My Bellaire Blog

What is the deal with Metro? I understand the blue line is the expressway to the Medical Center through Bellaire Boulevard but is that a reason to disfigure the road and make it look nothing short of clowny?  It has been over 3 months that the blue line has been painted on the curb, and I still cannot get used to it.  It is aggressive.  Disturbing.  It plays with our mind making us feel as if us drivers had to pay attention to an imminent danger.  Or maybe the intent is to make us think that if we are travelling down this road by car, shouldn’t we rather ride the bus?  Let me know what you think…  As far as I am concerned I keep looking for an eraser to make it go away!

It seems that everyone I come in contact with these days is out to get their share of the mortgage meltdown.  First time homebuyers, mover-uppers as well as investors are chasing the “F” bargain…  And why wouldn’t they?  As a buyer who will owner-occupy the property, one can buy a HUD-owned home for as little as $100 down with FHA financing.  And if you qualify as a first-time homebuyer (meaning you have not owned a home for the past 3 years), you will also receive an $8,000 tax refund when you file your amended tax return.  Could you resist such an offer?  Hardly!

However, be prepared to lose a lot of races in the process.  In the hunt for foreclosures, cash is the weapon of choice!  If you need to finance your purchase, you are at a disadvantage…  Many cash buyers are coming out of the woods, from all over the country, to take advantage of income producing properties at a great price.  And sellers love cash!  Cash means a quick close, no appraisal problems, no uncertainty on whether the buyer will ultimately qualify or not and whether the property meet meet lender insurability requirements! 

Does that mean you won’t be able to purchase a foreclosure if you don’t have the cash?  No, but it can become disheartening.  And rest assured that there are a lot of properties at a bargain price that are not bank owned!  Some sellers have to sell for personal reasons, and will take the necessary pricing step to do so.

As for cash rich investors, a cash bid will allow you to win the property.  You may finance 70% of the purchase price after closing.  That is a winning strategy you have to keep in mind.

For more information or to search for foreclosures, visit www.BetterHoustonHomes.info or email lucie@mybellaireblog.com

A new word has been coined: the Texaplex.  We already have the Metroplex to designate the Dallas-Fortworth area,  but Houston is now part of the Texaplex:  the Houston-Austin-Dallas triangle.  To familliarize yourself with it and find out why this triangle has become an entity of itself, you can watch this very informative video at: http://www.texaplex.com/watch-the-texaplex-video/

Way to go Texas!

For anyone who spent a semester in the U of H Moody Towers on Calhoun St.  this may sound as a great relief!

HOUSTON (Houston Business Journal) – Construction began Monday on a $50 million dormitory at the University of Houston.

Located on the university’s central campus, the 300,000-sf building will include 1,172 beds, resident adviser offices, a social lounge, computer lab, multipurpose rooms, fitness room and a convenience store.

The seven-story building will provide housing for freshmen.

Construction is set to be finished by fall 2010.

Hardin Construction Co. is the general contractor.

Texas has nine of the top 20 best cities for job growth in the United States, according a new study. Texas dominated every category, led by number one-ranked Odessa.

Others on the list are Longview (3), Killeen–Temple–Fort Hood (5), Austin–Round Rock (6), McAllen-Edinburg-Mission (7), Laredo (8) and Houston–Sugar Land–Baytown (10). Next come College Station–Bryan (16) and San Antonio (20).

The study used job growth data from the Bureau of Labor Statistics for 333 U.S. regions.

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.

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!

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

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!