It’s no secret that buyers around the country are contending with inventory challenges. In a lot of cases, homes are sold the same day they hit the market, often for more than the asking price. It’s a feeding frenzy of sorts, and for buyers who are also competing with all-cash buyers and investors, the frustration associated with the process is leading them to appeal to seller’s emotions in order to stand-out.
As we enter the busy spring and summer periods for real estate, prices are on the rise. But that is the least of buyer’s concerns. The real issue is how to get a seller’s attention.
Real estate analysts around the country say there has been an uptick in “love letters” and other efforts to tug at the heartstrings of buyers. For instance, if a seller and buyer have children of a similar age, the buyer might write a letter describing why their home is the perfect fit to raise their son or daughter. It may seem contrived, but in a lot of cases, it works.
The objective is to make it as easy as possible for a seller to select the right buyer. From personal photos to tokens of appreciation that appeal to the seller, buyers don’t seem to have any shame when it comes to pitching their situation. One seller commented on how he received a letter from a potential buyer explaining how his home’s spacious layout would be perfect as they were expecting their first child. The father of a toddler adds, “I felt very comfortable with these people. I really wanted this place to go to somebody in a similar situation.”
A boom-era tactic to be sure, this is just the latest indication that the real estate market is finally stabilizing once again. Buyers often wrote love letters during the pre-recession real estate days, and since money doesn’t talk the way it once did, a lot of buyers figure it can’t hurt to approach a sale from this angle. The playing field is just too level when it comes to demand, and with inventory levels at all-time lows in many markets, sellers can expect to see even more of these boom era tactics showing up in their mailboxes and taped to their front doors.