The increase in home inventory that many buyers have been waiting a few years for may finally be here.
According to new information from realtor.com, top markets are experiencing a boost in inventory at a pace of 14.6 percent. At the same time, sale price growth of homes in the country’s top markets has dropped by 7 percent compared to last year.
This change could mean it might be the right time for homebuyers in Fort Collins to enter the market. With inventory high and sellers becoming more flexible with offers, purchasing real estate in the Fort Collins area could be a little easier than it was just a few years ago.
One of the first steps to getting a home loan, is making sure your credit is in order. There are five things that go into calculating your credit score, which are below.
- How Much You Owe – The amount of debt you currently have built up on credit.
- Payment History – Your track record in terms of making payments on time.
- What Type of Credit You Have – This refers to the various types of credit accounts that are in your credit history.
- Length of Credit – How long you have actively had open credit accounts.
- Any New Credit – How many recent credit requests and new accounts you have.
There are various ways to check your credit score, which are outlined here, but it is also important to know what are considered good and poor credit scores. Generally speaking, anything 800 and above is considered “exceptional,” and scores between 670 and 739 are considered “good.” Anything below 580 is considered “poor.”
Keep in mind, however, that if your credit score is lower than you would like, there may still be a loan program out there that you could qualify for. There are various loan programs available with more lenient credit score qualifications.
If you are interested in taking advantage of the current real estate market and obtaining a home loan in Fort Collins, make sure to contact one of our mortgage consultants.