Coldwell Banker (and CB Burnet locally) is currently running a “10 Day Sales Event” where SOME of their listings are priced reduced UP TO 10% off. For Sellers willing to take the price reduction, Coldwell Banker is featuring them in a special page on their web site and CB appears to be spending a lot of money on radio ads and text links.
According to a press release announcing the event, a survey of CB agents recently conducted showed they thought their listings were still overpriced. Consequently the marketing blitz was a good way to get a large number of their listing prices dropped all at once. What happens after the 10 day event is over? Do the prices go back up?
While on their web site CB Burnet advertises their 1276 listings that have reduced their prices for the “sale,” Edina Realty’s web site shows 3725 properties with price reductions in the last week, which is 3x the number of houses. The difference is that no matter who has the property listed, Edina Realty agents are happy to sell it! There are many properties for sale today that are still very overpriced, but there are also many more that are absolute values at their current prices.
Will the sales event prove to lead to more sales for Coldwell Banker? Only time will tell. I have to give them kudos for getting out there with something new and different and trying to make this market wake up to the good prices on housing that are out there.
