'10-Day Sales Event' aims to jumpstart real estate market
LONGMEADOW Coldwell Banker Residential Brokerage announced it will help bring home buyers and sellers together in Hampden and Hampshire counties by joining a bold national Coldwell Banker initiative that may help jump-start the U.S. real estate market.
Started on Oct. 10, the nation's oldest residential real estate brand kicked 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 Oct. 19.
"Here in Hampden and Hampshire counties, the 10-Day Sales Event is especially timely. Our participating home sellers believe that a home priced properly to sell will generate much more interest," Mary Leahey, regional vice president of the Coldwell Banker Residential Brokerage office in Longmeadow, said. "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 New England, more than 1,000 home sellers are participating in the event.
Leahey pointed out that the majority of participating sellers who listed their home with Coldwell Banker Residential Brokerage will drop their listing price from between three and 10 percent during the 10-Day Sales Event. In some instances, price reductions are as high as 20 percent.
"We applaud home sellers in Hampden and Hampshire counties for their participation," Rick Loughlin, president of Coldwell Banker Residential Brokerage New England, said. "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."
"It's our hope that the Coldwell Banker 10-Day Sales Event will move buyers off the sidelines and into the market," Loughlin said. "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 sales associate 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 believe 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
Sellers participating in the 10-Day Sales Event will have added promotional power from the Coldwell Banker brand behind their listing. Participating listings will be featured on The Coldwell Banker Residential Brokerage Web site NewEnglandMoves.com as well as the brand's flagship Web site coldwellbanker.com. Home sellers will have the option to maintain the reduced listing price for their properties following the 10-Day Sales Event.
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage company in New England. With more than 4,500 sales associates and staff in more than 100 office locations, the organization serves consumers in Massachusetts, Rhode Island, New Hampshire and Maine. Coldwell Banker Residential Brokerage 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 visit www.NewEnglandMoves.com