Due to the recent decline in property values, many New York and Long Island area residential properties remain at an assessed value that is above their current fair market value. In a recent case, one of our lawyer clients was able to win a substantial tax reduction in property taxes for their homeowner client by using an appraisal prepared by Claude Simos Appraisals. The appraisal documented the decline in property values and provided a credible and supported opinion of value for the subject property that was key in proving over assessment and obtaining real estate tax relief.

Give us a call today at 631-493-0422 to see if we can help your clients in tax appeal / grievance cases.  

 New York City boroughs and Nassau / Suffolk counties.

You can rely on me for the utmost in professionalism, credibility and expertise.

July 28, 2008, Commack, NY 11725, the number of single family homes available for sale remains stable with 137 homes currently available through MLS. The historic MLS high was 162 homes for sale. The current average listing price for 137 single family homes has declined slightly to $581,016.

We are the local valuation experts. Contact us for all your real estate valuation needs.

NYC & Long Island Real Estate Market Conditions Have Changed!

Inventory and marketing time has increased in many Long Island and New York City
markets. Property values are declining.

If you are going to sell your home you would be wise to invest in a professional appraisal by a certified appraiser. Professional appraisals are not free but they pay in the long run! Unless a homeowner studies real estate values on a day to day basis, like a professional certified appraiser does, it's difficult for them to get a handle on real estate values. I am not talking about how much you have invested in your home, how much you paid for it, or how much you want for it. I am talking about the true market value of your home. Many people are surprised when their home does not sell right away and languishes on the market for months due to an unrealistic asking price. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.

Don't  "Overprice" Your Home!
It is very hard to be objective about your own home because of your emotional attachment to it. One piece of advice that is consistently given by the experts in selling your home is to not overprice.

In addition to helping you set a realistic selling price so your home will attract buyers, a
professional appraisal is very valuable as a negotiating tool once you have a potential buyer.

Case in point: I recently completed an appraisal on a single family home that sold for $468,000 (with seller's concessions) in Suffolk County, NY. This property was originally listed a year ago for a very ambitious $599,000! I believe that had the seller or broker ordered a professional appraisal they would have been able to set a more realistic asking price and would have sold the property months ago. Therefore savings themselves time, money and the grief of being stuck in the current harsh real estate environment.

The most common intended user and use of an appraisal is a lender making a mortgage lending decision, however here are more reasons to obtain an appraisal report from a qualified appraiser:

• obtain a loan or mortgage.
• establish the replacement cost of insurance.
• grieve or challenge real estate property taxes.
• settle an estate or property interest.
• assist in one of the largest financial decisions you will make.
• provide a negotiating tool when buying real estate.
• determine a reasonable asking price when selling real estate.
• utilize in bankruptcy or bail bond.
• retrospective valuation
• investigative review of an existing appraisal

May 16, 2008, Commack, NY 11725, the number of single family homes available for sale has increased slightly during the past two months with 135 homes currently available through MLS. The historic MLS high was 162 homes for sale. The current average listing price for 135 single family homes is $594,140.

We are the local valuation experts. Contact us for all your real estate appraisal & valuation needs.

March 21, 2008, Commack, NY 11725, the number of single family homes available for sale has declined slightly during the past 60 days with 120 homes currently available through MLS. The historic MLS high was 162 homes for sale. The current average listing price for 120 single family homes is $587,262.

Within the past 60 days, 27 listings are under contract and 49 listings are new.  

We are the local valuation experts. Contact us for all your real estate valuation needs.

January 22, 2008, Commack, NY 11725, the number of single family homes available for sale has declined slightly during the past six months with 124 homes currently available through MLS. The historic MLS high was 162 homes for sale. The current average listing price for 124 single family homes is $584,171.

We are the local valuation experts. Contact us for all your real estate valuation needs.