It will be better if you inquire for services of the reputed residential real estate appraisers in your city, as they can guide and assist you in the most appropriate manner to find out a fair and accurate market value of your desired home. These appraisers have good talent and rich experience in carrying out the valuation of various kinds of residential properties by using effective valuation techniques. Though these reputed appraisers may charge you a bit more, you are sure to get quality service for refinancing your home loan in an appropriate way. So, make a wise decision and hire expert and well-known residential appraisers. Be assured with their services, as they will prevent you from being a victim of several deceptions prevailing in the real estate market.
It would be important to understand what you are calling a new home sale:
1. The sale of a home that has NEVER been lived in?
2. The sale of a home from a builder to a buyer?
3. Is this 'brand new' home in a community where new contruction is in progress meaning the builder controls the values in the community?
4. What is the age of your home?
5. Does 'new home sale' mean a sale that has not been published at the time of the appraisal.
Be aware, the 'bank' imposes upon the appraiser the criteria for 'comparable comps' and can be different for other lenders. The appraiser is hired by the bank and is compelled to abide by the instructions accompanying the appraisal order. Appraisers ARE graded based on this compliance.
Appraisers have state guidelines that they are required to follow. It is not uncommon to see only existing homes used as comparable properties in appraisals. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
Excluding property may not be the best way to view an appraiser's selection of comparison property. The responsibility of an appraiser is to arrive at a fair and objective value for a property. This can be accomplished via several means but most commonly is achieved through the use of "comparison" property that is as similar to the subject property as possible.
Location, square footage, condition, age of home, upgrades, etc. are important considerations that should be taken into consideration when arriving at a value. If there are sufficient similar comparison properties to arrive at a value without using homes that do not compare well with the subject property, it may be fair for the appraiser to not factor them into the equasion.
A reasonable question relative to your post would be, How much older is the subject home compared to the new ones?
Hope this is helpful to you.
Honestly unless there's been a lot of distressed sales (short sales and foreclosures) in your neighborhood within the past 6-12 months I don't believe it's likely you have any reason to be concerned. All that has to happen for you to get your refi is for the home to appraise for 20% or more above what you currently owe your lender.