About Sedgwick County, KS

It's that time again.

Sedgwick County recently mailed its tax valuation notices. This important little piece of paper tells you what the county thinks your home could sell for as of December 31, 2007. This value is derived from the past 2 years of comparable sales in your area. An increase in value simply means that homes like yours are selling for that percent more, not that you've made that much more in improvements.

Increasing property values are generally good for everyone! It means your property is increasing in value, so your investment is growing. However, it does hit your pocketbook tax-wise.

From that Appraised Value, a small percentage (11 1/2% for Residential) results in your Assessed Value (the amount they base taxes off of). That value is then multiplied by the mill levy in your area to determine the property taxes that you will pay for 2008.

For example, your house is valued at $100,000:

The Assessed Value is $11,500.

The mill levy in your area is 118.05.

Your taxes would then be 11500*.11805 = $1357.57 roughly

So if your value increased by the typical 3% for the area - your taxes roughly went up $40/year.

NOW then. You might happen to not agree with the Appraiser's Office as to your value. Keep in mind that the Appraiser's Office operates off the data it has on record, and only visits a property typically once every 6 years. So any changes, for better or for worse, might not be on their record.

If you want to appeal your property valuation, here's what to do:

1. Fill out the form on the back of your valuation notice and mail it in. Include any days/times that are not good to schedule you on and indicate why you don't agree with the value. This must be done before MARCH 31st!
2. You will receive a letter with a date and time for an informal hearing. If you can't make that, call as soon as possible because times fill up quickly.
3. The hearing is informal. You will meet face to face with one of the real estate appraisers who actually goes out and does the evaluations of property.
4. Bring any supporting documentation - if you disagree about the condition of the property then bring in photos, bids for repairs, etc. If you've had it independently appraised or recently bought it, bring those in. If you disagree about size, amount of basement finish, or such, you'll need to request that they re-inspect the property in person.

They're fairly reasonable people and understand that they do "mass" appraisal and individual homes may vary. They typically have a 60% change rate - meaning that they do change values for 60% of those that appeal. But appealing is the first step!

Now if you get "no change" in value from the hearing, you can appeal to the next level.

The Sedgwick County Appraiser's Office website states that 74% of residential properties did experience an increase in valuation.

So if you've never appealed before, now would be a good time to take a closer look at your home's value.

For more information, do visit the Appraiser's Office website, or call them at 316.660.9110. You can also look up your property's appraised value at this site, if you don't already know it.

And if you do decide to appeal - Good Luck to you!

And if you get your valuation and decide that you're ready to sell that gold-mine of yours, give me a hollar. I'll get those taxes out of your name and into someone else's! :)

- Sheree Wilkerson - Allegiant GMAC Real Estate

316.461.0575 | sheree@ksgreathomes.com

I have started sending out a postcard to folks that are facing a foreclosure. It lists the toll-free hot-line that was created for troubled borrowers. It is a free call and there is no obligation. 1-888-995-4673 is the number and they are available 24/7. Here's a link to an article written about the HOPE toll free number. Or, visit their website at: www.995HOPE.org

If you are in this situation, the first step you need to take is to get educated about your rights and options. There are 6 options you have, 3 will allow you to keep your home, 3 will result in a disposition.

1. Special Forbearance
2. Loan Modification
3. Partial Claim or Claim Advance
4. Short Sale
5. Deed-in-Lieu
6. Assumption (with Lender approval)

I have helped many families facing this situation, and several of them have been approached by investors offering to buy their redemption rights. Then, they have been told, they can rent their own home from the investor for a year or two and eventually, have the option to purchase their home again. Others have been told that the investor will "save" them from a foreclosure by fixing up the house and selling it for them. Before you sell your redemption rights or walk away from your home, contact a neutral party that can explain the foreclosure process and guide you in making decisions. Whether you choose to hire an attorney, talk to a HUD approved Counselor, hire a Real Estate Agent that has training in Foreclosure Intervention or seek other advice, don't delay! Time is of the essence!

ANTIQUES ROADSHOW ANNOUNCES

SUMMER 2008 TOUR

PBS SERIES SEEKS 80,000 HIDDEN TREASURES

ON LUCKY THIRTEENTH PRODUCTION SWING ACROSS AMERICA

BOSTON, MA, January 7, 2008 - ANTIQUES ROADSHOW, PBS's most-watched primetime series has announced its summer 2008 Tour destinations: Palm Springs, California; Dallas, Texas; Wichita, Kansas; Chattanooga, Tennessee; Grand Rapids, Michigan; and Hartford, Connecticut.

Programs taped in those locations will make up ROADSHOW's thirteenth broadcast season on PBS, airing in 2009.

ANTIQUES ROADSHOW's 2008 Tour features a series of local events at which top appraisers offer the public free evaluations of antiques and collectibles-revealing the often surprising history and value of these items.

ANTIQUES ROADSHOW 2008 will stop in Wichita, KS. on July 12, 2008.

Admission to ANTIQUES ROADSHOW events is free, but tickets are required and must be obtained in advance. Complete ticketing rules will be available beginning Monday, January 21, 2008 on ANTIQUES ROADSHOW Online at pbs.org/antiques or by dialing toll-free 1-888-762-3749. Ticket recipients will be selected at random from all eligible entries. Ticket holders are invited to bring two items for a free verbal evaluation by experts from the world's leading auction houses-including Bonhams & Butterfields, Christie's, Doyle New York, Freeman's, Skinner, Sotheby's, and Swann Galleries-and by leading independent appraisers and dealers. All ticket holders are guaranteed an appraisal.

In addition, ROADSHOW is looking within 50 miles of each tour destination for large pieces of furniture. Complete furniture submission rules are available now online or by dialing the toll-free information line (see above).

But before hitting the road next summer, ANTIQUES ROADSHOW begins its twelfth broadcast season-in HDTV for the first time-Monday, January 7, 2008 at 8 PM ET on PBS, with host Mark L. Walberg. The new lineup kicks off with three episodes from Baltimore, Maryland, where appraisers discovered the most valuable item of the entire 2007 summer tour-a collection of American Indian artifacts estimated to be worth $130,000 to $200,000. Visit pbs.org/antiques for a preview of the season premiere.

ANTIQUES ROADSHOW is watched by approximately eleven million viewers each week and has garnered five Emmy^TM Award nominations.

ANTIQUES ROADSHOW is sponsored by Liberty Mutual and Subaru. Additional funding is provided by public television viewers.

ABOUT KPTS

KPTS is a locally owned, not-for profit, public television station serving south central Kansas since 1970. The station strives to provide high-quality telecommunications services that deliver knowledge, information and entertainment. In addition, KPTS' programming reflects the diversity of the region through local initiatives.

**Posted with permission of KPTS marketing director. **

For more information, visit:

KPTS Roadshow Info

West Wichita sales data for 2007

Reflection Ridge and Fossil Rim:

The average SOLD price was $312,358 with 43 sales and 89 avg. DOM (day on the market)

The high sales price was $890,000 (Fossil Rim) and $479,900 in Reflection Ridge

Tyler's Landing:

The average SOLD price was $180,447 with 44 sales and 98 avg. DOM.

The high sales price was $251,534 and low price was $128,000

Oakridge:

The average SOLD price was $201,280 with 10 sales and 50 avg. DOM

The high sales price was $256,000 and the low price was $157.000

Forest Lakes:

The average SOLD price was $208,641 with 20 sales and 49 avg. DOM

The high sales price was $279,900 and the low price was $159,900

All Real Estate is Local!

Thank goodness I sell real estate in the Wichita, KS metro area.

While real estate values are down 5% -10%-15% in other markets, the

Stable Wichita market showed a 5.7% gain from Nov., 2006 to Nov., 2007.

Wichita's real estate market after 7 years of increased units sold finally slowed down a little bit in 2007 (-3.2%). 2007 was still the 3^rd best real estate market we have ever had.

Wichita, unlike other cities, had a decrease in new residential listings in 2007 (6.2%). This kept our prices from falling. Total homes left on the market at the end of 2007 was basically the same as 2006 and lower than 2004 and 2005. Available new home inventories were up slightly last year but only by 7 homes.

The average sales price for an existing home in 2007 was $117,766. Average days on the market were 62 and the average list to sales price was 97.13%. The average price of a new home was $211,628 and 1820 were closed in 2007.

The real estate market has grown quite a bit since 2000. That year 1,426 new homes sold along with 7,358 existing homes. This year 1,820 new homes sold along with 10,098 existing homes.

What does all of this mean for you? 2008 will be a good year for real estate in the Wichita, KS metro area.

Why? Unemployment rates are low. Interest rates are low. Hiring needs are high. Rental vacancies are low and rental costs are high. Average sales prices are low.

Thinking about buying a new home this year? Give Kirk Short a call at 316-554-2925. We can help.