Have we returned back to 2004/5 where we have to start writing letters to seller explain what a nice family we are yet?[/quote]
Sappy letters to sellers return in tight supply market
News, Rancho Bernardo
Jan 252013
One of the most ridiculous features of the housing bubble rally was when buyers would write emotional letters to sellers to try to make their offers stand out in the crowd. In 2004 in particular as the Option ARM permitted buyers to raise their bids to ridiculous levels, competing bids well over asking price prompted sappy letters to appeal to a seller’s emotions to get the deal. Now, with the federal reserve lowering interest rates below 3.5%, we face a similar infusion of affordability allowing buyers to raise their bids. The tight supply engineered by the banking cartel is causing the buyers to bid over ask again as they compete for the few properties available. The return of the ass-kissing letter is another sign of the success the cartel is having in reflating the housing bubble.
