Field Opens for Buyers
With investors pulling back, conventional home buyers are finding
their way back into the market. But challenges remain. By Graham Wood
There were four offers on the house, one all cash,
and Mona Gergen, a 15-year real estate veteran, had
that sinking feeling. She was prepared to tell her first-time buyer clients that they wouldn’t get the three-bedroom, two-bath ranch-style house they wanted.
Never mind that the buyers followed up with a
beautiful handwritten note to the sellers or that they
were preapproved for a loan with 20 percent down.
Having seen buyer after buyer lose a deal—or five—
to deep-pocketed investors over the last few years,
Gergen was sure her clients were headed for the
“Once in a blue moon, a home buyer is going to
win over a cash offer,” says Gergen, a sales associate
with Dunnigan, REALTORS®, in Sacramento, Calif.
In the eleventh hour, her clients upped their offer,
topping the highest bid by $1,000. Gergen waited
for the all-cash buyer, presumably an investor, to
come back with a higher bid. But it didn’t happen.
Her clients were in. And while they did everything
right, maybe the moon had a role, too, because Gergen and other practitioners around the country say
they’re seeing a turning of the tide.
Conventional home buyers—who were routinely