Updated almost 5 years ago on . Most recent reply
Should I wait for appraisal?
Hello BP!
In 2018 I purchased my home for 160K in a newer development. It is a 3bed 2 bath 1500 sq ft with an acre of land.
I am planning on using a HELCO for my first rental property and had it appraised about 2 months ago and it was valued at 171K.
Since then, they are about a dozen of new construction homes being built in the neighborhood, all of which are 3bed 2 bath and acre of land (same as mine with the same builder and same
Lay out) and those homes are listed anywhere from 200-215k.
Would my home appraise close to what these new homes are going for? Would it be worth it to wait a few months until the new homes sell? I don’t mind waiting, but fearful my home wouldn’t value close because they are new and I lose out on a deal while I am waiting.
Thank you for your insight!