My House is Worth What???

So, the economic crisis has required us to face many challenges we could have done without. One of these challenges is the value of our Real Estate investment plummeting or barely holding tight at the same purchase price we paid.

The mail will bring you a new assessment yearly. In 2009, these assessments made homeowners across the Metro area gasp in frustration. The assessors office based the new assessments on values from 2007-2008. Homes immediately took a downward spiral from that point forward which resulted in overvalued properties.

When you receive an assessment there are typically about 4-5 homes listed by the assessor that they based your value upon.

The main things to look at are as follows:

Is it the same style house? Did they use a 2 story & you are a ranch?
Did they compare you to the nicest house on the block? If you know of superior updates in a neighbors house – that is a red flag you can dispute too.
Is the square footage comparable?
How current is the sale date?

As appraisers, we have specific guidelines set forth by HUD along with specific guidelines from underwriters and ethics standards. The local governments should also be following these benchmarks or you have the right to dispute.

Get your ammunition ready and head to the courthouse. If your home is in poor condition, take photos of what is wrong with it. (i.e.: dated kitchen & bath, leaky basement, general wear & tear). Hire an appraiser who can do an accurate assessment on your home and supply the appraisal to the assessor. The assessor’s office does not enter your property when assigning a value. An appraiser will do a full interior & exterior inspection and also drive by all selected comparables. In addition, most interior photos of recent sales are available online and paint a bigger condition picture to properly value one home against another.

St. Louis County Assessors Office
41 S. Central - 2nd floor
Clayton, MO 63105
314-615-7195

Josef Realty – Appraisal Services
10805 Sunset Office Dr. #102
St. Louis, MO 63127
karen@josefrealty.net or 314-578-5022
rob@josefrealty.net or 314-518-7907
www.josefrealty.net

The Carson Law Firm: Family Law Attorneys -- Serving St. Louis Families for Over a Decade

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