Coldwell Banker Real Estate LLC is promoting a sales event during which participating sellers who have listed their homes for sale through a company agent will drop their asking price by up to 10 percent.

Borrowing a page from the marketing plans of home builders and auto dealers, the "10-Day Sales Event" will run from Oct. 10 through Oct. 19.

"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," said Jim Gillespie, Coldwell Banker president and CEO, in a statement.

"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."

The announcement referenced a company survey of 3,379 Coldwell Banker real estate professionals — 56 percent of respondents said that the listing prices in their market areas "remain above where they need to be to attract qualified buyers."

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