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Archive for March, 2011

Appealing Your 2011 Property Taxes?

March 24th, 2011 Comments off

It’s that time of year again!

Average home sales prices for Shelby County were up 0.6% from 2010 but many homeowners live in areas where home values have decreased including Arlington (down 5%), River Oaks 38120 (down 21%) and  Bartlett’s 38135 (down 7%).  Click here to review our “2010 Shelby County Sales by Zip Report”.

The following are some great tips and tricks for appealing your 2011 property tax appraisal value! 

  1. Keep in mind that you only have 15 minutes to present your case to the Board of Equalization. Be prepared and make sure you have all of the data that you need with you to prove that your property tax appraisal value should be lower based on 3-4 sales comparables from 2009 and 2010.
  2. Bank sales are are not permitted as viable sales comparables!
  3. If your home is surrounded by rundown and/or foreclosed properties that could be affecting your home’s value, take external property photos of your property and those closest to your home to show to the Board.
  4. If you have refinanced your home, or had a formal appraisal conducted on your property in the last 3 years, be sure to request a copy of the appraisal from the Certified Appraiser or the Lender.
  5. If you have not remodeled the inside of your home in the last 15-20 years, take photos of the original kitchen, bathrooms, flooring etc. This will aid in your appeal if most homes in your neighborhood have been upgraded or remodeled and resold at higher values.
  6. Be sure you are not in jeopardy of a tax increase! If your data shows that your property should be at a higher value than the 2011 rate, the Board of Equalization can RAISE the value for your property!

We are happy to review your current property appraisal value and sales comparables before you decide to appeal. Please contact Wendy Greenlaw at wendy@chandlerreports.com or 901-528-5273 for a free consultation.

You may purchase our $49 Tax Kit available at www.shelbytaxappeal.comto receive sales comparables for the past 2 years, your property’s Foreclosure Effect Report, access to The Daily News Online’s neighborhood report and more! Check out our free reports on the site as well!

Certified, professional appraisers can provide you a full analysis of your property and assist you with determining the fair market value of your home. Licensed appraisers have the education and experience necessary to give you an independent, impartial and objective opinion of value. You may click here for a list of local Appraisers.

February 2011 New Housing Analysis

March 17th, 2011 Comments off

There were 51 new home sales recorded for the month, up 10% from January, and an average sales price of $198,760.

Southeast Shelby County (38125) claimed the most new home sales with 13 total and an average sales price of $149,400. Their Gerland Creek subdivision had the most sales with 5 total.

Regency Homes filed the most new home permits for the month with 17 total and an average permit amount of $196,269. They also ranked highest for new home sales with 7 averaging $177,945.

Trinity Park in 38118 had 10 permits filed averaging $90,823 the most recorded for the month followed by Elpine Gray, Cambridge Manor and Maple Grove all in Arlington. Arlington had the most new home sales with 25 total averaging $194,067.

Click here to read the lastest article from The Daily News on the local real estate market.

Review our Febuary Market Trend Reports here.

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February 2011 Foreclosure Analysis

March 10th, 2011 Comments off

Foreclosures were down 4% in February with 401 filed averaging $76,679. Foreclosure notices were also down, by 1%, with 991 issued compared to 999 in February 2010.

Areas with the highest increases in foreclosure activity from last year include: Arlington (38002), Downtown (38103), River Oaks (38120) and Germantown (38138). 

At the end of the month Frayser (38127) remained as the leading foreclosure inventory holder even though there was  a 27% decrease in their foreclosure activity. With 18 foreclosures moved from inventory, they closed out February with 295 foreclosure properties valued at $17 million.  While Frayser has the highest number of homes in foreclosure inventory, there are 12 zip codes that out rank them in total inventory value including: Oakhaven/Parkway Village (38118), Cordova North (38016) and Arlington (38002).

Fannie Mae was back to being the leader on the list of foreclosure inventory holders with 481 properties at the end of February valued at $60 million.  Housing and Urban Development came in at a close second with 466 properties valued at $41 million. Both of them topped the county’s Top 25 Residential Sellers list with Fannie Mae at 75 sales and HUD with 56.

Contact wendy@chandlerreports.com to receive a “Foreclosure Effect Report” for your property showing all foreclosures over the last 2 years that have occurred within a 1/4 mile of your property and the total potential effect they could have on your property appraisal value. Already a Chandler Reports subscriber? Click here to learn how to pull the report.

Attend our “Foreclosure Analysis Tools Seminar” on Wednesday, April 27th from 3:00pm-4:00pm in MAAR’s Education Room! We’ll review all of our online foreclosure tools including: Foreclosure Effect Report, Bank vs. Non-Bank Sales Reports, Detailed Foreclosure Analysis Reports, Identifying Foreclosures on Sales Comparables Reports and more! Click here to register today!

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February 2011 Home Sales Report

March 4th, 2011 Comments off
Average Sales Prices up 16%!
  
February closed with 741 total home sales down 21% from the prior year. While it appears that home sales have yet to bottom out, average sales prices have continued to improve and were up 16% from February 2010 to $119,814. Year to date average sales prices are up 6% from the same time last year.
  
Cordova North (38016) had the most improvement in total home sales, up 62% from February 2010 with 63 home sales and an average sales price of $133,784. 38% of their home sales were bank sales, up 85% from the prior year.
  
Total bank sales were down by 38% for the month, further evidence that we are still feeling the effect of last year’s foreclosure moratorium. The average sales price of a bank sale was $79,830, up 31% from February last year. Non-Bank sales prices were up 5% to $138,153.
  
New home sales were down 21% with 46 recorded for the month with an average sales price of $205,795. Existing home sales had a 19% increase in average sales price up to $114,123.
  
Foreclosures were down 4% with 401 filed for the month and an average foreclosure amount of $128,021. Foreclosures continue to head east with large increases in River Oaks (38120), Germantown (38138) and Arlington (38002). 991 foreclosure notices were filed in February, down 1% from the prior year.
  
Click here to view all of our February Residential Market Trend reports.  
Register for our Foreclosure Analysis for Real Estate Professionals Seminar on April 27th!

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