While many homes, especially starter homes, can fly off the market in a matter of days (sometimes hours!), others take a little longer. In fact, sometimes selling a home is a years-long process. Homes that are farther away from cities, bigger or more luxurious than average, or higher priced than other homes on the local market, may take awhile.
One of the recent RealtyHive success stories takes place under these exact conditions. Located only 20 minutes from the heart of Green Bay, Wisconsin was an immaculate home set on nearly 6 acres. The grounds were beautifully landscaped, a large outbuilding added to the appeal, and crowing this jewel was a large indoor, in-ground pool—a truly unique feature in this market.
The home had been purchased at the depths of the Great Recession in 2009 for more than $60,000 less than the tax-appraised value at the time and at an impressive discount from what the home was worth nearly a decade before.
In 2011, the home was traditionally listed with a local real estate agent for $599,900– more than double the purchase price only two years prior. This price and the tactics used by the agent at the time failed to entice any buyers and the price was reduced to $549,900. This reduction failed to bring any legitimate offers to the table and the homeowners decided to sit on their investment for a bit longer.
By 2016, the real estate market how almost entirely rebounded from the lows of 2009, but the luxury home market in the northeastern Wisconsin area was still sluggish. The home was again listed, this time with a different real estate firm and agent, for $649,900. After a review period on the market with little to no activity, the price was lowered to $599,900. This listing then expired and a sale wasn’t pursued any farther that year. It seemed as though the elusive $600,000 list price would not be reached.
In 2017, the homeowners were again looking to sell their home, but this time they weren’t interested in having the assistance of a real agent or adding to their home to the MLS. It was then that they heard of RealtyHive and decided to try it out.
Near the end of the year, the home was added to the RealtyHive marketplace– a time when sales tend to slow down thanks to the blustery cold of Wisconsin winters and hustle and bustle of the holidays. While there was some interest, it was the beginning of 2018 when the excitement began. Thanks to the exposure brought by the RealtyHive marketplace an offer was accepted. The final sales price? $625,000! In the many years of being on and off the market, this accepted sales price was higher than many agents had listed it at and was reached in less than 6 months on the RealtyHive platform.
To learn more about how the RealtyHive platform can help you sell your for sale by owner home, click here.