John & Bonnie Barker

Great deals on homes

Bonnie & John Barker — Mon, 14 May 2012 15:33:00 GMT

We've just reduced our listing on 6025 Mentmore in Copperleaf, Cary, NC to $725,000. Wow! That's a $50,000 reduction and an incredible deal. We are having an open house this Sunday, May 20 from 2 until 5 PM so come by and check out this incredible home.

Questions? I'll do my best to answer:)

John

Short Sales...quicker lender/servicer responses than 2011

Bonnie & John Barker — Tue, 24 Apr 2012 15:53:00 GMT

Pursuing a short sale is often thought of as a painstaking process, and it’s not uncommon to hear of complaints about slow responses from servicers and last minute rejections on offers. Fortunately, not all lenders/servicers are the same when it comes to dealing with short sales, and RealtyTrac compiled a list of data revealing which institutions tend to move through the process quicker and for less.

Fannie Mae, Freddie Mac, and FHA had the shortest timelines at 193 days in January 2012, a decrease compared to a year ago in January 2011, when short sales averaged 248 days. Ally Financial came in second at 321 days, reducing its timeline as well from 393 days a year ago.

PNC Financial Group was third, taking 353 days, though the bank takes longer than it did a year ago when the it took 206 days. Wells Fargo came in fourth (385 days). Bank of New York Mellon took the fifth longest (402 days), followed by Bank of America (403 days) and Sun Trust (404 days). The short sale timeline includes the time a property starts the foreclosure process to the time it’s sold as a pre-foreclosure property.

Recently, Fannie Mae and Freddie Mac announced new guidelines to take effect in June requiring servicers to respond within 30 days after receiving a short sale offer or a borrower application. Bank of America recently announced that its providing a decision on a short sale offer in 20 days.

In terms of pricing, Fannie Mae, Freddie Mac, and FHA sold homes for the least amount in January 2012, averaging $128,642, a drop from year ago prices in January 2011 when they averaged $160,982. Deutsche Bank’s average price was $132,996, followed by Sun Trust Banks ($144,024), and CitiGroup ($148,411), and PNC Financial Group Inc ($149,332). Bank of America Wells Fargo were the bottom two on the top 10 list, averaging $158,632 and $167,371, respectively, for January 2012.

As for the number of short sales, Bank of America completed the most in January 2012, with 5,276, followed by Chase (2,967), Wells Fargo (2,788), MERS (1,429), and Bank of New York Mellon (1,401).

Market Trends for March 2012...Positive Trend Continues for 9th Straight Month

Bonnie & John Barker — Fri, 20 Apr 2012 15:47:00 GMT

First off I've got to mention a tremendous savings on our listing at 6025 Mentmore Pl, in one of the nicest, most successful neighborhoods ever in Wake County and in particular Cary...Copperleaf. Check it out on our home page.

It's always interesting to get an idea of how the real estate market is fairing, especially compared to last year, so I thought I'd put up a few numbers.

According to stats from our TMLS...In March of 2011 there were 4790 new listings. This March, 2012...4205 new listings or a decrease of -12.2%

From Jan-thru March of 2011, there were 11,618 new listings with only 10,543 new listings in 2012 for the same time period. A decline of 9.3%.

On the positive side of things, closing are up 11.2% in 2012 thru March. 2011 Jan - March there were 1,614 closings, compared to 1,794 thru March of this year

From Ray Larcher, President, Triangle Multiple Listing Service (TMLS).

"Closed sales continue a nine-month positive trend through March. Sales in March were up 11.2 percent over March of 2011 and the nine months prior (July 2011 through March 2012) showed a 12.4 percent increase over the same time period last year. Each of the four primary counties showed significant growth over last year. Durham County lead with a 21 percent increase; Johnston County had 13.7 percent increase; Orange County showed a 16.2 percent increase and Wake County had a 13.1 percent increase. Several local municipalities/areas with the largest increases over last March were Durham North up 80.6 percent; Durham Central up 27.9 percent; Chapel Hill/Carrboro up 27.4 percent; Inside-the-Beltline in Raleigh up 26.4 percent; and Cary/Apex/Morrisville up 24.5 percent. In addition, the pending sales (homes under contract, but not yet closed) also exceeded last March by 17.1 percent, a trend that has continued for the past eleven months. Total closed sales for the region were 1,794 units."

New Listings in the Triangle region decreased by 12.2 percent to 4,205 units for March. Inventory levels shrank 27.9 percent in March to 13,714 units from 2011. For the first time in nine months housing prices started to turn the corner and increased in March with Median Sales Price up 1.6 percent to $185,000 and Average Sales Prices up 2.6% to $218,079. Days on Market increased 2.9 percent to 135 days over last March. Absorption rates improved as the Month’s supply of Inventory was down 27.4 percent to 8.1 months.

The Housing Affordability Index was at 194 which is 7.9% higher than last year. This index measures housing affordability for the region and an index of 120 means the median household income as 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A Higher number means greater affordability.

"For better or worse – usually better – housing is closely tied to the broader economy. Recent improvements suggest that there may be a stirring of optimism in the center of this market," Larcher concluded.

Spring is here

Bonnie & John Barker — Mon, 16 Apr 2012 13:18:00 GMT

Just had a conversation with a long time client who spoke of how they were going to miss NC in the spring most of all, after they relocate to NJ. It makes me appreciate our beautiful state and the Raleigh/Wake Forest area even more. Today is about as ideal a day as any with temperatures in the mid 60s, expecting to rise to 82 later. The great thing is low humidity. Ya just gotta love Carolina in the Spring.

Some quick advice on selling your home in this distressed market, which by the way, according to numerous sources, should be beginning an upturn slightly in 2012. In a word...Upgrades. I've noticed, for example, compared to 2005-2006...granite counter tops were expected in homes price above $300k. Now...buyers are looking for granite in homes from $250k and up. And they're getting them. Some companies even allow you to have granite counter tops installed with terms up to 10 months to a year, with no payments. You may want to check this out if you think it's taking too long to sell you house. Buyers are enjoying this market because they simply get more house for their money than just a few short years ago. You can leave a message here, text or call if I can help you sell your current home or assist you in buying your new home. Or, if you just have a question.

Thanks and I hope you can enjoy this day!

John

919-522-9905

2 Story Home with 4 Bedrooms & 3 Full Baths, For Sale in Harrington Grove

Bonnie & John Barker — Mon, 07 Nov 2011 10:46:00 GMT

Located near RTP/Shopping

• 2,614 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $289,900 - Pristine

Harrington Grove, Raleigh - This gorgeous home has been inspected and repairs completed. Professionally decorated/updated. Cul-de-sac safety. New interior & exterior paint, NEW ROOF! New front door & side lights, new wrought iron railings, new AC unit, new hot water heater. New sink in 1st floor bath. with granite counter tops. New shower doors & framing in downstairs bath & in master suite.Hardwoods downstairs, fenced in backyard. Annual termite contract. Near Brier Creek shopping, RTP and RDU. It's been reduced for a quick sale! Leesville school area.

Property information

Share your thoughts?

Bonnie & John Barker — Tue, 25 May 2010 14:30:00 GMT

This is a great place to share your thoughts about the real estate market as it exists today. Your input is appreciated.Buyer perspective...Seller perspective...What's on your mind?

JOHN

$8000 Tax Credit deadline is November 30, 2009

Bonnie & John Barker — Thu, 09 Jul 2009 14:00:00 GMT

Time is flying by and the deadline for the $8000 tax credit of November 30, 2009 is fast approaching. First time home buyers and buyers who have not owned a home in the past 3 years qualify for an unprecedented "gift" from our government of up to $8000, which can be used as a downpayment, closing costs, home repairs or other home expenses. That fact coupled with the NAR's prediction of a rising interest mortgage rate by next year may cause a log jam of buyers, trying to get their closings done on or just before November 30 of this year. To find out the details of the $8000 qualification and if you qualify, visit www.irs.com. There are also other tax credits available that may fit your situation that have been brought about by the latest stimulus plan.

Another site that may interest you is www.nchfa.com. That is the North Carolina Housing Finance Authority. They specialize in secondary financing and downpayment assisstance programs.

Please feel free to call me if you have any questions. If I can't answer them, I know who can,

John 919-522-9905

Top 10 Most Heavily Taxed States

Bonnie & John Barker — Mon, 06 Apr 2009 14:53:00 GMT

It’s April, so people’s thoughts are turning to taxes, and where they live makes a big difference in how much they pay.

Here are the 10 states with the highest taxes, including property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. The per capita tax was derived by adding up all the taxes and dividing the total by the number of citizens.

1. Vermont, $3,861
2. Hawaii, $3,856
3. Connecticut, $3,596
4. Minnesota, $3,203
5. New Jersey, $3,024
6. New York, $3,019
7. Massachusetts, $2,953
8. Washington, $2,553
9. Wyoming, $2,357
10. Pennsylvania, $2,223

Source: Forbes, Matt Woolsey (03/30/2009)

Stimulus: The latest from the National Association of Realtors

Bonnie & John Barker — Mon, 16 Feb 2009 04:16:00 GMT

Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.

So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.

Happy New Year!

Bonnie & John Barker — Wed, 31 Dec 2008 17:11:00 GMT

Leave your questions here and I'll get right back to you.

John

It's good time to buy a home.

Bonnie & John Barker — Thu, 25 Sep 2008 14:18:00 GMT

Good morning all.

I hope you're doing well this morning and are enjoying the cooler temperatures of fall. Here in Raleigh, it's nice to have the ac off and the windows open.

I'm watching the news like you are and am hearing very little optimism being expressed, especially regarding the lending and housing industries.

However, some interesting facts have surfaced. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, last week the 30-year fixed had dropped to 5.78 percent. That's good news for buyers.

Unlike most other areas of the country in the South, existing-home sales increased 0.5 percent to an annual pace of 1.86 million in August, but are 15.1 percent below a year ago. The median price in the South was $176,500, which is 3.4 percent lower than August 2007.

Real estate industry consultant and former eNeighborhoods executive Greg Robertson, said he expects a post-election market stabilization.

In closing just remember that rates are down and inventory is up. Good signs for buying a home. If you have any questions I can help you with, please don't hesitate to ask.

Below is courtesy of one of our top lenders, Michelle Zelvis. Rates could be even better by tomorrow's report.

Mortgage Interest Rates*

Rates as of Friday, 19th September, 2008:

	Conforming	APR	Payment per $1,000	Jumbo	APR	Payment per $1,000
30 yr conventional	5.625%	5.761%	$5.76	%	0.000%	$0.00
FHA 30 yr fixed	5.5%	5.635%	$5.68	%	0.000%	$0.00
VA 30 yr fixed	5.5%	5.635%	$5.68	%	0.000%	$0.00
USDA	5.5%	5.635%	$5.68	%	0.000%	$0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Want to save on energy costs this winter? Check out this link. http://www.realtor.org/rmohome_and_design/articles/2008/0810energytips

Wishing you the best,

John Barker

The Barker Realty Gorup, LLC

919-522-9905

Email: johnbarkerhomes@gmail.com

How it looks nationally on Septemer 23, 2008. It's getting better...slowly.

Bonnie & John Barker — Tue, 23 Sep 2008 18:14:00 GMT

Housing Market
National average mortgage rates declined to 5.78% in the latest Primary Mortgage Market Survey released weekly by Freddie Mac on September 18th. This is the fifth straight week that rates have declined and the lowest they have been since mid-February. In the week ending September 12th, the MBA’s seasonally-adjusted Purchase Index increased to 380.4 from 371.5 in the previous week. The latest figure reflects a 2.4 percent increase from last week but a 15.84 percent drop from the same period last year. Falling mortgage rates have caused purchase applications to increase for four straight weeks while also sparking a jump in refinance activity.

Both new and existing home sales increased in July. New home sales in July increased from its lowest levels since September 2001 last month. Sales increased 2.4% in July to a seasonally-adjusted 515,000 homes, up from a revised June figure of 503,000. Sales for the previous three months, however, were revised lower by 46,000 units. The number of new homes for sale continued to decline as builders continue to scale back production. New home inventory declined to 416,000 which is the lowest it has been since October 2004. In July, median new home prices increased for the second straight month to $230,700.

Annualized sales of total existing homes in July rebounded to its strongest pace since February. Sales increased 3.1% from June levels to 5,000, 000 units. Sales of existing homes are down 13.2% from the 5.76 million units in July 2007. Median existing home prices in July declined to $212,400 from $215,100 in June. This is the first time since February that median existing home prices posted a monthly decline. The number of existing homes for sale increased 3.87% to 4.669 million units. At the current sales pace, there are 11.2 months of existing homes supply on the market which is an all-time high.