Historically the Spring will be a better time to sell your home. Trulia will let you research your market, and the seasonal trends for the last 10 years. The graph will show this trend for the most part holds true. If one looks at several markets, it is a rare market where there is a big spike upwards in the number of buyers and selling prices this late in the year. However there is a season spike upwards in the Spring..
So the agents who told you now is a great time, might want to do there research rather than just parroting what other parrots in the real estate game say.
The pattern for Danville is pretty specific.season after season, a big jump up occurs round late Feb early March.
And seasonally from now till then it is a downturn. Also the Median Price bottomed out in mid 2009.
As far as the Obamacare scare goes, it is uncertain what effect it will have, however here is how it works:
â€œThe bill would impose essentially a capital gains taxes on some home sales made by a limited number of taxpayers. (The health care law contains a new 3.8 percent tax on â€˜unearned incomeâ€™ for high-income taxpayers. Unearned income includes capital gains.) To be hit by the 3.8 percent capital gains tax, you first have to be a married couple making more than $250,000 in adjusted gross income or $200,000 if you are single. The capital gain on the home sale must also exceed $500,000 if this is a primary home and you are a married couple ($250,000 for singles).â€
Hereâ€™s an example of how the tax would work: Say a couple makes $260,000. They purchase a primary residence at $400,000 and sell it for $1,000,000. This would amount to a capital gain from the sale of their home of $600,000. Capital gains tax plus the new Medicare tax would apply to profits over and above the threshold of $500,000. In this case, the coupleâ€™s capital gain of $600,000 exceeds the threshold by $100,000. The couple would pay the capital gains tax, which rises to 20 percent in 2011 under President Obamaâ€™s tax hike plan, plus the new 3.8 percent tax for a total tax rate of 23.8 percent on that $100,000. Their tax bill in this scenario is $23,800. The PPACA adds $3,800 to the coupleâ€™s final tally in this example.
Hope that helps.