My Bellaire Blog

When we bought  our house 11 years ago, we liked most everything about it except the fireplace surround: floor to ceiling pink(ish) brick, with an elevated brick hearth jetting in about 2 feet into the family room, and a white mantle floating in the middle of the brick wall.  It dominated the family room not only visually but also spatially.  It was a decorating nightmare, especially for the holidays.  After a few years of trial and error I finally found a way to make the room go together and evolve into something we could like.  But today, the brick was taken down!  The result was long overdue:  it looks so much bigger and brought an unimaginable decorating freedom !  I cannot wait to explore the possibilities and create a new, bigger and more inviting space.  I will post before and after pictures when it’s ready.

 Texas was responsible for 19.4 percent of the total jobs created nationwide from September 2010 to September 2011, according to the Texas A&M Real Estate Center’s latest Monthly Review of the Texas Economy.

The state’s mining and logging industry ranked first in job creation, followed by construction and the professional and business services industry.

Suprisingly, Victoria ranked first in job creation, followed by Corpus Christi, Laredo, Odessa and College Station-Bryan.

The state’s actual unemployment rate in September 2011 was 8.4 percent. Midland had the lowest rate followed by Amarillo, Odessa, College Station-Bryan and Lubbock!  Time to relocate from here if you are desperately looking for a job!

It seems that the Texas Attorney General has called for a halt on all foreclosures because of the current scrutiny over how foreclosures are processed.  Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.

The action was taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” said Jerry Strickland, a spokesman for Attorney General Greg Abbott.  That includes improperly signing the documents that are related to the foreclosure process.  They halted also the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties. 

I guess we should see foreclosure listings in Houston stop in the next couple of months…  I hope they will not withdraw properties that are currently on the market and that my investors clients are in the process of buying.

After the hard freeze we got over a month ago and the desolate landscape of dead plants lying lifeless both in my front and back yard, imagine my surprise this past weekend when, taking advantage of a couple of rays of sunshine, I went out to discover numerous purple blooms on my peach trees!!!

 These trees are only 4 years old and were started from a seed.  Last year, we had about 6 or 7 fruits on each tree, but by the time they ripened, there were only 4 in total left for us to enjoy.  The squirrels had beat us to them, although they had plenty of papayas to satisfy their hunger (and thirst, in the hot summer days).  They were sweet and fragrant white peaches!  Yum!

With all the controversy surrounding the possible development of a soccer stadium North of Bellaire City limits,  I can’t help but think of the reasoning behind the choice of this location.  It seems to me the original 12 acres purchased by the city of Houston East of Downtown (known as EaDo) would make so much more sense!  Being close to the Downtown hotels and other sports venues has a lot of advantages,  especially the access to the major freeways that converge Downtown to begin with.  It would also bring  development to an area of Downtown that was long neglected.  Also, there was the genius plan of having it connected to TSU by rail to allow the University to play its football games there: it tops it off as the better thing to do!  Why pick a location that is as as congested on weekends as it is on weekdays, close to the busiest and deadliest stretch of West Loop 610?  Hopefully this will not come to fruition!  What do you think?

NEW YORK (CNNMoney.com) – March pending home sales increased from February numbers and from March 2008, indicating that buyers think now is a good time to buy a house.

The Pending Home Sales Index from the National Association of Realtors (NAR) showed a 3.2 percent gain to 84.6 from February, when it was 82. The index stands 1.6 percent higher than a year ago.

The index is understood to be a forward indicator of home sales trends as it measures contracts signed, not completed sales. The uptick may indicate that home prices have fallen low enough for buyers to get off the fence.

“If inventory goes down — it’s at just under ten months now — to below eight months, that would mean we’re on the way to a sustainable recovery,” said Lawrence Yun, NAR’s chief economist.

Anecdotal evidence indicates that trend may be happening. Realtors and other industry insiders are seeing rising open house attendance and multiple bids on some particularly desirable properties.

Today, buyers are more likely to bid because they perceive the market as at or near its bottom. An April Gallup Poll reported that 71 percent of Americans thought it was a good time to buy a house.

The South saw the largest gain of any region, with pending home sales jumping 8.5 percent from February to March. Pending sales were 7.7 percent higher in March compared with the same month a year ago.

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.

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!

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…