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I have a home (3 years old) in a new development in Vacaville, Ca. New homes are being built and pr

New home are being priced 50,000-100,000 more.  Will it bring up my own value? Want to refinance into 15 year fixed and right now 100% home loan to value.
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January 24 2013 - Vacaville
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Answers (1)

It's possible that the new sales will increase the value, however; I know of a strange correlation between re-sales and new sales based on appraisal I've seen. It appears that new home developers are getting a pass on values from appraisers or appraisers are ignoring new home sales when valuing re-sales. Re-sale homes are getting hammered comparatively for no reason.

Let me give you an example and state my case.

New homes have some upgrades, granite counters tile floors new hvac system and they are shinny pennies without window covering or rear landscaping, additionally the front landscaping is marginal at best. (sq footage 2300, sales price $375,000)

Another home with more square footage in the same neighborhood was build 4 years earlier with $150,000 in upgrades, has been fully landscaped with hardscape and quality plants and shrubs and has custom window coverings in addition to a tandem garage. Something the new home does not have. (sq footage 2700, sales price $345,000)

I can find example after example of this type of sales discrepancy when comparing re-sale vs new home sale.

This doe's not mean you won't get a re-fi from an up tic in value. You'll need to get sales data from the new home builder in written form because it doe's not exist in the tax records or on our mls yet! Have this information on hand when your bank sends the appraiser. Then hope the appraiser considers the comparable sales for your re-fi.

Best regards,
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January 24 2013
 
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