My Bellaire Blog

Never have 30-year fixed mortgage rates been so low since the government started keeping records of the rates in 1971: 4.63%!  So I had to post this information in case you have not heard….

This is a window of opportunity which length is impossible to predict.  If you are adamant about staying in your current home and love it, you owe it to yourself to inquire today about refinancing your existing mortgage and whether or not it would be cost effective in your situation.

If you have ever thought about upgrading to a larger home, the best time to do so is in a Buyer’s Market:  lots of inventory to choose from, builders in distress, occasional foreclosures and did I already mention 4.63%?  Some of you are worried about not making as much selling your existing home.  Whatever savings you achieve on your dream home will more than compensate for the “loss” on the smaller house:  you will certainly come out better than if you decide to wait for a Seller’s Market to upgrade to a larger home, and pay top dollars for it.  Ask me about a list of Best Buys in your price range, in the area you wish to target.     

Are you leasing right now and have not owned a home in the last 3 years?  You can also get an $8,000 tax credit and use those funds as a down payment on a home (ask me about the details).  This is the best market for First Time Homebuyers: Tons of choices, good deals and did I say 4.63%?

In addition, if you ever dreamed of generating passive income from rental properties, I believe there are more opportunities now to create positive cash flow with the low rates. 

Smart buyers are looking NOW.  I am truly enjoying helping people position themselves to win in the long run.  4.63%….  I would love to help you also, or anyone you know.

Have you ever biked or walked along White Oak Bayou?  Try going this week.  And, if you’re only interested in a photo shoot, the best spot to photograph your kiddos among the blue wildflowers is across from the Boy Scouts of America building at TC Jester and 610 North.

The ride on the White Oak Bayou Bike Trail is great: only 1 street to cross between 11th street and 43rd street! Everything else is a paved two lane trail along TC Jester with bridges and underpasses.  Check it out!

Is it a glimpse of good news towards recovery?  I want to believe so.  As sales increase, the backlog inventory will decrease, helping prices to stabilize.  The Federal Reserve estimates home prices could fall 18 to 29 % more by the end of 2010.  Job loss is one of the major factor affecting housing this year.  More details about this national statistic is available by reading this article . Real estate is local and to learn more about what is happening in your neighborhood, contact a Realtor or sign-up for Market Snapshot!

14 single family homes sold in February ’09 in Bellaire.  Of the 14, 3 were homes built before 1960 and ranged in price from $360,000 to $960,000.  New home sales ranged between $860,000 and $2.2 Million. 

Sales of single family homes were down compared to February ’08 (17 sales).  The homes sold at an average of 94% of their last listed price.  The price per square foot varied from $151 for a home built in 1993 to $257 for a new construction.

As of today, there are 196 homes on the market and 14 pending.  For details about what is happening around your house, sign up for the FREE Market Snapshot on the right of this blog or email us to receive a detailed report.

Our phones have been ringing nonstop today after the unemployment numbers released worse than expected. Rates normally would go down. But not today. They went up a small bit, as the treasury prices are being pushed down with flooded demand (rates move the opposite…so up). 

 National employment is at 8.1% , the highest level since 1983.  Let’s look at the bright side, it has not yet reached the worst in history, which was 10.8% in 1982.  I don’t mean to make light of a grim situation, but they say psychology is everything. If you tell yourself it is a bad time, it will be. If you tell yourself it is a great time, it will be. Which is it for you?  I say it’s a great time. A great time to be a Houstonian/Texan for sure. We are (finally!) getting the recognition we deserve as having (a) lower unemployment (b) more affordable housing (c) less foreclosures, and (d) having a positive jobs market.  And did I mention we only have 6.5 months of housing inventory? Its a far cry from Florida with 28 months. I just cannot even imagine what that would be like. Again, thankful to be a Houstonian.

 Is Houston experiencing lower pricing and sale levels? Yes, we are. No one is recession proof. Oh wait……Fargo, ND has 3% unemployment, and according to CNN is not in a recession. That’s right. Let’s pick up and move there! (No offense if you are from Fargo). I’m a city girl. We live in the 4^th largest city in the US (#1 if you are talking land size)  with lots of people. And that means that we are impacted more by trends. Also, we have to keep in check that the last few years we enjoyed above average returns in real estate. Incredible numbers! What we are seeing now is more ‘normalcy’. That statement is from Mike Inselmann himself , the President of Metro Study.

 SMART BUYERS are buying now with these low rates! With unemployment numbers on the rise, and the recession with no end in sight, will we have a repeat of the 80’s and 17% interest rates? My generation (I was born in the 70’s ) is too young to remember these times. But I have been told that history is starting to repeat itself. So will Obama’s policy making make Jimmy Carter look like a saint? My point here is: get out there and buy while you can, before the rates spiral out of control. You could be one of the lucky few someday with a single digit rate- and in the 4’s at that!

 Have a fabulous weekend, and remember, I am your trusted friend in mortgage lending.

Jennifer Hernandez

Vice President/Mortgage Consultant

Patriot Bank Mortgage

Office:    713-337-8400

Mobile:   713-446-7791

E-mail:    jennifer@patriotbankusa.com

Web:      www.loanwithjennifer.com

As you are listening to the national news you probably heard that the Pending Home Sales Index fell by 7.7 percent from December to January to hit its lowest level since the National Association of Realtors began tracking it in 2001.

No matter how dire the national news are, what matters to you as a seller (or buyer) is what is happening on your block!!  Real estate is LOCAL.  It’s like the weather: The average temperature in the US is no indication of what the weather is like in your neighborhood! 

To find out aout what is exactly happening on your block, sign-up for the free Market Snapshot real data newsletter.  It’s free, and you’ll be in touch with the pulse of YOUR market!  Just email Lucie@MyBellaireBlog.com no matter where you live.  The Snapshot is available nationwide, block by block…

Come see for yourself the best priced property in Bellaire!  Open house from 1-3 PM at 3 Azalea Trail Ln.

4 Beds, 3 1/2 baths,  3,326 SF on a large lot with detached garage and electric gate.  For pictures and more information visit www.BellaireBestHomes.com  or email me at lucie@MyBellaireBlog.com