My husband is planning to retire in the next few weeks and we are preparing our home to sell. We were planning to buy a new home immediately, but the area in which we were planning to buy continues to experience falling home prices. It was grossly overpriced so these reductions are a relief.
Homes in our price range are now slowly coming on the market that we couldn't have dreamed of owning two years ago, and the real estate blog that I follow for that area indicates that prices will drop further.
Our FICO scores are all 800+. How much does home ownership contribute to those scores? If we rent for a year or more, will that lower our scores? Maybe it won't matter -- we plan to either pay all cash or carry a very small mortgage on the new home. We have no credit card debt, so I am not concerned about credit card rates escalating.
Thank you.
