The new year is a perfect time to review goals, according to several local Realtors who shared their own resolutions and reflections about what homeowners and first-time buyers should think about during the coming year.

"I believe price appreciation is in store for the year 2005. Any buyer waiting to purchase a home should act quickly and diligently to make a home purchase in Silicon Valley a definite New Year's resolution," says Realtor Brian Kessler of Intero Real Estate Services.

With a large inventory of homebuyers and a very low inventory of properties on the market, Kessler sees an increase in home values in the area. "Since we have virtually no land available for developers to build large housing tracts in Silicon Valley, we are all competing for the same existing used housing stock. All of these variables add up to price appreciation in the New Year," he says.

Kessler says there is no better investment than real estate, especially in the local market area. "It always has been and always will be one of the very best investments that any one person can make," he adds.

According to Realtor John King of Alhouse King Realty, first-time homebuyers need to resolve to purchase a home any way they possibly can during the coming year. For those who already own a home, King says he believes homeowners should resolve to maintain their homes for their own health and safety.

"Check smoke detector batteries and even install additional ones in bedrooms if they don't have them. Change furnace filters. Make sure that outlets aren't overloaded. Clean out the gutters at least three times a year. It's also a good idea to spend some money to hire a professional home inspector just to see what maintenance issues there might be," King says.

Realtor John Leslie of Alain Pinel Realtors also puts home repairs and home improvements at the top of the resolution list for homeowners.

"Just like a yearly check-up, homeowners should make a list of all the little repairs that have accumulated all year. This list should be posted on the refrigerator or somewhere as a visual reminder," Leslie says.

He recommends fixing the rain gutters and keeping them clean for the rainy days, caulking any leaky windows and adding weather stripping to exterior doors. "If the windows are original, consider replacement windows for the spring. If all the plumbing in the house is always leaking, consider new fixtures and faucets and valves. All of these things will add to the home and its value," Leslie says.

Realtor Dennis Byron of Byron and Associates said his main resolution is to try to keep his sanity in the coming months because he believes the market will be crazy.

"With so few listings out there and so many buyers, it will be chaos. It isn't going to get any better for awhile," says Byron, who recommends first-time buyers consider buying a house now since prices are likely to rise to double digits for the new few years.

He also advises homeowners to make a resolution to refinance their property to take advantage of lower interest rates available at the first of the year.

Realtor Josie Gambera of Prudential Realty Silicon Valley echoes Byron's recommendations and suggests homeowners assess their loans to see if they are getting the most for their money.

"I would also advise anyone who is looking to sell to be sure and interview several Realtors to find the one who will do the most for them. They need to feel comfortable in the partnership they will form to have a smooth transaction. I don't think it's ever bad thing for buyers or sellers to be educated as much as possible regarding the entire sales, purchase and escrow process," Gambera says.

Checking in with a mortgage planner, CPA or financial planner is another way to get educated about the process as well as to develop some long and short-term goals, says Judy Hamilton, a mortgage planner with Bankers Network.

"Whenever I meet with a client, the first things we talk about prior to loan programs is what their ideal goals are and how can I structure a loan program to achieve them? Besides the loan programs and possible debt consolidation, I find out if they have a living trust in place to protect their assets and the future well being of their families," Hamilton said.

She finds that many families are not protected with a simple will or trust. "In today's less than certain times and the sometimes large amount of equity people have in their homes, it is important to protect it as best as they can," Hamilton says.

Hamilton also advises buyers to talk to a professional to find out what their tax benefits would be according to their income and potential purchase price. Since many buyers—approximately 81 percent of California households—don't earn enough money to afford a home, mortgage planners sometimes need to come up with some unique financing.

"It is our responsibility to educate our clients, both first-time buyers and repeat buyers, on both the good points on aggressive financing and the potential pitfall if the market changes," Hamilton says.

Perhaps one of the best resolutions when it comes to housing is to consult a real estate professional who can provide the knowledge and expertise to help establish realistic goals for the New Year.