A fascinating array of dynamic, high-tech graphics was piped into our televisions and personal computers on Election Day. Even if we didn't fully understand the data being displayed, many of us marveled at the complexity of the sophisticated technology.

Virtual tours of homes for sale have the same impact. In fact, virtual-tour websites were the pioneers of the expanded use of dynamic graphics employed in modern campaign reporting.

Today, Realtors seeking a competitive are providing computerized tours to prospective real estate customers. And the strategy is working. Most studies show that between 75 percent and 80 percent of prospective homebuyers start their searches by visiting real estate websites.

Marketing properties via the Internet started with written descriptions and a still photo. Today, many sites offer virtual walk-through tours of homes with 360-degree panoramic views. It's a development that increases the appeal of Internet home shopping. It is particularly effective in marketing large, luxury homes.

The Internet's most-visited real estate website, Realtor.com, is experiencing a 17 percent increase in the time visitors spend searching for properties over a year ago.

Some Realtors often invest a substantial sum for digital cameras and computer software to create virtual tours. Others hire a firm to produce a tour for each property. Prices for this service range from $40 to $300 per tour, with an average of about $100. The fee can be paid by the home seller, the broker or it can be shared.

Virtual tours are a proven marketing technique for Realtors. In a sense, it is the new "curb appeal" for attracting buyers. Yet it has limits.

Most buyers who access these sites benefit from and appreciate the information the sites convey. It helps buyers weed out the properties that fail to meet their needs while sometimes displaying the features that meet their interests precisely. Virtual tours make it possible for buyers to narrow their possibilities to a few homes that look most promising.

At that point, they can arrange with the listing Realtor for a personal inspection of the property. Inevitably, they will see far more than was apparent on the virtual tour. They could see aspects of the property that deter their further consideration of the home for purchase, or what they see might support and enhance their interest in the property. The importance of an actual tour of the home and a first-hand inspection of the neighborhood can't be over-emphasized.

Q: What can be done to reverse the housing slump?

A: Several proposals are being considered. Realogy Corp., a major real estate organization, recently approached the Department of Treasury with its plan to stimulate the housing market. Realogy owns several leading broker franchises, such as Coldwell Banker, Century 21 and the recently launched Better Homes and Gardens Real Estate.

The proposal calls for a short-term government buy-down of interest rates to at least 4.5 percent, or lower, for a 30-year, fixed-rate mortgage. This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price. There are a number of ways the government ultimately could decide to structure and fund the program, Realogy officials said. It could be addressed as part of the stimulus packages currently being discussed in Washington, D.C.

Realogy is working with key groups to encourage more dialogue with the goal of stimulating the housing market.

"There are millions of credit-worthy people ready to jump back into the housing market, but they need to be motivated," said Richard Smith, president and CEO of Realogy. "In our view, the incentive of substantially lower mortgage rates would directly stimulate the housing market, both in sales volume and price. This would accelerate the overall economic recovery."

A recent Realogy survey found that 95 percent of brokers would expect an increase in home sales if 30-year conforming fixed-rate mortgages were available at 4.5 percent. About 54 percent of brokers said low-rate mortgages would significantly increase home sales in their markets.

Most brokers surveyed expressed their belief that home prices would increase with the availability of such low-rate loans. Most brokers participating in the survey were those affiliated with Realogy franchises.

"Our franchisees are small- to mid-size business owners who have a strong understanding of what actions would help home sales and prices in their communities," Smith said. "It's clear to them that dropping mortgage rates to 4.5 percent would have an immediate impact in helping to stabilize the housing markets throughout the country."

Q: Is the number of homes on the market still growing?

A: The inventory of for-sale homes is dropping — a sign the market is normalizing. In 28 major metropolitan areas studied by ZipRealty, the inventory of single-family homes, condos and town homes listed for sale has decreased by 9.6 percent from last year.

The study showed the average price of homes continues to decline, but the rate of decline has slowed. About 45 percent of homes on the market have had at least one price reduction. On the other hand, several local markets are reporting a significant number of homes that are selling for more than their listed price.

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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