You may have heard that Coldwell Banker launched a ten-day price promotion, encouraging clients nationwide to cut their list prices by 10% for the duration of the event that lasted from October 10th through October 19th. How effective was it? Well, as of this morning, there have been no releases as to what the promotion did, but I, for once, am applauding their actions.
Sometimes companies launch promotions and media campaigns that are more about promoting their brands than helping their clients, but this program is actually exactly what many of our clients need right now, whether or not they want to believe it.
Right now, sellers at large are being unrealistic in their price expectations. In order to clear out the inventory, they need to bring prices down to levels that motivate buyers to close transactions. The limited time aspect will also hopefully help prospective buyers to get motivated sooner, rather than later.
The fact is that sellers should not be selling their homes if they don’t have a compelling reason to do so. If, however, you find yourself in this position, the best thing you can do is get realistic about the price you can get for your home if you want to get it sold.
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
