Daunted by high housing prices, borrowers are trying some unconventional methods to sweeten the deal, including offering restaurant deals, concert tickets or even paid vacations to sellers, according to a Wall St. Journal article detailing the phenomenon.
Some are resorting to the old heartstring-tug approach, offering up written devotionals to the homes in question in hopes of finding compassionate sellers who are willing to take a few less dollars to have someone who promises to take care of the homes. Others are paying off other prospective buyers to increase their chances of being chosen.
Three out of five homes that went under contract during the four-week period ending March 6 found a buyer within two weeks, according to a new report from real-estate broker Redfin, an “all-time high” as supply shrank to a new low.
“Homebuyers are in a frenzy,” said Redfin Deputy Chief Economist Taylor Marr.
The report also noted that the median home sale price was up 16 percent year over year to a record high of $369,125, and up 34 percent from the same time in 2020, while the median asking price of newly listed homes increased 14 percent year over year to an all-time high of $393,250, and rose 27 percent from the same time in 2020. However, new listings of homes for sale were down 1.4 percent from a year earlier and down 11 percent compared to 2020.
So if you’re planning to put in a bid anytime soon, put your thinking cap on—you’re going to need more than your wallet to seal the deal.