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Posts Tagged ‘assessor’

Master Your Market: Mid-Year Review

July 18th, 2013 Comments off

Shelby County home sales are on the rise and foreclosure activity and bank sales are historically low. Attend our “Master Your Market: Mid-Year Review” on Thursday, July 25th at the Memphis Marriott East from 3:00PM-4:30PM to learn about the latest real estate trends in Memphis and Shelby County.

Guest speakers Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 property tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the status of new housing and builder activity.

Eric Barnes, Publisher for the The Daily News and The Memphis News, will present Chandler Reports market trends and will moderate the event.

The cost is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive an electronic copy of the presentation along with copies of our most popular 2nd Quarter trend reports.

Please click here for additional details or to register.

June 2013 Real Estate Update

July 9th, 2013 Comments off

Home Sales

June closed out the second quarter with 1,444 home sales, up 9% from 1,327 in June 2012.

Average home sales prices were up 11% to $158,056 from $142,341 last year.

Year-to-date home sales are up 9% and average sales prices are up 10%. 2nd Quarter sales were up 11% from 2Q 2012.   

Bank sales accounted for 15% of total home sales  for the month and were down 39% from last June with 214 recorded. Year-to-date bank sales are down 18% from the same period last year.

21 out of 33 zip codes in the county had an increase in overall sales activity in June and 22 zip codes had an increase in average sales prices. 

45% of all home sales for the month were valued under $100,000.

Home sales over $500,000 were up 12% from last year with 47 recorded  compared to 42 in June 2012. 

Attend our “Master Your Market” 2013 Mid-Year Review for a full recap of real estate trends through the first half of the year. Guest speaker Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the latest in new housing and builder activity. Click here to register.

Click here to download our Residential Market Conditions reports.

Commercial Sales

Commercial sales were down 14% in May with 61 recorded compared to 71 in May 2012.

Average sales prices were down 70% to $560K compared to $1.8 million last year. 

Through the first 5 months of the year overall commercial sales are up 5% and average prices are down 21% from the same period last year.

The largest commercial transaction recorded in May was the sale of 5155 Citation Drive in Oakhaven for $11.3 million. The 398,992 square-foot warehouse was purchased by Exeter Property Group on May 21st. Click here to read the full details of the transaction.

Office and Special Purpose properties saw an increase in overall sales activity in May while all other property types had decreases or were unchanged from May 2012.

Vacant Land Over 1 Acre (10), Apartments (9) and Warehouses (8) had the most sales by property type in May. 

Click here to download our latest Commercial Market Conditions reports.

Residential Foreclosure Analysis

Residential foreclosures were down 16% in June with 253 recorded compared to 301 last June.

The average amount of a foreclosed property was $78,418 and the average tax appraisal value was $109,009, both down slightly from June 2012. 

Year-to-date foreclosures are down 15% from the same period last year.

Foreclosure activity was down in June for virtually every municipality. Arlington and Millington had slight increases while the city of Memphis had a 13% decrease. 

Foreclosure notices were down 7% for the month with 601 recorded compared to 646 last June. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 237 homes valued at $11.4 million. Frayser, Raleigh and Oakhaven all have over 200 properties in their foreclosure inventory. 

Fannie Mae owned the most foreclosed properties with 372 total valued at $40.7 million.

Click here to download our Detailed Foreclosure Analysis reports.

New Housing & Builder Activity

New home sales were up 9% in June with 79 sales recorded compared to 70 in June 2012.

The average sales price of a new home was up 11% to $255,581.

Year-to-date new home sales are up 17% and average new home sales prices are up 6%. 

Arlington (18), Collierville (17) and Southeast Shelby County (7) had the most new home sales recorded for the month.  

105 new home permits were filed in May, up 4% from May 2012. Collierville had the most new home permits filed in May with 20 total averaging $297,184. 

Regency Homebuilders was the top builder in May based on new home sales and new home permits with 21 sales recorded averaging $240,256 and 28 permits filed averaging $219,309.

Click here to download our New Housing Inventory & Analysis reports.

Mortgage Trends & Lending Analysis

802 residential loans were filed in June at the time of sale, up 8% from June 2012.

The average mortgage amount was up 7% from last year to $183,958 with an average sales price of $211,731 making the average loan to value ratio 87%.

Collierville had the most loans recorded at the time of sale with 106 total averaging $255,650.

480 loans filed were conventional fixed rate, 185 were FHA fixed rate, 40 were VA fixed rate and 10 were short term loans, loans due within one year.

The top lenders in June based on the total number of residential loans filed at time of sale were Magna Bank with 90 loans, Community Mortgage Bank with 69 loans and BancorpSouth Bank with 47 loans.

Click here to download our Residential Lender Analysis reports.

Appealing Your 2013 Property Tax Reappraisal Value

March 28th, 2013 Comments off

While 2013 property tax reappraisal values are down significantly across Shelby County many homeowners are verifying that their value is in-line with the fair market value of their home in anticipation of a tax rate increase.

With our 2013 Tax Appeal Kit homeowners are armed with comprehensive reports in easy-to-ready formats to easily determine if their home’s reappraisal value is too high.

For just $49 homeowners receive the following reports:

  • Comparable Sales: A mapped report showing recent sales activity that closely matches the subject property.
  • Neighborhood Profile Report: Overview of all sales and foreclosure activity with trends for the past 4 years.
  • Foreclosure Effect Report: Shows the potential effect of area foreclosures on appraisal values.
  • Instructions for Appealing: Step-by-step instructions for using the reports and for filing an appeal.
  • Tips & Tricks for a Successful Appeal

Visit www.shelbytaxappeal.com or call (901) 458-6419 to learn more. The deadline to appeal is July 31, 2013.

Appealing Your Property Taxes – Easy as 1, 2, 3

May 22nd, 2012 Comments off

Over the years you have probably seen Andy Wise, Chief Consumer Investigator for WMC TV Action 5 News, talking about various products for Shelby County homeowners to appeal their annual 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 homeowners have the opportunity to appeal their property tax appraisal value based on local market conditions and what they feel the fair market value of their home is if they were to sell it compared to what the Assessor has determined as the value.

The Shelby County Assessor’s website makes filing a review of your property value as easy as 1, 2, 3. All you need to do is complete their online form, provide them the data about your property and the value that you feel your home is worth based on 2011 sales comparables of homes that are near yours and closely match your property in year built, square footage and other factors. Click the submit button and your review is on it’s way.

The Assessor will contact you via letter to let you know if they have lowered your appraisal value based on the data that you submitted. The Shelby County Assessor is accepting informal reviews through June 8th. You can access their online form here.

If you disagree with the Assessor’s response you can then file an appeal to the Shelby County Board of Equalization. The deadline to contact the Shelby County Board of Equalization is Friday, June 29th. You can contact them at 901-379-7160. They will mail you the required forms that you will need to 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 file an informal review or appeal to the Board. 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 2012 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 2011.

Bank sales, properties foreclosed by the bank and then resold, are not permitted as valid 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.com to receive a detailed property profile report for your home, sales comparables for the past 2 years, our 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!