me what I think – if I have done my job, and all the info is presented to the seller, I suggest we review the data, and see what the current Crested Butte Real Estate market telling us. Access to all current property information is essential and can be helpful to justify your asking price and give you the Seller comfort when negotiating with a Buyer.

What a Crested Butte home is worth?Buyers Don’t Care…

Buyers are looking at the Current Market – they have choices in other homes and want to get the most for their money. It may sound harsh, but…

  • Buyers don’t care that a seller bought at the top of a market cycle.
  • Buyers don’t care how much a seller paid for a property.
  • Buyers don’t care how much a seller “has in” a remodel project.
  • Buyers don’t care how much the seller’s mortgage is.
  • Buyers don’t care that a seller has an old appraisal with a higher value than current market.
  • And Buyers don’t care how much a seller “needs” to net from the sale.

Again – this is interesting information, but the market will usually dictate the value of any home.

Buyers want The Most For the Least.
It is a price war and a beauty contest, and as a seller, you have to win both*.

*Unless it is a “Seller’s market” with a lack of inventory and excess demand.

What a Crested Butte home is worth?How Showings can be an indicator of Value

For sure there are many more buyers at the low end of the market. Even a home that is a “steel” that costs $4,000,000 in Crested Butte will be out of reach for the majority of buyers. In general if a home is priced to the market and appeals to a large subset of buyers, then it should get good activity of showings. The Crested Butte Real Estate Agent community also has the influence to show or not show a home – and if the perceived value of the home is well below the market, or there are visible “issues” with the home, this will negatively affect the number of showings.

If you are a Seller – What Is Your Crested Butte Home Really Worth Today?

What a Crested Butte home is worth?What is the market value of your home given the current real estate market? Have you gotten a current appraisal? Have you had a real estate agent provide a detailed market valuation of your home?

In Crested Butte we typically don’t have many transactions at any price point – but good to look at how many “similar” homes have sold in the past twelve months at your price point? How many have sold at your price point, and in your area? What is the median home price? What is the average home price?

How long will it take your home to sell? What are the average Days on Market (DOM) for homes that have sold, and DOM for those still for sale?

Competing Crested Butte Homes for Sale – How many competing listings are currently in the market that are similar? Are you prepared to sell your home given the current market, or will you want to set a high price on your home to “test the market” for a while?

I don’t find too many Buyers who call me and say: “Find me an average home, but I will pay above market for it.”

Some sellers may say: “I don’t have to sell…” or “I don’t need to sell my Crested Butte home, but if someone comes along and wants to pay me above market for my home, then I will sell”? If this is a Seller’s position – they will probably be waiting a while to sell…

What a Crested Butte home is worth?Asking Price vs. Selling Price Percentage of Crested Butte Homes

What is the percentage difference between the Asking and Selling price for the same type of properties in your market in the past year (i.e., all single-family homes)? If you are on my Newsletter email list and read my Crested Butte Real Estate Market Reports you know that I have a detailed page showing this info broken down by property type an location.

It can be enlightening to narrow this analysis to all similar single-family homes in your area or neighborhood or subdivision and similar price range and look at the past year.  If there are enough transactions, the timeframe should can be narrowed to six months. This will tell you about the market and what you should expect as an average discount from asking to selling price.

Summary – What a Crested Butte home is worth?

What a Crested Butte home is worth?There are some sellers who have a “make me sell” number in their mind – it may not be realistic given the current market, but if the seller is willing to be patient then this strategy might pay-off.

As well, there are some Buyers who have been searching and searching for their dream home, and when they find that perfect home or property, then they might determine the opportunity cost of continuing to search, and not find another home is worth moving forward and getting it under contract now vs. coming back later to find it has gone under contract or already sold.

Looking at all the variables above should help you make an informed decision regarding What a Crested Butte home is worth. You may also take a step back and look at the big picture to identify patterns and trends that may provide some additional insight.  The data may help you determine if you are looking at a rising market or falling market, and given your timeframe what value means to You?

How can I help you with Your Crested Butte Real Estate Needs?

Chris Kopf Crested Butte Real Estate AgentThis post What a Crested Butte home is worth? and my monthly market reports on Crested Butte Real Estate, and the level of detail is representative of what you can expect from me as your Real Estate Agent.

I have consistently been among the top real estate agents in Crested Butte, and I strive to exceed client expectations.

Existing Crested Butte Homeowner – If you are interested in finding out what your property is worth, or may be considering turning a chapter in your life – contact me today.

Considering Buying a Crested Butte Home for sale – If you have started thinking about how great it would be to have your own Crested Butte Home and are considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business!

For more info on me and the Crested Butte Real Estate Market – Visit www.chriskopf.com.

Chris Kopf Contact info:  Phone: (970) 209-5405, or chriskopf@bighornrealty.com

Click here to see  Crested Butte 3D Walkthrough Home Tours

Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.

For more questions regarding Crested Butte Real Estate Market – Click the Link to download the 2016 Year in Review:  Full 9 Page .pdf CB Real Estate Market Report, and you will get my Monthly Newsletter emailed to you with the market reports!

See the big picture and all the details of the Crested Butte CO Real Estate Market  – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)

Thanks,
Chris Kopf

Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

 

 

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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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