DENVER, Colo. - October 6, 2008 - Coldwell Banker Residential Brokerage 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, 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 the Denver area and across the United States will reduce the listing prices of their homes by at least 5 percent and up to 10 percent. The Coldwell Banker 10-Day Sales Event will run nationally through October 19.
"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."
Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said the 10-day Sales Event is particularly timely in the Denver metropolitan area. "We're seeing some signs of market improvement, such as strong interest in entry level housing and other properties in the lower-price ranges, as well as a decrease in inventory," he said. "Our participating home sellers feel that a home priced properly to sell will generate much more interest. We're hearing loud and clear from many of our sellers that they're comfortable with lowering their listing prices if it means getting offers and selling quickly."
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:
"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.
ATTENTION EDITORS: There will be a special open house at one of the homes being discounted in the Denver area:
About Coldwell Banker Residential Brokerage Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with approximately 1,400 sales associates serving communities throughout metro Denver and along the Front Range from Colorado Springs to Fort Collins. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or phone 888-322-9378.
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