Coldwell Banker(R) Launches National 10-day Sales Event
Thousands of U.S. Home Sellers Will Reduce Their Listing Prices By Up to 10 Percent Between Oct. 10-19
October 06, 2008 // Franchising.com // PARSIPPANY, N.J. -- Majority of Coldwell Banker Sales Associates Surveyed Say a Modest Reduction in Listing Prices Will Help Bring More Home Buyers and Sellers Together
Coldwell Banker Real Estate LLC today announced a bold initiative to bring home buyers and sellers together and help jump-start the U.S. real estate market. Starting on October 10, 2008, the nation's oldest residential real estate brand will kick-off its first-ever national "10-Day Sales Event" - during which participating home sellers from across the United States will reduce the listing prices of their homes by up to 10 percent. The Coldwell Banker® 10-Day Sales Event will run nationally through October 19, 2008.
"Despite the difficult headlines regarding our overall economy, the residential real estate market has been showing several positive signs over recent months that could be signaling a tipping point," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. "Because of higher inventory, buyers have more homes to choose from and they can take advantage of near historically low interest rates and affordability levels that are the best they have been in years. The recent housing and economic recovery legislation also provides first-time homebuyers with the added incentive of a $7,500 tax credit.
"Yet our research and discussions with our brokers and sales associates shows that in many markets sellers remain reluctant to list their homes at the proper prices necessary to attract buyers," continued Gillespie. "It's our hope that the Coldwell Banker 10-Day Sales Event will move buyers off the sidelines and into the market. We are embarking on this initiative - which has never been done before on a national basis - because we believe it is critical for Coldwell Banker, as an industry leader, to help serve the needs of those individuals listing homes with a Coldwell Banker broker and to help move the U.S. real estate market in the right direction."
In a recent survey of 3,379 Coldwell Banker real estate professionals in markets across the United States, 56 percent said that listing prices in their market remain above where they need to be to attract qualified buyers. Additional findings from the survey include:
- 77 percent agreed that the majority of sellers in their market still have unrealistic expectations regarding the initial listing price for their homes
- 79 percent agreed that homes in their market that are priced appropriately are attracting more buyers and moving more quickly
- 76 percent feel that a 10 percent or less reduction in listing prices in their area is all it will take to help push these homes over the "tipping point" to a sale
"Our brokers and sales associates agreed that, even in the current climate, it will not take much movement to attract those buyers who have been watching and waiting," noted Gillespie. "Depending on the market, a price reduction of just 10 percent or less just may make the difference in both satisfying sellers and bringing buyers to the table."
Sellers participating in the 10-Day Sales Event will have added promotional power from the Coldwell Banker brand behind their listing. Those sellers' listings will be specially promoted through national and local radio, print and Web advertising. The brand's flagship Web site coldwellbanker.com will feature participating listings. Home sellers will have the option to maintain the reduced listing price for their properties following the 10-Day Sales Event.
More information on the 10-Day Sales Event is available at the Coldwell Banker national Web site www.coldwellbanker.com/event.
Consult your attorney and tax preparer for terms, availability and eligibility and requirements.
About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2007, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,600 residential real estate offices and 110,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.