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.

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.

Ok, here it is.  After enjoying several years of decreasing municipal tax rates, City Council voted for an increase of our residential taxes.  Granted, home values have decreased.  About 4% in the last year, and 11% for the commercial properties in Bellaire.  To compensate for the lost revenues to fund the budget, the city had to increase the tax rate.  It would apparently affect the average household $78 for the year. 

I hope you protested your property values this year because you would have received a significant decrease.  I protested mine (or actually, hired BTA to do it) and saved enough to compensate for this new rate hike.

Should you be curious about the market value of your home, don’t hesitate to sign up for the automated Market Snapshot on my website at www.LucieOgdee.com or give me a call at 713-539-1006.

Here are a few negotiationtips to be kept in mind if you are buying or selling a home.  Always stay focused on completing the sale: That is your main goal! 

1) Don’t go back and forth too many times.  On the third round of negotiations, buyers and sellers stop focusing on the goal of buying or selling a home at the right price.  The parties make it a personal issue, that has much to do with personalities and character, far removed from the deal at hand

2) When you concede to something during the negotiations, always ask for a concession in return. In doing this you are keeping the plane even with the other party.

3) Never take the first offer too quickly 

4) Get the other party to negotiate with himself.  Here is a true story:  Instead of coming back with a counter-offer, a seller responded that he likes everything about the offer except the price, forcing the interested buyer to raise his price without any indication from the other party of where the ceiling may be.  I would caution however that in a buyer’s market like the one we are facing today, this strategy can backfire for the seller.  Buyers may very well walk away to a similar property where the seller is more motivated to make a deal happen.

  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

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

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!

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.

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