First-time house hunters lose in busy home buying season

home buying

home buyingBy Prashant Gopal | BloombergBusiness

Job growth and rising rents bring out buyers for spring market

Tight supply to keep lid on sales as demand pushes up prices

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

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

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