Trouble finding comps for appraisal on refi - question!
I spoke to my mortgage broker a couple weeks ago about refinancing the home we purchased last May (we put about 10% down on purchase price). The broker told me that she spoke to an appraiser and that the appraiser was unable to find any recent home sales in my neighborhood that would work as comps. There just haven't been that many homes for sale since people are just really staying put. She thought that if we did submit an appraisal with old comps, or homes a bit further outside my neighborhood that underwriting might likely reject it, and my appraisal fee would be down the drain. She suggested waiting until this spring/summer when more homes have sold.
I'm not sure how many homes will sell in my neighborhood come this spring, since there still aren't very many up for sale. Would you risk the appraisal with underwriting? Or would you wait?
I should add that I've got a 6% rate currently.