12-21-2012 11:27 PM
There are new taxes for homeowners in 2013 but it applies to selling your home and not to buying, and those who had short-saled or were foreclosed upon will see a higher tax burden as that forgiveness is seen as income and becomes taxable beginning January 1.
IMO, it's a good time. DW and I applied for our first home in early December a couple of years ago, signed a contract on a home on Christmas Eve, and closed at the end of January. It was a better time because there were less buyers, more attention with the lender, and there were plenty of homes on the market at that time and we leisurely shopped until we found our home.
10-14-2013 01:09 PM
I was wondering if this is a good time to buy a home? i think so.... Are their new taxes in 2013 that will hurt home owners? not aware of anything about new taxes on home buyers.
Thanks in advance
rates are at an all time low.
10-14-2013 05:59 PM - edited 10-14-2013 05:59 PM
I am wondering the same thing. But this time of year there is a lull in housing; well at least NJ. Most people do not want to move, especially if they have kids since they started back to school. Furthermore, most people are starting to concern themselves with the holidays, decorating, family dinners etc. SO at this time it is not so great to be a seller, but wonderful to be a buyer. Best of all, rates are very low and the fed is not moving on its "quanitative easing" policy (I doubt) before the end of the year. So it would be wise to get your credit to the best it can be and start looking. Their loss is our gain!