First-time US house hunters lose out in busy homebuying season

Boston

BEFORE beginning the hunt for their first house, Tennessee residents Brittany and Craig Murphy pared their student debt, saved for a downpayment and got an income boost from her new job. The major hurdle was what came next.

In the last month, the couple lost two bidding wars on Nashville homes to competitors willing to pay more than 10 per cent above the asking price.