Coldwell Banker United, REALTORS will Participate in National 10-Day Sales Event

Local Sellers Will Reduce Home Listing Price By Three Percent; They Will Join Thousands of U.S. Home Sellers Who Reduce Their Listing Prices Between Oct. 10-19

COLUMBIA, SC – October 10, 2008  – Coldwell Banker United, REALTORS® today announced it will help bring home buyers and sellers together in Columbia by joining a bold national Coldwell Banker® initiative that may help jump-start the U.S. real estate market.  Starting on October 10, 2008, 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 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 October 19, 2008.

“Here in Columbia, the 10-Day Sales Event is especially timely.  Our participating home sellers feel that a home priced properly to sell will generate much more interest,” says Edmund H. Monteith, Jr., Senior Vice President South Carolina Region.  “We’re confident these price reductions will make the difference in attracting those buyers who have been watching and waiting and also satisfy sellers by bringing the buyers to the table.”

Monteith pointed out that participating sellers who listed their home with Coldwell Banker United, REALTORS® will drop their listing price by three percent during the 10-Day Sales Event.

“We applaud home sellers in Columbia for their participation,” said Jim Gillespie, President and Chief Executive Officer, Coldwell Banker Real Estate LLC. 

“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 Gillespie.  “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.”
 
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 feel 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.  Those sellers’ listings will be specially promoted through national and local radio, print and Web advertising.  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 United Web site www.cbunited.com.
 
Consult your attorney and tax preparer for terms, availability and eligibility and requirements.

About Coldwell Banker United, REALTORS

Coldwell Banker United, Realtors® was founded in Bryan/College Station, Texas, by Richard A. Smith in 1970 and has grown to 80 residential and four commercial offices in six states with over 2,500 sales associates.  In 2007, the company was the number one affiliate in transaction sides among 1,232 independently owned and operated Coldwell Banker companies worldwide.  According to REALTOR Magazine, REAL Trends and RISMedia, three industry trade publications, the company in 2006, was ranked #8 among all U.S. real estate companies in transaction sides.  For more information, log on to www.cbunited.com. Coldwell Banker United, Realtors® is An Equal Opportunity Company. Equal Housing Opportunity.

Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2007, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,600 residential real estate offices and 110,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, . Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.