Profile picture for user9278921

When is the best time of year to purchase a home?

I remember reading somewhere that either the beginning or the end of the year was a better time to purchase b/c of real estate taxes or something to that effect.  When you purchase, do you have to pay the taxes for the year up front as part of the closing or is it consolidated into your mortgage payment?
  • October 02 2013 - US
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Answers (2)

Profile picture for aracz
Hi,

From a general perspective, I like to recommend late August or September, as there is still some inventory on from the seasonal market, but schools have started in many areas, so you are competing with fewer buyers in many cases.

All the best,

Arpad
  • October 02 2013
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Profile picture for blub blub blub
Depends on what state you are in.  In most states, the taxes are paid in arrears. For example 2012 taxes are due and paid in 2013.

When the taxes are paid in arrears, then the seller will give a credit for any unpaid taxes up to and including the day of closing to the buyer. 

Your mortgage payment will most likely be made up of your principle and interest (your loan), real estate taxes(based on the last assertainable tax bill) and home owners insurance. 

The taxes and insurance will be held in an escrow account by the lender (usually six months worth) and paid by the lender when due.
  • October 02 2013
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