Home sales up across the nation and locally

By Katherine Kington - email | Twitter

(WTVM) - Data released from the National Association of Realtors (NAR) shows home sales across the country were up 5.6% in November.

The percentage is up, but lower than what was estimated months before. East Alabama may have done better than the national average.

Meg Fullington, a realtor with Keller Williams Realty, says recent Opelika and Auburn house sales not only are consistent with the 5.6% national rise in sales but show the market is growing, "The median sold price is higher in both Auburn and Opelika compared to November 2009."

Fullington says statistics show home owners take their houses off the market in December, possibly for holidays, but December… especially this December with low prices and interest rates is the best time to have a home on the market in years.

"There's fewer houses in the market so the competition is less so you've got a better chance of getting your house sold."

Low competition mixed with New Year Job Transfers and Types of Tax obligations lead to the perfect recipe for a quick selling.

Kate Larkin, a resident of Opelika, is hoping to put her house on the market before January. She says, "I think that that's very encouraging and you know I'm not just going to give it away so I'm glad that there are people out there actually looking."

Another reason this is a peak time for real estate? Interest rates. Fullington says they were low for months but have started to rise. "Listing your house now is a good thing because I feel pretty certain that interest rates will continue to climb."

©2010 WTVM. All rights reserved.