Although difficult economic times will not change at the stroke of midnight on January 1, 2009, the housing market is set to improve within the coming year. What can buyers do to make it easier to purchase a home? Here are a few suggestions:

Improve your credit score

In order to get the best rate on a mortgage, you need to have a good credit rating. Recently, many lenders have started imposing fees for everyone who does not fall into the top tier of credit. Here are some tips on how to improve your score:

 Know your score. Many people use MyFico.com.
 Pay your bills on time.
 If you can’t afford it, use your credit card sparingly.
 If you can manage your spending, try to build good credit. As long as you pay your bills on time, use your credit card for daily/weekly purchases of products such as gas and groceries.
 Do not open a number of new credit cards. Having several credit cards will not improve your rating. Older credit is better credit. And if you can’t afford to pay off one bill, do not give yourself three of four more.
 Closing an account does not make it disappear. The closed account will still show up on your credit report.

Look for homes listed on the market for 3+ months

If a house has not sold after several months, the current owners may be more willing to accept a lower offer. The year 2009 will be a buyer’s market; sellers know that potential buyers have a lot of options to choose from. And if they wait, current homeowners might even end up selling their condos and homes for an even lesser price than originally offered.

Buy a Buy Owner® home

By purchasing a home through Buy Owner, you will have access to the best mortgage rates through our partner, Guaranteed Rate. Learn more about mortgage preapproval from this article at the Buy Owner blog.

Rent-to-own

If you need time to build your credit or simply to save up enough money for a down payment, rent your home first! Once you agree on a lease, the price of the home is fixed. The seller cannot offer the home to any other interested parties unless you decide not to purchase the home once your lease is done. Rent-to-own also gives buyers several other benefits. Check them out by reading this Buy Owner Blog post!