Everyone in real estate is talking about how hot the market is. In many areas, single-family homes can barely hit the MLS before an accepted offer is reached, but that isn’t always the case. In areas with more sellers than buyers, selling a home can take weeks or months if not years.
That’s what happened to one couple in Northern Wisconsin. They custom built their home in 2003 on a nice parcel of waterfront land. In Wisconsin, waterfront property is easier to find than in other states, however, it does still demand a premium price. Knowing this, the couple held on to their investment until January 2015 when they felt it was time to sell.
They enlisted the help of a local real estate agent in January 2015, but after 163 days the listing expired and was promptly renewed by another agent from a different firm. The next agent had the home on the market for 123 days and the sellers decided to hold off renewing the property listing for the holidays. In this area, at this time the average property only took 116 days to sell so the sellers were beginning to get anxious.
In February 2016, they chose a local “celebrity” agent to represent their home. This agent was well-known thanks to an impressive marketing presence, but still, after 156 days on the market, the home did not sell.
Throughout this process, the sellers and their agents had been lowering the sale price. While any real estate agent worth their commission will pull information on comparable homes and help properly price a home, sometimes it can be hard. There are differences in layout, views, upgrades and more that can make a substantial difference in what a buyer is willing to pay. Still, having an improperly priced home can not only make for a difficult sale outright, it can further harm the ability to sell even with price reductions because of the unattractively high number of days on the market.
After more than one year off the market, the sellers decided to try once more to sell their home. They enlisted the help of Alex Ryczek, a Realtor® with Micoley.com to help. In addition to making sure the home was properly positioned to sell with staging and professional photos, Alex encouraged the seller to try something new: using the RealtyHive platform to market and sell their property.
The RealtyHive event marketing platform allowed Alex and the sellers to expose the property to a global audience in addition to having range pricing displayed. Buyers who may have been deterred from making an offer too far from the original list price were encouraged to submit offers by seeing this range pricing and it helped the sellers realize the true market value of their home.
In total the home was listed for 442 days before it was added to the RealtyHive platform. After that, it only took 99 days to receive an accepted offer that met the sellers’ needs.
Do you have a property that could benefit from the RealtyHive platform? Learn more by click here!