Home Sales Jump!
New home purchases unexpectedly jumped in April, a sign low lending rates and incentives may be reviving demand.Elliot Koolik, of Koolik Group Realty says, “I have seen more activity showing homes as well as more interest from buyers in recent months.” Purchases rose 16 % last month, the Commerce Department said in Washington. There are fewer unsold homes than in the past. The number of homes for sale at the end of the month dropped from 540,000 in March to 532,000. Although the median price of a new home dropped 11 % last month, the lower prices and incentives offered to buyers are rousing the demand for homes. April's sales were the highest so far this year. Home purchases rose across the United States, with the exception of the Midwest which dropped 4%. Compared with a year earlier, new home sales were down 11 %.
Because of stricter lending standards, the National Association of Realtors lowered its forecasts for home construction and sales. It forecast new-home sales to fall from 1.05 million in 2006 to 864,000 this year.New home sales, which account for about 15 % of total home sales, are considered a better leading indicator of the market than existing home sales because they are recorded when a contract is signed rather than when the sales are closed. Most sales of existing homes are counted when a contract closes, usually a month or two later.The leveling off of sales late last year has suggested stabilization and homebuilders are using sales incentives to lure buyers and whittle down the inventory of unsold homes.
From Bob Willis in Washington +1-202-624-1837 or bwillis@bloomberg.net, with reporting from Brian Louis in Chicago.About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service.Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business. For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
Open house? Forget it, say savvy sellers
Boca Raton real estate agents will schedule an open house to showcase a property, but usually it’s because the seller insists. Usually the only people that show up are the immediate neighbors. Open houses in today’s market are not very effective.
Some real estate agents believe it is important to have an open house, but concede the once popular weekend ritual has lost ground to the Internet as a way to corral potential buyers.
Many people are used to searching for properties while sitting at their computer keyboards and the recent growth in online videos and virtual home tours has ramped up real estate marketing on the Web.
Open houses became popular in the 1970s when it was common for families to drive through neighborhoods after church Sunday mornings. Cookies and punch kept the kids occupied long enough for the parents to tour the homes, ask questions and consider making offers.
Priorities have shifted in recent years as families spend less time together. More condos and gated communities, and even rising gas prices have led to the downfall of open houses. Mostly though, home buyers are doing their research online.
Last year, 80 percent of buyers nationwide used the Internet to look for homes, up from 18 percent a decade ago, according to the National Association of Realtors. Many people look at photos and videos of houses online before working with an agent.
Open houses can work, but more houses are sold by people making their own arrangements from the Internet in this changing market.
Some say an open house does nothing for the seller because it generates little traffic and rarely results in the sale of the house. If anyone benefits, it’s the listing agent who meets potential new clients. Some also say that a rebound in the real estate market may help the open house return to favor, but it will not make open houses what they used to be.
Agents bear most of the costs to market a house, including fees to post properties on websites, newspaper advertisements, and create mailings. Some agents are even starting to cater meals for buyers’ agents as plans to showcase listings.
Networking and Internet marketing are keys to finding buyers in today’s real estate market.
As seen in the Sun Sentinel, Monday April 30, 2007 by Paul Owers.
About Wendy and Elliot Koolik: Wendy and Elliot Koolik are recognized leaders in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach. Since 2000, Wendy and Elliot Koolik have sold more than $339 million dollars in real estate by offering their clients a unique marketing plan for their home and an unparalleled level of customer service. Wendy and Elliot are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business. For more information, contact Wendy and Elliot by phone at 561.393.9997 x113, online at www.ElliotKoolik.com , by e-mail at EKoolik@Koolik.com or visit their blog at www.bocaratonluxuryrealestate.blogspot.com
