We can’t control interest rates, or the entire U.S. economy. Federal Reserve Chairman Jerome Powell, on the other hand, has much more to say about those, and will be in the spotlight this week with appearances on Capitol Hill in front of the House Financial Services Committee and the Senate Banking Committee. Powell's testimony will supplement the release of the Fed's semi-annual monetary policy report.

But Orion’s brokers know that buyers and sellers can control their housing activity. In a competitive market, as continues to be the case in many places as we move through the summer, buyers have been known to waive contingencies, increase earnest money, insert escalation clauses, and write love letters: personal letters to sellers in an attempt to stand out from the crowd as long as they don’t contain personal information about the buyer, like their race and culture, that could make sellers and their agents vulnerable to accusations of discrimination.

Althoughth is is encroaching on advice that real estate agents give buyers and sellers, Orion’s brokers are also involved in the transaction, and making sure that it is successful. And we see plenty of mishandled communication between sellers and buyers, so wanted to write down a few notes.

Brokers will often tell a buyer that if they’re going to send a note, use a nice piece of stationery using legible handwriting or printing. Address the seller by name and use a friendly tone and a sincere message. Buyers may choose to tell the sellers something memorable about their family, that your client plans to raise kids in the house, or that the yard is perfect for their dogs or putting up aswing. Your client could also talk about where they’re moving from and why. Maybe your client has taken a new job, is looking for a sense of community, and fell in love with this neighborhood. Thinking about sending a photo of their family?They should ask their agent.

A potential buyer should share what they like best about the home, and why they want to buy the home is the central theme of their letter. So, your client may want to tell the sellers somewhere near the top what they like best about their house, including details. “We really like the large front porch and can picture gathering there with friends and family on summer nights.”

Some buyers try to mention a connection, given the house or its contents. Gardeners may mention the yard, and how great it looks, or maybe there’s a jersey from their favorite baseball team hanging on the wall.

Explaining the offer may be good for your client to do. Brokers tell buyers that they should be honest and respectful: what would you want to hear from a potential buyer? If the house is in a bidding war and the offer isn’t the highest, there’s no need to avoid the topic. Your client could explain that the house is their dream home, but it’s at the top of their price range and respectfully ask the seller to consider the offer, perhaps talking about your pre-approval. If the sellers are selling and buying at the same time, a buyer could mention their willingness to do a rent-back agreement that would allow them to lease their former house from your client for a set period of time.

Your client should let the seller know that they’re serious and ready to buy. Brokers know that the last thing sellers want on their hands is a buyer who slows down the process and might not even make it through closing. Orion is fast! If there is flexibility in closing dates, let the seller know.

Your client’s note should be short and to the point, thank the sellers for considering their offer, let them know your client is looking forward to hearing from them soon without pressuring them or immediately discussing changes that may be made to their home. In a seller’s market, a so-called love letter gives buyers a chance to distinguish themselves. Though not all real estate agents are keen on clients sending personal letters, the practice continues, and Orion is ready to help!

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