First-Time San Diego Homebuyers Struggling – NBC 7 San Diego
Daniel Derr has served in the Navy for nearly 16 years, calling San Diego home for the past 12. Last year, he decided it was finally time to buy his first house.
“The rates were really low, and it was a really good time to get into the home-buying market,” Derr said. “I had just gotten my credit to where I was comfortable with actually applying for a loan.”
Derr was approved for a VA loan, which will allow him to buy without a down payment — a huge benefit for a first-time home buyer without a lot of cash on hand. Derr said, however, that he quickly discovered he couldn’t compete in today’s resale market.
Realtor Anthony Reanue said the market is so hot right now that buyers are pulling out all the stops.
“We had someone offer a car,” Reanue said. “And then offers went as high as $120,000 over asking.”
Reanue said he works with a lot of…