A Beverly Hills home listed at $2.5 million and sold within 10 days at $100,000 over asking price with multiple-offers. A bank real estate owned property listed at $4.9 million and received 21 offers—some were $250,000 over asking price. Far from exceptional, homes throughout Los Angeles’ Westside regularly receive five to seven offers. With low inventory and high demand for premier properties, it’s hard to believe real estate’s near-death experience took place a mere five years ago.
“Even last year, would-be buyers were wondering whether the market had reached bottom. But with prices consistently rising, buyers worry if they don’t act now, the price on the next home will be considerably higher three months down the line,” says Myra Nourmand, a REALTOR® and author of From Homemaker to Breadwinner who specializes in high end homes in Beverly Hills, Bel Air, Holmby Hills, Brentwood, Pacific Palisades, and Malibu. According to Myra, listings between $2 to $10 million are selling fast.
So in this seller’s market, how do buyers stand out from the competition? Nourmand suggests composing a buyer’s profile. The letter accompanies the buyer’s offer and comprises the following three parts:
1. Address Sellers’ Fears
“A seller’s biggest concern is whether the sale will close. The bottom line is that they want to be assured the transaction will be seamless and smooth,” says Nourmand. She recommends buyers demonstrate how they are best qualified to meet the seller’s needs. Providing details about the buyer such as his or her occupation, length of employment, place of business, years of marriage, and children’s ages reveal consistency and commitment. In addition, financial statements prove a buyer can afford the purchase.
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