Coldwell Banker is working to stimulate the real estate market and a recent 10-day sale in the Tampa Bay area is drawing buyers.
Coldwell Banker is touting its "energy pricing" strategy and has temporarily reduced prices on more than 847 listings in the Tampa Bay region by 5 to 22 percent. The lower prices have been coupled with an effort to educate potential buyers about taking advantage of the buyer's market.
"Buyers responded enthusiastically to the price reduction sale and at least 60 new contracts can be attributed directly to this promotion already, with more in progress," says Cathleen F. Smith, senior vice president for Coldwell Banker Residential Real Estate Tampa Bay.
"Savvy buyers realize there are great deals to be made now, while prices are still low and interest rates also are favorable. As the current inventory of homes is absorbed, the prices will begin to go back up again and those who decided to wait will have missed their golden opportunity. This is the time to buy!"
Coldwell Banker's theory is that the most serious potential buyers are those who are searching actively for their next home and will look at all properties of interest within the first two weeks on the market.
A home must immediately generate some excitement because the number of qualified buyers decreases as the number of days on the market increases, Smith says.
Coldwell Banker thinks its energy pricing approach helps generate that excitement.
"In a buyer's market, pricing is key," said Smith in November. "By pricing a home accordingly in a depreciating market, you will create energy in the buyer pool for the home and ultimately create an appreciating market dynamic within a depreciating market."
Smith says the company has seen energy pricing work throughout the state.
"We've been tracking the numbers and the results show that we are selling one out of every three properties in the first 30 days for energy-priced properties," she says. "And that price-reduced properties are twice as likely to sell than those which have not been reduced," Smith adds.
Company officials also say that Florida is poised for a housing recovery.
"The basic fundamentals driving Florida's real estate market - historically low interest rates, stabilizing prices and reductions in inventory - indicate a positive environment for recovery," says Clark W. Toole III, president and chief operating officer.
"Our 10-day sale was so well received here in the Tampa Bay area because it forced savvy home buyers to take advantage of the outstanding values available, at an even greater savings," he adds." If you remember how incredible the market was only two years ago, then you know these types of home buying opportunities will not be around forever."
Coldwell Banker has offices throughout Florida, including in Hillsborough and Pinellas counties. For information, visit www.floridamoves.com or call 1-800-624-5292.