It's that time of year
again. The spring market is in full swing and crowds of buyers are fighting
over their dream house—or at least the closest thing to it, considering this
year's nationwide inventory shortage isn't leaving many options. So, what does
that mean? For the most part, higher prices, more competition and a whole lot
of bids.
Listings in good condition
tend to get multiple offers this time of year, and buyers are putting forth
their strongest submissions—cash offers, over-asking, fast closings, no contingencies,
etc. But creativity is the name of the game in this year's competitive market.
Buyers are inspired to win over the seller's emotional side. Here are the
latest home-buying trends for beating out the competition in a swarming spring
market:
Love Letters
While they've been around for a while, they're getting a lot more popular,
being used by buyers as a last-ditch effort to win via the seller's emotional
attachment to the home. Most letters talk about favorite design choices the
seller incorporated, plans to raise the family and proclamations that the home
is "the one" after a long and tough home search.
Letters usually tell the seller that the buyer is serious and willing to take
care of the home. But some sellers may only focus on the numbers and terms.
It's a toss-up, but it doesn't hurt to try.
Buyer-Crafted
Videos
These are a little newer, emerging after YouTube's digital push into vlogging,
or video blogging. While they can come off as cheesy, they are a little more
personal than handwritten letters, because sellers will feel like the potential
buyer is talking directly to them.
According to REALTOR®
Magazine, a couple recently won a bid on their dream home by making a music
video to "Our House," which just so happened to be the song the
sellers sang to each other when they first lit the fireplace in their home. The
connection instantly won the sellers over, beating out another offer that was
$20,000 over the buyers' submission.