John Barker

Share your thoughts?

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

Tax credits and trends

John Barker — Tue, 25 May 2010 14:23:00 GMT

Real Estate Market Trends for April 2010

As expected, buyers in the Triangle MLS region took advantage of the federal first-time home buyer tax credit last month, which officially came to a close on April 30. Pending Sales registered in at 2,904, up 32.0 percent versus last year at this time. Closed Sales were similarly up 32.2 percent to 2,266.

To capitalize oon buyer demand, sellers added 5,124 new listings to the market in April, an increase of 24.9 percent compared to last year. They may have also been encouraged by the Median Sales Price which was up 3.9 percent to $184,950. This influx of listings has pushed inventory up 2.0 percent to 18,814. That amount of active listings is the highest since November 2008. But because buyers have been so active, Months Supply of Inventory is actually down 2.0 percent over last year to 9.6.

The month of May will be the first statistical test of the post-tax credit era. Will there be a bid drop-off in activity? Business as usual? We'll see. We're also watching mortgage rates more closely. They may spike sooner than later now that the government has stopped buying mortgage-backed securities.

$8000 Tax Credit deadline is November 30, 2009

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

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

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!

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.

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.

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.

Your input

John Barker — Wed, 06 Aug 2008 04:22:00 GMT

I would love to hear what you have to say about how I can make this site better for you. Your input will be greatly appreciated.

John

Finally, something is being done to help 1st time buyers get started!

John Barker — Fri, 01 Aug 2008 00:00:00 GMT

Hey everybody, check out this link. It looks like our government is really trying to help.

http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

If you have any questions about this or the buying process, please let me know. I check back here often.

Thanks,

John