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The number of vacant homes for sale nationally jumped more than 30 percent during the third quarter from a year earlier, to 1.9 million homes, the latest data available from the U.S. Census Bureau shows.

That's about half of all single-family homes on the market, says Michael Carliner, vice president of economics for the National Association of Home Builders.

Sellers who are facing this dilemma are dropping prices in an attempt to encourage sales.

"If buyers are waiting longer, then an increasing number of homes become vacant, which means sellers become desperate and prices fall further. That's where we are in the cycle," says Anirban Basu, an economist who is chairman and chief executive of Sage Policy Group Inc. in Baltimore.

Declining home prices could trigger more defaults on mortgage loans if home owners who are struggling with two mortgages are unable to cover the cost of the loan by selling the house, adds Celia Chen, director of housing economics for Moody's Economy.com.

Terry Answers. When making a decision about most things in life, the experts will tell you to always keep your emotions in check. But I believe that when it comes to buying a home, your emotions should play a very large part in the decision-making process. A house will become your home and home is where the heart is. It should be a place that not only houses you, but nurtures you as well. This is not something that one can easily attach a dollar value to but, to my way of thinking, it is worth a great part of whatever price you intend to pay.

When I show homes to people I always tell them to pay particular attention to way they feel while going through the house. It doesn’t matter how many state of the art features it may have, if it doesn’t “speak to you” in loving terms, you will come to hate it.

In preparing to look at homes, think about what your emotional needs are. Think back. Where, over the course of your life have you felt the most comfortable? Most people will recall a special place in their home that was their protected space - A window seat, special garden, and favorite room. Think about how you really want to live, acknowledge the rightness of your own feelings and listen to your instincts.

Will your home be a place that you’ll always want to come home to? Will it be a place that offers stability, permanence, security, intimacy, and quality time with loved ones? Will your visitors be able to “feel” your emotional attachment to the home? If so, then your home will truly be your castle.

Looking for homes in the San Diego area?
Log on to www.terrydavisrealtor.com and find your dream home today.

Terry's expertise lies in selling homes in San Diego, especially in the communities of Olivenhain, Encinitas and Leucadia. Log on to these two websites to get local news, which you can use, for these areas:

www.92024homesforsale.com

www.92130homesforsale.com

Selling a home during the cold-weather months can be a challenge. Here are some tips for handling a sale in the dark winter months:

• Don’t wait for spring. Point out to sellers that postponing can be the wrong choice when it means they must continue to pay the mortgage, insurance, and utility bills.
• Get rid of the holiday decorations. Holiday decor says to buyers that you aren’t prepared to move out so they can move in. It clutters and detracts from the home.
• Clean and light. Render the place dust-free and if necessary paint the walls with a light color. Linen tones are often the best.
• Be creative. You could display poster-size photos of the home’s garden in full bloom near the windows.
• Be realistic. No amount of creative marketing can overcome an overly steep price tag.

Here is an interesting piece of news from Realtor.org:

Worldwide, Koreans could spend at least $4 billion on overseas homes in 2007 as a result of the changes made by the Korean government last year that allow Korean individuals to make as much as $1 million in foreign investments, analysts say.

Koreans are expected to invest nearly $2 billion in U.S. residential property, up from $1.27 billion the year earlier, says Brian Shaffer of the International Real Estate Trade Organization.

Much of the money will likely be directed to U.S. cities with large Korean populations, including San Francisco, New York, and Atlanta, to take advantage of lower home prices stemming from the weakening U.S. housing market.

Observers say the lion's share of the money will be invested in Los Angeles, which has one of the world's largest Korean populations outside the Asian nation.

A very Happy New Year to all the readers! Hope all your real estate dreams come true this year.

Here’s some general information on Carmel Valley - a community in California, where I specialize in real estate properties. If you have your eyes (and heart) set on Carmel Valley real estate, do get in touch with me at phone: 858.735.6935 or by email: terry@terrydavisrealtor.com.

The city of San Diego has been called a “City of Villages,” and Carmel Valley is one of those villages.

Carmel Valley is a master planned community that began with the institutional name “North City West.”  The Carmel Valley name comes from the community's location--in a wide valley immediately to the north of Carmel Mountain. Originally only occupying a small area, Carmel Valley has grown by leaps and bounds. With the development of Torrey Hills and other adjacent areas, the community now fills the entire 92130 zip code.

Carmel Valley is often grouped into the area known as “North County,” where North County consists of areas like Carlsbad, Encinitas, Escondido etc. In reality, due to its ties with the City of San Diego, Carmel Valley has more in common with its southern neighbors: Sorrento Valley and La Jolla.

The area, positioned roughly half-way up the San Diego County coastline, is convenient to almost everything. This area provides access to more jobs, more shopping, and cultural spots such as the Art Center and the Zoo. In the next few years, the completion of SR-56 will connect the community with the eastern suburbs of San Diego--Rancho Bernardo, Poway and more.

The weather here is great, as long as you don't like much change. A warm summer day might be in the 80s, with a cold winter day in the 50s. The weather is really controlled by the nearby Pacific Ocean, which moderates the temperature and keeps the humidity up (humidity tends to be 70% to 90%).

Given the cost of housing and the recent run-up in prices, there's a lot of local interest in real estate. There are lots of big tract houses on small lots--the current trend seems to be a 4000 sq. ft. house on a 6000 sq. ft. lot. 

Q: What are some tips on negotiation?

A: The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.

Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.

Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.

Q: Should I add on or buy a bigger home?

  A: Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:
* How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
* How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
* What do local zoning and building ordinances permit?
* How much equity already exists in the property?
* Are there affordable properties for sale that would satisfy housing needs?

Carmel Valley in California is a sublime pastoral river valley nestled into the towering Santa Lucia range, and is one of the finest wine growing regions in California. The main artery is Carmel Valley Road, which starts at Scenic Highway 1 and meanders eastward, winding along Carmel River past endless opportunities for recreation, entertainment, sumptuous food and premier wine tasting. In Carmel Valley you will also find three championship golf courses, several world-class resorts as well as quaint country inns.

Carmel Valley is home to Garland Ranch Regional Park's 4,000+ acres, open for day-use activities, known for excellent mountain trails for hiking, biking, and horseback riding along the willow-lined banks of the Carmel River. In Carmel Valley one sees working horse ranches, many offering clinic English and Western riding, Hunter/Jumper and Dressage, Sulky and Carriage Driving.

Thirteen miles up Carmel Valley from Highway 1 is the quiet country Carmel Valley Village with its fine dining, wine tasting, antique shops and art galleries. This is where folk singer Joan Baez led the Cultural Revolution of the 1960s and 1970s from her nearby Miramonte ranch. Celebrities galore have visited the Carmel Valley dating back to the 1890s when the Del Monte Lodge used the old Rancho Los Laureles as a guest lodge.

Until WWII, many millionaire sportsmen built mansions in the Carmel Valley and invited their Hollywood friends to hunt boar in the hills, play polo and golf, and attend horse shows and fiestas. To this day several luminaries have made their homes here including actress Doris Day and entertainer Merv Griffin. Celebrity weddings and receptions are also the norm in the Valley.

"Sunny" Carmel Valley enjoys moderately warm temperatures year round, with an average high of 71 degrees Fahrenheit in the summer, 61 in the winter, and 78 in September and October (Indian summer--the best weather of the year). Carmel Valley has earned its "Sunny" name because its neighbors to the west, Carmel-by-the-Sea, Pacific Grove, and Monterey are known for dense fog when the weather warms up. Families have found Carmel Valley an ideal place to raise their children because of the weather, good schools, and the fact that it is considered a "safe" environment away from urban crime.

Carmel Valley is approximately 120 miles south of San Francisco and, at Mid-Valley, about 20 minutes from Monterey Peninsula Airport and 1-1/2 hours from the San Jose Airport.

For information about properties in Carmel Valley, get in touch with realtor Terry Davis.

In a buyer’s market or a seller’s market, first time homebuyers  as well as seasoned homebuyers should always be smart when shopping for a new home. In a buyer’s market where there is so much inventory to choose from, potential buyers can easily lose their focus. In a seller’s market, there isn’t enough inventory and homes go under contract so quickly, sometimes there’s just not enough time to really think clearly and make wise decisions.

Below are some tips that every homebuyer can make use of.

1. Make sure you get pre-approved for a home mortgage and most importantly, have it in writing. Most buyers need a mortgage for purchasing their home. Finding out what you can afford and feeling comfortable with your estimated monthly payment could be two different things. In addition, finding out earlier than later that there is a credit issue that needs to be cleared up will make all the difference in the world once you finally find your dream home. Potential sellers will not wait for you to clean up your credit. Be sure your final document from the bank says it is a pre-approval letter and not just merely a pre-qualification.

2. Work with an experienced real estate agent. Check the agent’s references and ask friends and family for a referral. Call the local real estate office in your town and ask for a recommendation. Visit their websites. Are they well organized and professional? It doesn’t cost you any more or any less to have your own real estate agent, no matter what you are buying, whether it is a newly constructed home or a resale.

3. Never consider a home that has a serious defect. No home is perfect but some homes have blemishes that no matter what you do, you can’t disguise it. Ask yourself if you are prepared to deal with this blemish on the selling end too.

4. Get a comparative market analysis before making an offer. Don’t assume every house is priced right for the market. Insist on a comparative market analysis before deciding on your offer. Licensed real estate agents have all the tools to do this quickly and efficiently for you.

There are a number of ways to give real estate as a gift. But, there are many things to consider before you do.

Are you giving the property to a family member, friend or charity? Do you intend to live in the property or wish to have someone else live in it? Are you giving the whole property or a partial interest in the property? Do you have tax implications that should be considered? The method by which the property is conveyed can have a major impact on the amount of tax that the IRS will claim. This could be significant if the property has a great deal of appreciation.

If you are considering giving real estate as a gift, it is imperative that you discuss your plans with your tax consultant and an attorney who specializes in real estate.

To sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

If you are a motivated home seller, especially in the lower price ranges in your community, this can be a superb time of year to sell.

Buyers who are in the market now are usually very anxious to buy, perhaps motivated by a job transfer, marriage or divorce, birth or death in the family, down-payment gift from parents, year-end salary bonus, or other buying incentives.

As a home seller, you won't have as many prospective buyers as during the peak home sales season of March through June in most communities, but home buyers at this time of year are usually very serious.

For example, many home buyers want to close their purchases by Dec. 31 to claim the extra tax deductions, such as for loan fee points, pro-rated property taxes, and prepaid mortgage interest.

To sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

If you are a serious home buyer, the absolute best time of the year to buy is between Thanksgiving Day and New Year's Day, even extending through Super Bowl Sunday in many cities.

The reasons are (1) few home buyers are in the market during the holiday season so competition is low and (2) house and condo sellers who have their homes listed for sale now are usually highly motivated to sell and will listen to any reasonable purchase offer.

There is an additional special reason the 2006 holiday season is a great time to be a home buyer: it's a home "buyer's market" in most communities. That means even during this slow holiday season, when most unmotivated sellers take their listings off the market, there are more homes listed for sale than there are qualified buyers searching for homes.

It's a great time to be a home buyer.

To buy in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Encinitas is located in North San Diego County, the southernmost county in the Western United States. With six miles of rugged coastline and 21.5 square miles of land, Encinitas enjoys ocean views and a great surfing culture from San Elijo Lagoon on the southern terminus to Batiquitos Lagoon to the north. Encinitas got its name from Encina Canada, Spanish for "hills of live oaks".

Beaches, flowers, peace and love welcome you to Encinitas. IBM, teeing off for golf and a Starbucks latte in a plastic cup might greet you, as well. Encinitas is a place where diversity rules and is celebrated daily.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Leucadia is located on Highway 101 on the north San Diego County coast. Heading south out of Carlsbad, it is the first beach community you'll encounter. Looking out from its scenic Grandview Beach, you can clearly see the tall smoke stacks of Carlsbad to the north.  As one of 4 communities within the City of Encinitas incorporated together in 1986, Leucadia retains a special character as a "Sleepy Hollow" place. 

A mix of agriculture (the flower industry thrives here), residential and a few shops make this a highly desirable spot for those seeking a less hectic pace than California's second largest city, San Diego, with its over 1 million people.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

A hot market is a "seller’s market." During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.

A slow market is a "buyer’s market. During a buyer’s market properties may languish on the market for some time and offers may be few and far between. Prices may even decline temporarily. Such a market would allow you to be more flexible in offering a lower price for the home. Even if your offered price is too low, the seller is likely to make some sort of counter-offer and you can begin negotiations in earnest.

More often than not, the market is simply "steady," or in transition. When a market is steady, no real rules apply on whether you should make an offer on the high end of your range or the low end. You could find yourself in a situation with multiple offers on your desired house, or where no one has made an offer in weeks.

Transition markets are more difficult to define. If the economy slows unexpectedly, as it did in the early nineties, people who buy on the high end of a seller’s market (like the late eighties) could find their home loses value for several years. So far, no one has proven reliable in predicting when markets change or how good or bad the real estate market will become.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Once you have toured the property you are interested in, you should know how it compares to the general neighborhood. All you have to do is put the home in one of three categories - average, above average, or below average.

When evaluating a home’s condition, there are a number of things you should consider. Structural condition is most important - items such as walls, ceilings, floors, doors and windows. Then paint, carpets, and floor coverings. Pay special attention to bathrooms and bedrooms and whether the plumbing and electricity work efficiently. Look at the fixtures, such as light switches, doorknobs, and drawer handles. The front and back yards should be in reasonably good shape.

The missing ingredient will be information on the condition of the homes from your comparable sales list. Provided you chose the right agent to represent you, they will have actually visited most of those homes and be able to provide key insights.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Determine your housing requirements: Where do you want the house? The price range? How big a house do you need? What kind of a house is appropriate for you? The distance of your house from municipal and community services, etc…

Understanding you Local Housing Market:Hire an agent to determine the market prices, for the kind of house you are looking for. Determine if it is a buyer's or seller's market? How favorable are the conditions towards you, etc…

Calculating your Costs:The most important thing when buying a house is your financial capacity. How much can you afford monthly? How much down-payment are you planning to give? Maintenance Costs? Renovation Costs? Services Cost? Propery Taxes? Insurance?

Choosing your Team:Make sure you choose an agent who you are comfortable with and who is willing to work hard for you and who has time for you. Choose an experienced Notary and ask your agent to help you find a good housing inspector and mortgage lender.

Arranging your Mortgage:On this aspect, your agent should take care of the all the paperwork and all that is involved in this. Understand all different types of mortgages and the pros and cons.

Closing the Deal and Moving: Make sure that all the paperwork has been taken care of and the appropriate and required documents are submitted before the notary and all the requirements have been met. Keep in frequent touch with your agent in order to be up to date as to what is going on with your house. Find a reliable moving company and assure that your moving is as smooth as possible.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Buying a house is a great long term investment. When it comes to personal finances, Americans are infamous. In fact, one of the big concerns of economists and the government is what is going to happen when we get older and have no money to live on. This is why IRA, 401(k) and other retirement vehicles are made so attractive by the government.

If you are considering buying a house, there are lots of reasons to do so. Common reasons include the pride of ownership, the tax deductions that you can pick up from mortgage interest and so on. Property appreciates over time. At the same time, you should be paying down your mortgage debt. Combined, these two actions inevitably result in your living in a property that acts as a sort of savings account.

As is typical with capitalism, the very nature of this savings system is starting to bear new services as baby boomers grow older. In this case, we are talking about the reverse mortgage products flooding the market. Reverse mortgages essentially allow you to cash out of your house while still living in it. Whereas you pay a lender with a traditional mortgage, the process is flipped around with a reverse mortgage as a lender pays you in exchange for chunks of your house equity. Some people are comfortable with this while others are not. What is undisputed, however, is this product only exists because houses are the de facto savings accounts of most people.

As you get older, you are going to want to retire. How can you do that if you haven’t planned for it by saving money during your peak work years? The only way is to buy a house and invest in your future.

To buy or sell homes in San Diego, especially in the North Coastal communities of Carmel Valley, Encinitas and Leucadia, get in touch with realtor Terry Davis. Visit her website: http://www.terrydavisrealtor.com

Remodeling isn’t always a good idea, says Holly Slaughter, brand manager and consumer-experience expert for RealEstate.com.

Here are, what she calls the seven deadly home-improvement sins to consider before committing to projects that may work against you and lessen your resale value.

• Over expanding. Outdoing all the homes on the block is never a good idea because it makes the house more expensive than the others and therefore harder to sell.

• Making your home into something it’s not. Changing the style or the architecture is usually a big mistake.

• Changing the purpose of a room. Keep kitchens as kitchen and baths as baths. They were built that way for a reason.

• Under budgeting. People routinely under budget 20 or 30 percent fewer dollars and underestimate even more in guessing the time the job will take.

• Doing the job yourself. Unless you have first-rate skills, hire somebody who does.

• If it’s not broke, don’t fix it. Don’t waste money on renovations that won’t pay off. Buyers won’t necessarily pay for what makes a seller happy. Siding, windows, kitchens and bathrooms are the home improvement winners, according to Remodeling magazine.

• Neglecting regular upkeep. They may seem boring, but cleaning the gutters, keeping the house painted and trimming the shrubs are the most valuable home improvements.

Courtesy: http://www.realtor.org/

To buy and sell homes in San Diego area, get in touch with realtor Terry Davis. Visit her website http://www.terrydavisrealtor.com.