Refinancing your home is based upon a variety of current listings as well as closed sales around your property. In most circumstances, appraiser will look for comparable data in a half mile radius from the subject property, your home. They will take into consideration the main facts, lot size, property square footage, bedrooms and bathrooms followed by cosmetic repairs/remodels. They’ll adjust for variances from lot size, to square footage from comparable data to your current home and make those adjustments accordingly. The property selling or not selling down the street Is still considered a comparable property. The property does not have to sell first for you to start the process on refinancing.
Its not a function of whether the property down the street sells or doesn’t sell but the fact that it is listed for sale-this is what causes it to be a comparable in determining your home’s value along with the other properties in and around the area.
If you are thinking about starting the refinance process, start by getting a complementary refi mortgage rate quote followed by getting qualified,