2017 started off strong for real estate sales in the Crested Butte area. Our quarterly report really goes into the details in an easy to read way. We continue to shift from a buyer’s market to a seller’s market and there is always some adjustment needed during this time. Buyer’s are still relying on past sales to determine current values and Seller’s are seeing the market improve so they are holding firm to their asking price. It is more important than ever to have someone to help guide your decisions in order to buy the perfect property at the right price or to sell your property quickly and for the most money.
I have been getting a lot of questions of property owners about whether I think they should sell “right now” because prices and demand is up and there are not as many properties on the market. I think there is some fear that the market is going to start going down and they don’t want to miss out. Nothing that I have read or seen indicates that we should prepare for a market crash or downturn. I do not have a crystal ball, but it seems that will continue to see high demand and modest price improvements for the foreseeable future. My advice has been to consider selling if you have something else to do with your profit or if the property is not paying for itself or the payments are a burden. Depending on when you bought your property, you have the opportunity to make a profit, but I think that profit could get bigger in the next year or two.
If you are looking to buy, it is important to act quickly when you see something you like. We have seen the demand for more affordable properties really increase and multiple offers within days of coming on the market is not unheard of. You should be prepared to pay close to the asking price since our average sale is at 95% of asking, but there are some that 100% or more.
Please check out our publication for more details and let me know if you have any questions or if I can get you more information.