Buying in this market and Credit Scores

Posted On February 20, 2010

Filed under Uncategorized

Comments Dropped leave a response

Just in case you haven’t heard, Steamboat Springs is a buyers market and not improving fast enough to make any difference within the next year or two. However, some sellers and their brokers know how to move property in this market. How do you sell in a buyers market? By pricing your property three months ahead of the competition price reductions.

A buyer ask me to set a showing on  a town home last week, the buyer was coming back into town this week to see the incredible well priced home. I called to set the showing and it had gone under contract that morning. Imagine how you would feel getting my phone call: “I know market is a buyers market and almost nothing is selling, but the house you wanted is already being bought by someone else”. It’s just not what you expect to hear.

One of the things you can do to make yourself ready to buy and be a stronger buyer is to improve your credit score which should be done a year before you start looking, but small differences can be made in weeks. Here are some tips:

  • Make your payments on time or early by two days and pay more than the minimum balance on credit card debt, even if it’s just a little more.
  • Pay down any credit card debt you can preferrable paying off one card, don’t close the account and cut the card up or leave it at home.
  • One of the key factors in your score is the ratio of how much you have borrowed compared to what you are allowed to borrow. Paying down credit is best, but call the cards you have and ask to have the available balance raised – just don’t use it!
  • Get a copy of your credit report either on-line at or somewhere else one line and make sure it’s perfectly accurate, the same web sites will be able to tell you how to make corrections.
  • Make sure you are paying everything you should be, if you are late or have missed a payment. Get current today or call the company and arrange a plan that will keep them from reporting to the credit agencies.
  • Don’t get any new credit, don’t open a charge card to get 10% off your purchase, don’t lease or get a car loan.

Most things take time. Some things will affect the score right away and most take months. I’ve seen people improve their score by 200 points in one year. Very worth while and worth the short-term financial sacrifice.

By the way there are three properties on the market are really great deals, one is a short sale: Go to and search for mls numbers: 127247 – condo on the mountain, 127322 – house with great mountain views, and 127681 – entry-level old town charmer.

Let it snow!


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s