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Archive for June, 2011

“Master Your Market”: 2nd Quarter 2011 Update

June 30th, 2011 Comments off

Chandler Reports has teamed up with the Appraisal Institute of Memphis to present our “Master Your Market”: 2nd Quarter 2011 Update in conjuction with their 2nd Quarter membership luncheon!

Please join us Wednesday, July 27th from 11:30pm-1:30pm at the Fogelman Executive Center to review our second quarter market trends for residential and commercial sales, new housing activity, loan activity and more!

Dexter Muller, Senior VP of Community Development for the Memphis Regional Chamber of Commerce will be our guest speaker. Dexter will provide an overview of the City of Memphis’ economic development activities in his presentation, “Memphis in Global Context”.

The cost is $25 per person and includes lunch along with copies of our latest market trend reports. 

Register today! Seating is limited!

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Shelby County Tax Appeals

June 23rd, 2011 Comments off

Many of you have seen Andy Wise’s recent coverage about appealing your 2011 Shelby County property tax appraisal values. If you haven’t seen the segment, you can check it out here: http://bit.ly/lgvGHG

Each year, Memphis and Shelby County residents have the opportunity to appeal their property tax appraisal value based on local market conditions and what they feel that their home is actually worth compared to what the Assessor has determined as the value.

The deadline to contact the Shelby County Board of Equalization is Thursday, June 30th. You can contact them at 901-379-7160. They will mail you the required forms that you complete and submit back to them. Once they review your appeal forms, they will schedule your meeting with the Board where you will present your case in person at their offices.

Chandler Reports is 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 property analysis report.

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

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.

Bank sales are are not permitted as viable sales comparables!

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.

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.

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.

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!

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.

Please contact us if we can assist you in any way! We are here to help!

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May 2011 Lender Analysis Report

June 9th, 2011 Comments off
There were 1,408 loans filed in Shelby County for the month of May totalling $216.7 million.
  
The average residential loan amount on a new home purchase was $144,451. Of the 602 residential loans filed at time of sale, 28% were between $50,000-$99,999 and 23% were between $100,000-$149,000.
  
297 of the loans for new home purchases were conventional fixed rate loans, 209 were FHA fixed rate.
  
Community Mortgage Bank, Magna Bank and Regions Bank rounded out the Top Lenders list for residential mortgages at time of sale.
  
Regions Bank, Wells Fargo and Community Mortgage Bank made the top three for Top Lenders for all residential loans including loans at time of sale, refinances and second mortgages.
  
The largest residential loan was filed for a property on Massey Estates Cove for $1.5 million by Triumph Bank. The 7-year loan was filed on May 20 and matures on June 10, 2018.
  
The largest commercial loan was $6.1 million filed by Lancaster Pollard Mortgage Co. issued to Applingwood Long Term Care Facility located at 1535 Appling in Cordova.  
  
Click here to review our complimentary Residential Market Trend reports. 
  
Please contact wendy@chandlerreports.com if you would like to purchase our monthly, online Lender Analysis Reports, the cost is $25/month for existing online subscribers and $35/month for non-subscribers.
The reports include:  
  • Top 25 Residential Lenders-All Loans
  • Top 25 Commercial Lenders-New Purchases
  • Top 30 Residential Lenders-New Purchases
  • Residential Foreclosures By  Mortgage Type
  • Residential Loan to Value at Time of Sale by Zip
  • Residential Loans by Mortgage Type  

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May 2011 Home Sales Update

June 2nd, 2011 Comments off

There were 1,117 home sales in May for Shelby County, down 13% from May 2010. Total home sales revenue for the month was $132 million compared to $166 million last year. Home sales prices were also down from the prior year to $118, 375.

Home sales figures for the first half of this year will be skewed compared to last year’s largely in part to the new home-buyers tax credit that expired last June.

On a positive note, compared to April 2011, home sales were up 2% and average home sales prices were up 10%! Year-to-date, home sales are down 13% and average sales prices are down by only 2%.

Cordova-North (38016) had the most home sales, with 74 total and an average sale price of $137,404. 31% of the total sales in 38016 were bank sales.

Bank sales continue to decline, down 16% from May 2010 and down 8% from April 2011 with 329 closed for the month and an average sales price of $62,192.

Foreclosures were down 22% from last year with 354 recorded and an average foreclosure amount of $87,942. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Southeast Shelby County (38125) and Cordova-North (38016). There were 665 foreclosure notices issued in May, down 32% from the prior year.

New home sales made up 5% of all home sales for the county with 54 total, down 23% from the prior year and down 4% from April. Average new home sales prices were also down to $209,421.

59% of all home sales were sold for under $100,000. The largest home sale was for a property located on Valleybrook Drive in East Memphis. The 7,200 sqft home closed on May 19th for $1.75 million.

Click here to read an article from The Daily News covering our 1st Quarter “Master Your Market” Update.

You may review our complimentary Market Trend reports here.

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