In order to compare pricing on a house you would need to compare like kind and quality. In my evaluation I always look at the actual age as well as the effective age of a property. The effective age takes into account the upgrades you have done.
Also, I would ask a couple of Realtors for a market analysis rather before calling in an appraiser. It may answer your questions without costs to you.
If I can be of any assistance please call me at 203-248-8086.
Agents and appraisers don't use online tools, and we look at a lot of variables. A comp isn't a comp just because it has a similar build date and square footage; there's more to it than that.
I hoped your refi goes well!
The year of improvements
And the cost of improvements.
Hand it over to the appraiser (Realtor, buyer,etc) with you contact information and home address on it.
This will help the appraiser value the home. The ore information you give the better.
North Haven is pretty densely populated and there are a lot of homes in the same age range of yours in the area. I would think it would not be terrible difficult to find other 50's ( or so) homes in your general vicinity that have also been fully updated.
You can spend hours putting a good comp together...its not a simple process to accurately value a home.
However - just because your home has been fully updated, I would not use new homes as comps and neither would an appraiser ( most likely) ...
How an Appraisal is made:
Visualize a series of COLUMNS, probably 4 or 5;
The First Column is the SUBJECT HOUSE and the others are COMP's.
Down the page we list FEATURES or FACTORS; such as # Bedrooms, # Baths, House Sqft, Lot Sqft, Fireplace, Pool, Roof, Garage, Fencing. Got it?
Now, in each box created, there will be a VALUE: Lets say the subject house is 915 sqft it would get --- or 0. And the first Comp house has 2500 sqft, it might get -100,000; which means that the house is WORTH $100,000 more because of the square-footage. (It is a negative number because the Selling price of that Comp house was approximately $100,000 more BECAUSE of the square footage and we have to deduct that $100,000 to bring them to equity.) Got it?
Now, lets say that the Subject house has $5,000 worth of new fencing and the Comp house has 25 year old OK fencing.: Then the SUBJECT house would get +5,000 and the Comp. house would get --- or 0.
When you go down the page, and enter everything, you get total Comparative Values on the two houses, which allows for the DIFFERENCES.
The two houses DO NOT have to be literally COMPARABLE, they MAKE then comparable with the VALUES.
So the house next door is larger, so what? They made up for that with the values.
Now, if you understand what I just did, then you will understand why;
1.) Two Appraisals can come so close together, and,
2.) Why the Bank will not listen to you about the results.
and in fact I will give you a third;
3.) If you hire your own Appraiser, he will end up with about the same numbers!
Also, please do not compare/equate the ASSESSMENT with the APPRAISAL: The ASSESSMENT is based on the LAST SELLING PRICE OF THE PROPERTY which might be last year. five years ago, or thirty years ago.
I hope I've helped.
Good luck and may God bless
As a former appraiser, I adjust the estimated selling price in accordance with the appearance and improvements as well as those properties built at the same time and with the same no. of rooms, bedrooms, baths and square footage. Please call me if you need a market analysis.