Coldwell Banker Residential Brokerage today announced the launch of the Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit.
Beginning May 1, immediately following the expiration of the government initiative, home sellers participating in the Buyer Bonus Sales Event will offer a 3 percent credit of the accepted offer price of their home (up to $8,000) to buyers who sign a contract before July 31. There is no deadline for a closing date.
“We feel that this promotion is especially timely for Utah,” said Dan Christensen, president of Coldwell Banker Residential Brokerage. “As the credit expires, we are encouraging buyers who haven’t yet found a home, to continue looking. We’re seeing signs of market improvement throughout the state and our goal is for the Buyer Bonus Sales Event to keep our market moving in the right direction.”
In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with homebuyers who would have missed out on the tax credit in November of last year had it not been extended. While 34 percent of agents cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently searching for a home, 28 percent said the limitations of this credit will prohibit some buyers from taking advantage of it.
““The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.”
By enrolling in the promotion, home sellers agree to offer the buyer a credit at closing of 3 percent of their final home purchase price, up to $10,000. The home buyer simply has to sign an offer on a participating property between May 1 and the promotion expiration date, July 31. There is no deadline for a closing date.