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.
With so many letters delivered, buyers can't risk being disingenuous. Oversharing or being too emotional can backfire. It's best to get an idea of what type of person the seller is—emotional or data-driven—and what type of activities and hobbies they have in common before typing up or writing a letter.
If the sellers lived in the home for years and brought up their family in it, buyers can have their own kids craft letters on colorful paper with sloppy crayon-writing to tie in that connection. Or if the seller is an animal lover, buyers can talk about how the yard is a perfect place for their dog to run around. Including photos with the letter can make the process even more personal.
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.
And if buyers are feeling gutsy, and the seller has a more creative personality, this can be the perfect place to showcase unique talents while sharing their love for the home. Can the buyer sing? A quirky, original song about the home may just be the winning ticket. Does the buyer play the ukulele? It could be a fun twist that breaks the ice. Or maybe just a sit-down video with the buyers—talking directly into the camera to make it more conversational—is the winning choice.
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.
The options are endless and it's more important than ever to stand apart from the crowd.
Agents, what's the most creative way one of your buyers won a bidding war?
