My Bellaire Blog

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

A dismal 7 properties closed in the City of Bellaire in January, with prices ranging from $250,000 to $590,000 with an average of 53 days on the market and an average price per square foot at $197.85.  Last January had 12 closings ranging from $239,000 to $1,864,500 and the average price per square foot was $213.  The outlook for next month seems brighter:  11 homes went under contract in January and are pending to close this month or next.  Those pending sales range from $360,000 to $2,574,900 in their list price!    So things started picking up with the new year, and if you are wondering whether to list now or in the spring,  call 713-539-1006 for a complimentary in-depth Market Analysis of your home or sign-up for the amazing Market Snapshot email that you can receive free as often as weekly!  My email is Lucie@MyBellaireBlog.com .

Also, please visit www.BellaireBestHomes.com to view everything offered for sale in the City of Homes!

Two incidents happened in the last couple of weeks in our neighborhood that came to my attention.  A car was stolen from my friend’s driveway at night.  Their garage backs up to 1st Street, between Bellaire and Bissonnet.  Since they have 3 vehicles, one stays parked on the driveway.  One morning, prior to the theft, my friend noticed his car doors were unlocked, and thought it was strange since he always makes it a point to lock the doors of his car.  Next thing, the car is completely gone one morning.  His car alarm had failed during Ike, and that’s what the thieves were possibly testing the first time around.  They now feel very violated and unsafe in their own home.

The other incident has to make realtors and their clients aware of the need to keep the alarms activated on  vacant property.  The house at 847 Jaquet has been on the market and vacant for a while.   It’s front door got stolen last week.  The neighbors noticed the house was wide open and the front door gone.  It could also be that appliances were taken.  Now a piece of plywood in the front tells the story.  My friend who lives on Jaquet does not feel too safe either.

So Bellaire be careful!  The recession is not helping the crime around here, and lets watch out for our own streets and neighbors.  Also, setting your alarm is important even if you’re just going to the grocery store!

At the last Condit Elementary School PTO Meeting, Melissa Lowry, a private education consultant from Smartpantz Education based in West U gave a crowd of Bellaire parents some helpful tips to manage the all-too frequent homework excuses from the kids.  As I was starting to wonder whether my child was too young and immature for the responsibilities the school asked of her, Melissa soothed my worries by stating that up until 8th grade, parents need to go through the famous blackhole called “backpack” nightly to ensure important papers have not strangely slipped out of binders and folders. 

What a big relief for me!  My child was not really behind…  Expecting a fifth grader to be on top of all assignments, worksheets, projects and field trip permission slips is apparently too much to ask.  So now I don’t feel guilty hovering, digging through the backpack, checking the agenda despite the claims of my daughter that everything is taken care of.

On the other hand, Melissa emphasized that it is important to let the kids fail from time to time in the elementary years so that they learn from the natural consequences of their non-actions: better now, than when you are paying thousands of dollars for a college semester!  Homework needs to be a positive experience, with a consistent place and time attached to it.  It also needs to be a priority, because kids will learn study skills and the ability to concentrate for along period of time.  The role of the parent should be similar to the encouragement of a sport coach’s - as opposed to being tyrannic… 

Lastly, your child needs only to be the most effective student to succeed, not necessarily the smartest.  Good study skills, test-taking strategies, project management skills are all that are needed to breeze through high-school and college.  And consistent homework habits will help to develop those.

If you are interested in having Melissa come to speak at your school, give her a call at 713-444-6471.  She is really passionate about teaching and is a great speaker!

So where are the 4.5% rates, you are wondering? Your clients are asking, I am sure. They ask me too! Well, as you can see below, the rates are not far from that at  4.625%. But keep in mind, to get that, you MUST pay 1% origination fee (1% of the loan amount added to closing costs). If you want to ‘waive’ that fee, you can expect .625-.75% higher interest rate. That is a far cry from the .25% in the past. In other words, it makes sense to pay the 1% origination for many people, who expect to be in the home a long time. For those on a 6 year or less timeline, maybe not pay the point, and save your cash.

Why such a large spread between the 1 Origination and 0 Origination? I have heard several theories (a) lenders do not want to sell the higher coupons (rates), as they anticipate rates will go down, and their fallout will increase (b) they have been burned in the past paying originators the premiums on the back end, just to have early payoff in low rate markets, and (c) no one knows.  I pick C!  Does anyone really know?

Another rumor I have heard, is that some , if not all, of the big banks are losing money in their mortgage divisions. Big money. So they are hesitant to lower their rates because they are adding larger margins than in the past. To make it ‘worth it’ for them to stay in business. The margins from 03/04 when the rates were also at historic lows, and lenders could not print money fast enough, were turbulent times. Hiring frenzies, backlog in processing and fundings. The grass was not necessarily greener on the lenders’ side. Are they now remorseful and learning from their mistakes?

The FED meets this week for a 2 day meeting (Tuesday/Wednesday). For the first time, they will not consider lowering or increasing the rates. They will be concentrating instead on strategy to get the economy turned around.

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

Have you ever been to the Awty International School campus at I-10 and N. Post Oak?  All the walkways are framed with rose bushes - still in bloom at this time of the year…  It is just beautiful and so fragrant to walk around the campus!  The same goes for St Anne’s Catholic Church/School at Westheimer and Sheperd.  Roses are quite delicate and they need the exact amount of water and sunshine – and pesticides to prevent fungus in the humid Houston summer.  However the gardeners at these 2 places are doing an amazing job.  I have a rose bush in a pot that I purchased a couple of years ago.  I forgot the name of it, but it is purple and so fragrant.!…  I could not resist but photograph 2 of the blooms last week to share with you.  I wish I could transmit scent over the Internet…

What’s your favorite rose?

Recent bloom in a pot

I have not used any chemicals yet...

I ran into a friend of mine today, and she asked me the question “How’s the market?” She knows I am in Real Estate.  I gave her a fact: a house in Bellaire closed last week after being 3 days on the market.  She could not believe it.  So I told her it sold for a little over $2 million and she was even more perplexed!  Yes, this is how Real Estate is.  There are no generalizations to be made.  We can pull alot of statistics and look at numbers, however it will not tell you how long your particular house will take to sell…  I sold an older home in West U in November the day after it hit the market…To get a better idea of what your home will sell for, get the help of a professional.  Or, if you’re just playing with the idea of selling or purchasing, you can sign-up for an automatic email update that will send you information on recent sales around your house.  It is free!  Just email me at Lucie@kw.com with your email address, street address and the frequency of the updates you would like (weekly, bi-weekly or monthly).  You can remain anonymous.  Why not take advantage of it?  It is based on real MLS sales data as opposed to assessed tax values you find on many “real estate valuation” websites.  Now you can get the answer first hand on how YOUR market is doing!