It still shocks me. I am still waiting for the other shoe to drop. And real estate agents who specialize in houses built in new, still-developing neighborhoods sometimes struggle too, said Lynn Smith of Prudential Tropical Realty. In those neighborhoods a new house often can be bought for close to the price of a slightly used one. That's not always easy.
Builders can offer discounts on closing costs to buyers.
While the seller of an existing home, who probably hasn't lived in the house long enough to build up much equity, can have trouble even breaking even on the deal after paying Realtor fees and other closing costs. The busy market has benefited more than real estate agents and sellers. Cousineau's company is still doing about 300 appraisals a month, but the type has changed. Once about 70 percent of his business was in appraisals for refinancing, which are less intense than those for new mortgages. Now, about 70 percent are for new home purchases, he said.