Houston home sales slightly increased in August. Sales in the $250,000 – $750,000 range declined on a month-to-month basis, while homes priced $750,000 and above remained unchanged. Inventory of single-family homes ticked down to a 4.1-months supply, and the average days on the market was 49. Per HAR, the housing market is healthier than it was in August 2017, prior to Hurricane Harvey.

Leslie Lerner discusses why technology does not replace Realtors in the Houston Chronicle’s community newspapers.

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When purchasing a home, many buyers worry about filling out multiple loan applications because they believe their credit score will drop. Good news, that is not true. When shopping for a mortgage, several credit checks can be run within 45 days as a single inquiry. During the 45-day period, buyers can get multiple preapprovals and loan estimates since creditors realize it will only amount to a single home purchase. This 45-day rule only applies to credit checks from mortgage lenders or brokers, not any other creditor.

Before engaging a lender, it is in your best interest to make sure your credit will meet lending requirements. Federal law provides for a free copy of your credit report every 12 months from each credit reporting company. This will give you the opportunity to ensure the information on all credit reports is correct and up to date. If the report includes incorrect information, contact the business that issued the account or the credit reporting company that supplied the report. Make sure all inaccurate information is cleared before applying for a loan. Erroneous information can bring down your credit score.

When reviewing a credit report, look for the following common errors:

Identity errors

• Errors made to your identity information (wrong name, phone number, address)
• Accounts belonging to another person with the same or a similar name as yours (this mixing of two consumers’ information in a single file is called a mixed file)
• Incorrect accounts resulting from identity theft

Incorrect reporting of account status

• Closed accounts reported as open
• You are reported as the owner of the account, when you are actually just an authorized user
• Accounts that are incorrectly reported as late or delinquent
• Incorrect date of last payment, date opened, or date of first delinquency
• Same debt listed more than once (possibly with different names)

Data management errors

• Reinsertion of incorrect information after it was corrected
• Accounts that appear multiple times with different creditors listed (especially in the case of delinquent accounts or accounts in collections)

Balance Errors

• Accounts with an incorrect current balance
• Accounts with an incorrect credit limit

Always remember, lenders will check your employment status and run a final credit check before closing on your new home. Make sure to avoid large purchases or opening new lines of credit prior to closing. Stay away from getting a new credit card, an auto loan or using credit cards for appliances, furniture, etc. If you change jobs or switch from a salaried to a commission-based job, make sure you advise your lender right away. Many lenders need a two-year job history.