New homes sold as fast as they're built - FOX13 News, WHBQ FOX 13

New homes sold as fast as they're built

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    Friday, October 4 2013 3:43 PM EDT2013-10-04 19:43:45 GMT
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GERMANTOWN, Tenn. (FOX13) -

If you want to sell your home, now is the time. Sales of existing homes are on the upswing according to real estate experts.

New home construction is progressing at a fever pitch across the Mid-South and across the country, something that has not happened for quite some time.

"Couple of reasons, you think back about it," said Joe Callaway of Mid-south Home Builders Association. "No new developments for the past seven or eight years ... 2007, 2008. So no new lots have come online. The ones that are available now have been taken over by banks but no new developments for several years so we're just running out of homes and places to build homes."

The Vesta Home Show underway in Germantown showcases six new homes with all the features you can think of. This annual show is designed to show off new building designs, electronics, furnishings, landscaping -- all to help generate business for everyone connected to the home building business.

"This year that one back there has already been sold and we have a lot of interest in two or three others right now," Callaway said. "We have only been open for four days."

Home builder David Clark is one of the builders at the Vesta Home Show. He said he would not be surprised if another home sells this week.

"That's what the realtors have told us," Clark said. "This home is priced at $875,000. Most of them have come in and told us it's just above all the rest. One of the ladies who came here the other day said she just sold a $1.5 million home and that this one outdid that one."

Supply and demand, that is what makes a market move. Right now the demand is greater than the supply and home builders say it will take at least two years to start and bring new developments to the move in stage.

Clark said there is not a lot of inventory out there right now and if you do have something and it's in good shape it moves quickly. His wife, who is in real estate, said she has his Vesta House listed, but she has been busy selling homes all summer.

Until then the homes that are available are going fast.

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