My Bellaire Blog

If you have your home for sale, you need to think twice before pulling it off the market during the holiday season.  Here are some compelling reasons to ponder, courtesy of Mark Heinrich:

1- Everyone else is taking their house off, so inventories typically shrink, giving your home less competition

2- The second most popular time corporations transfer employees is mid-year so their children can transfer schools at mid-year.  Those buyers are looking for homes in November and December.

3- When does someone’s home show the best?  The holidays are that time when homes are spruced up and beautifully decorated

4- Many buyers want to buy and close before year-end to get the benefit of the homestead exemption.

So if you have been under the impression that now is not a good time to have your home on the market or to list it, think again…  and give me a call!  I am here to help!

  Looking for a nice Bellaire family home under $650,000 and zoned to an exemplary school?  Look no further than 1114 Anderson St!  It’s a traditional brick home with a large backyard suited for children’s play and your future pool.  A gated driveway is great for riding a tricycle!  On the first floor, beautiful cherry hardwoods greet you as you walk into this bright and airy home with designer colors and contemporary flair!  The formal living has built in bookshelves and elegant crown molding: the room can also be your study, library or music room.  The formal dining has built-ins with an adjacent butler’s pantry.  The kitchen is open to the family room, and the slate backsplash in the kitchen ties in to the slate surround gaslog fireplace.  Recessed lighting is present all throughout the downstairs.  The master is enormous and shares the second floor with 2 other bedrooms and the vaulted ceiling gameroom.  The third floor features a large fourth bedroom complete with its own bath and closet.  For more pictures, click on this link to the Virtual Tour or give me a call to schedule a private showing at 713-539-1006

There were 23 properties that sold in Bellaire in August, down from a total of 28 in July.  Sales ranged from $195,000 for a 5,100 SF lot on Holt to $1,675,000 for a 5,689 SF home.  The majority of the sales were in the $600,000 to $799,000 price range (8 sales) followed by the $190,000 to $399,000 range (7 sales).   Three homes over $1 million were closed on.

To see what is available for sale now, visit www.BellaireBestHomes.com.   To get an idea of your home value, fill out the Market Snapshot request form at the top of the page for a monthly email of MLS generated sales data.  You can also email me at Lucie@MyBellaireBlog.com

Good lots are becoming harder to find as the City of Bellaire continues its race to rebuild itself…  2/1 post-war cottages are masterfully turned into beautiful custom mansions, and the Bellaire New Home Showcase attests to this every year.  The Spring Showcase is coming up this weekend and if you are thinking of building, this is the perfect time to get ideas, dreams and inspiration and meet some of the builders. 

I do have a premium lot for sale on a street that is almost completely rebuilt.  It’s a great size at 8,775 square feet (per appraisal district).  It is on Anderson Street which runs North/South and the property is located on the West side of the street.  There is presently a 2/1 cottage there that has been updated with granite countertops, and could be leased while you are taking the time to finalize your building plans for your dream home.  Zoned to Condit Elementary, it is within a short drive to the Recreation Center and the Library and far enough from 610 not to hear its rumble.

Call me if you are interested in this amazing opportunity.  I do have an Exclusive Listing agreement with the Seller but I will not place it on the MLS.  My contact information is 713-539-1006 or Lucie@kw.com. 

And hopefully, I will see you at the Showcase!

This information is very interesting, so here it is:

HOUSTON (Houston Chronicle) – Sales of luxury homes in the Bayou City haven’t been immune to the slow housing market, but neighborhood values have seen an uptick.

Last year, 3,178 Houston-area homes sold for $500,000 or more, down about 10 percent from 2007, according to a study from Crawford Realty Advisors in conjunction with the University of Houston’s Institute for Regional Forecasting.

Sales of homes that went for $1 million or more were down 8 percent according to the data, which is based on sales in a five-county area.

The decline intensified during the first two months of 2009, with sales of at least $500,000 down more than 40 percent in January and February compared with the same months last year.

However, while sales were slumping in some of Houston’s most exclusive neighborhoods, values in those areas increased.

The median price per sf in River Oaks last year, for example, was $360.96, up 5 percent from 2007, according to the Crawford data. Tanglewood values were flat, and West University Place posted a 12 percent increase.

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

The MLS # is 8742200.  This is a 5,699 SF house with a pool and tropical landscaping at the end of a cul-de-sac outside the loop.  Lot size is 8,450 and it is offered in the low $800.  Let me know at Lucie@MyBellaireBlog.com if you would like to receive any details or have any questions about placing an offer on this property!

Search all Bellaire Homes at www.BellaireBestHomes.com

Another exciting week, as rates were up down, up ,down, and finally down .25% from last week. Will we ever see 4.0%? I don’t know, but if it makes sense right now to buy or refinance, do it. That is my ongoing advice.

 There is rumor that a $15,000 homebuyer credit has been approved in the Senate. I have not been able to confirm , but I know it is looming. Currently, there is APPROVED a  $7500 tax credit that is given at the time they file their taxes. So, if a first time homeowner (who makes less than $75,000/year)  buys before July 2009, they can claim this credit for 2008 (if they file an extension) or on 2009 tax return (a whole year from now!). The credit offsets the tax they owe, and is required to be repaid over 15 years. So basically, and interest free loan. 

The NEW PROPOSAL posed to the Senate as a part of the stimulus package is: Increase the credit to $15,000 (or 10% of the purchase price if less), and available to ALL homebuyers, regardless of income or purchase history, and not require repayment. Wow. That would spur some buying for sure. I will just avoid thinking where that money will come from for now. Let’s just take a bat for the team on this one, and call it a good thing.

I saw an article online that said ‘Credit Standards Tighten’. Where has that journalist been? That is old news! Yes, it is true. There are more rules, more paperwork. But we just get through it all somehow. The funniest example I have is one of our investors now requires that any letters of explanation for the borrower are handwritten, not typed. Hint: loan officers have really good writing skills. But isn’t that funny? We are going to such extremes. But again, a bat for the team. When I am 80, I hope to look back on 2009 with a grin, and know that I helped a lot of people accomplish the American dream of homeownership.

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