Should I wait for appraisal?

[Brandon Fuhrman]

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!

[Aaron K.]

@Brandon Fuhrman as mentioned new builds should not be used as comps for something that is 10 years old, compare your home to houses built in 2017 or older and probably not before 2007 or so.  It's like saying hotel rooms go for $100 per night, what should I rent my house for?  They are 2 different animals and should not be compared if at all possible.