No matter what city you’re operating in, today’s market is a seller’s market. Sellers have the upper hand when it comes to selling properties—it’s a simple matter of supply and demand. There are fewer homes on the market, which means as a buyer there’s a high likelihood you’ll be competing with other buyers for the home you like.
This is why if you find yourself in a multiple offer situation, we encourage you to write a letter to the seller.
When you write a letter, you’re appealing to the seller emotionally so they will accept your contract out of all the others they’re receiving. In some situations, we’ve competed against as many as eight different sets of buyers and won out because our clients were able to share a story and appeal to the seller beyond the financial aspect of the transaction.
Most sellers really want to connect with whoever is buying their property. They want to know if that person will fit into the neighborhood and how they plan on using that home they’ve put so much time and effort into.
When it comes to the content of this letter, you can share anything that comes to mind. Why do you want to move into the neighborhood? What does the neighborhood mean to you? Why do you see yourself raising your family there? Whatever it is that’s drawing you to that neighborhood, you want to share that with the seller.
For example, when my wife and I bought our first home together, our primary reasoning for selecting that home was its location being in the neighborhood where we attended high school, and we wanted to move back into the neighborhood where we were raised and had friends in the area.
We wrote a letter to the seller saying that we were starting a life together and we felt there was no better place to do so than the place we were both raised. We got the home, but it was more than just our contract amount that did the trick because there were other buyers interested in that home who offered roughly the same price.
If you have any questions about this or any other real estate topic, feel free to reach out to us. We’d be happy to assist you.