10-10-10 Sales Event Frequently Asked Questions
What is going on and why is the Coldwell Banker brand doing this?
The 10-10-10 Sales Event kicks off on October 10, 2008. During this time, participating home sellers across the U.S. will be reducing the listing price on their homes. The goal is to bring participating sellers and interested buyers together – and to help Americans recognize that now truly is a smart time to buy. Here’s why:
The Market Is On The Cusp Of A Recovery
The real estate market is nearing a tipping point – with many industry and economic observers talking about recovery.
Supporting points:
– “The real-estate rout has been more painful than prior ones, but it may be shorter-lived. Indeed, there are early signs of a recovery.” (Barron’s, July 14, 2008)
– “Paulson says recovery to take months, not years” (MarketWatch, July 20, 2008)
– Recent National Association of Realtor (NAR) statistics:
- The national median home price was $195,600 in February 2008. By May, the index
had risen to $208,600 – up $13,000 and a full 6.6%.
- Mean home price (or, average home price) has improved from $242,000 in January
of this year to $253,100 in May.
- The volume of home sales on an annualized basis is also on the rise – growing from
4.89 million homes in January 2008 to 4.99 million homes
in May 2008.
With inventories high and interest rates still low, many industry watchers agree that it has become a very smart time to buy.
We believe we’re on the cusp of a real estate recovery. This promotion will help buyers identify properties where the participating seller has reduced the sales price. As a real estate leader that has helped Americans buy and sell homes for over a century, the Coldwell Banker brand is committed to bringing buyers and sellers closer together and created this exciting event as a “win-win” for sellers and buyers.
Doesn’t this price reduction really mean that these properties were priced too high to begin with?
Coldwell Banker Schmitt Real Estate Co. Sales Associates advise all home sellers to price their homes competitively in order to sell. However, market conditions do impact home prices. The 10-10-10 Sales Event and its surrounding national marketing push, along with our local marketing efforts, will allow participating sellers to generate further exposure for their home.
How much will each property be reduced in price?
The reduction on each individual home listing discount will, of course, depend on the seller of that home. Coldwell Banker Schmitt– listed homes that are reduced by 10% or more are eligible to participate in the 10-10-10 Sales Event.
Will every Coldwell Banker listed property be discounted?
Of course, not every home will be reduced. This is a voluntary promotion. The setting of the sales price is a seller’s responsibility. Here in The Keys, many home sellers are reducing their listing price to take advantage of the national and local promotional synergies.
Will the property return to its presale price after this Event?
Home sellers absolutely have the option to maintain the reduced listing price for their properties following the 10-10-10 Sales Event. And we expect that many will do so.
Is the Buyer guaranteed the home at the Sales Event price?
As with any home buying experience, there are many factors involved in the acceptance of an offer. All sales negotiations are between the buyer and seller. The final sales price and terms must be accepted by the seller. The final sales price may be higher than the offered price as it may be in any home buying example.
Why would a seller want to participate in this sale?
The 10-10-10 Sales Event is designed to be a win-win for both sides of the home sale equation. It’s a fantastic opportunity for sellers on several levels:
– All sellers who participate in the 10-10-10 Sales Event will receive specialized broad marketing support from Coldwell Banker to promote their listings.
– Sellers will have the attention of scores of additional potential buyers excited by the opportunity to find the home they’ve been hoping for.
– And many sellers will find that more potential buyers will lead to a more rapid and successful sale.
Does Coldwell Banker Schmitt think that this event will create additional interest in the
real estate market?
We realize that there are a range of factors that are influencing the overall market conditions. However, given the size of the Coldwell Banker system and national reach as one of the largest real estate networks in the U.S., we absolutely believe that the 10-Day Sales Event will help create interest among participating sellers and potential buyers who realize that now is a smart time to buy. Through this, we believe we can help bring buyers and sellers together.
Does Coldwell Banker think that the real estate market will continue to plummet in the
coming months?
On the contrary, we at Coldwell Banker feel that there are many promising indicators emerging relative to the real estate – especially for prospective buyers. Home inventories remain high, interest rates remain quite low by historic standards and home affordability is good in many markets.
Some buyers are still sitting on the sidelines trying to time the market bottom – which is always ill-advised. By the time most folks recognize the true bottom, prices are already on their way up.
So that’s a key reason why we have launched the “10-10-10 Sales Event” – to help shed light on every compelling landscape for both sellers and buyers.
Are listing prices still negotiable, or will offers only be accepted at the discounted sale price?
All selling decisions are those of the home seller as with any real estate transaction.
I’ve never heard of another real estate brokerage network launching a “sales event.” Is this a sign of desperation in the residential real estate brokerage industry?
Coldwell Banker has been an innovator in the real estate market for over 100 years. Our 10-10-10 Sales Event is just another example of how we, as a company, continue to lead the industry, to the benefit of both buyers and sellers. This is all about creating a win-win for buyers and sellers, and helping to bring buyers and sellers together.
Is this a one-time event, or does Coldwell Banker anticipate more “sales” events in the future?
At this point, we see this as a special, limited time promotional event for sellers and buyers.
|
