Reduce your list price 10% for a home sales event?

I believe that if a seller cutting 10% off list price is pure hype!  Buyers are very sophisticated out there and know what the comps say - with or without a 10% reduction.

That is a promotion we're doing - but the sellers have a choice, they can bounce the price back up after the event, or leave it down.  I wouldn't say it was "hype," I would say it's just one way to get attention.  This is a technique many other retail venues use - why not real estate?

Yasamin, It's creative to say the least.  If, after the 10 day event, the price goes back up agents and buyers will know what the previous basline was and make an offer from there.

Yasamin:

Dropping the price of the sellers home 10% for a Ten Day Sales Event sounds like a Great Idea, BUT as previously stated what ever the price is after the event the sales price is where a smart buyers agent will recommend his or her buyer start there offer from then reduce it another 15% from that number. I really think that if you have a nice, well maintained home that is in a good location and STAGED then price is the only reason a house is not selling!! As a sellers agent you must be realistic now days as real estate is dropping in value everyday that it is on the market. If you listed it for blank 30 days ago, then today it is worth at least 5% less and falling.

Thank you for the idea Yasamin and please keep them coming, we all need the help.

This is a Coldwell Banker National Event that will have a huge internet, television and print ad campaign.  If you've got a seller who can take a 10 percent price reduction in hopes of moving the property, I say go for it!  As you said, they also can raise the price back up if they want to after the event is over.  I believe that Coldwell Banker is also offering to pay for the buyer's appraisal as part of the promotion.  Good luck!

I hope CB is kind enough to tell the sellers they may as well plan on leaving the reduction on the table.  In this market you aren't going to get anyone (buyer or SA) to believe that the seller was willing to do something last week that they aren't willing to do today. 

Even worse, the non-participating sellers should be furious, they will also loose value by association and through lower comparables (which todays buyers will be looking at).