ADDING MULTIMEDIA Real Estate Market Expected to Improve with New PresidentREALTOR.com - Real Estate Listings & Homes For Sale (
15 Julho 2008 - 9:50PM
Business Wire
Nearly half of all home buyers1 (44%) believe the housing market
will improve once the new President takes office in January, 2009,
according to a new survey released today conducted by Harris
Interactive� and commissioned by Move, Inc. (NASDAQ:MOVE), the
leader in online real estate and operator of Realtor.com�, the most
visited real estate site on the Web. Forty-eight percent of women
and 41 percent of men who plan to buy a home in the current market
said they think the housing market will get better once the new
President is in office. At the same time, 81% of home buyers are
still nervous about the current housing market and report the
existence of barriers between them and home ownership. Today�s home
buyers perceive the cost of a down payment (28%), their annual
income level (20%), lack of confidence in the economy (26%) and
high home prices (31%), especially in the Western states (39%) as
barriers to buying a home. Despite these reservations, the survey
indicates underlying demand for homeownership is healthy. While
nearly half (41%) of current homeowners do plan to purchase a home
again, 80% of all renters plan to purchase a home someday with 47%
planning to purchase a home within the next five years. More people
who plan to move will do so for space-related (26%) and life-stage
change reasons (17%), such as having children (2%) or downsizing to
a smaller residence (9%), not financial ones including an increase
in rent (2%) or an expensive mortgage (less than 1/2%). Most home
buyers (78%) are also willing to make sacrifices to save and earn
extra income for down payments and will compromise on neighborhood
features and residential amenities in order to buy a home in the
current market. Many of their choices may reflect changing values,
including a growing concern over the environment, the importance of
community features and the rising cost of fuel. �These findings
show that despite the difficulties home buyers face in the wake of
the subprime crisis and their concerns about economic uncertainty,
underlying demand appears relatively strong. Consumers see better
times coming,� said Lorna Borenstein, president of Move, Inc. �This
is great news to us and our colleagues in the real estate industry.
As the leader in online real estate, we pay close attention to
consumer perceptions and behaviors. This important feedback enables
us to identify ways in which we can enhance the search experience
so it meets the needs of today�s consumers who will become the
homebuyers of tomorrow.� Buyers Face Barriers to Homeownership
While about four out of five home buyers (81%) say they face
barriers to buying a home in the current market, the greatest
single barrier to homeownership today is high home prices (31%), a
concern that was much higher in the West (39%), than in the South
(27%) or Midwest (26%). The second greatest barrier keeping buyers
out of the current market is coming up with the money for a down
payment (28%), with lack of confidence in the economy (26%) ranking
third. Financial concerns generally are higher among people in the
West (45%) compared to the South (33%) and about one-third of those
ages 18 � 34 said lack of money (38%) or poor credit (18%) is a
concern compared to only 11% and 5% (respectively) of those 55+.
Four out of five adults (84%) say there is something about buying a
home that is intimidating, and one out of three (34%) say
money-related issues being a concern. Finding the right home is the
most intimidating part of the home-buying process for about one out
of five (19%). About two thirds of adults (62%) have visited an
online real estate web site and once on the site, 23 percent are
looking to purchase and 52 percent are looking at what�s on the
market. �This survey surfaced important feedback that Realtor.com
addresses by delivering the largest and freshest collection of
listings and new features like Find a Neighborhood and Find Home
Values to empower consumers,� said Realtor.com President Errol
Samuelson. �We want to help remove uncertainties from the home
buying process by making it as transparent and as consumer-friendly
as possible. Providing the most comprehensive information, relevant
tools and connections to local Realtors are only a few of the many
resources consumers will find at Realtor.com to help make the
process of buying and selling a home easier and less stressful.�
Trade-offs Favor Community, Environment Today, adults rank crime
rates (56%), proximity to daily conveniences (47%) and property
taxes (46%) as the top three factors in choosing a neighborhood.
Home buyers are more willing to sacrifice cultural and recreational
amenities (18%) than green features (16%) like solar heating and
energy-saving appliances, or forego proximity to work (7%) and
daily conveniences (11%) to buy a house in today�s real estate
market. Concern over the cost of gasoline and the importance of
community is evident in the importance buyers place on
accessibility. Only seven percent of home buyers would be willing
to sacrifice proximity to work and six percent, proximity to
shopping. Only three percent would give up proximity to public
transportation in order to buy a home in today�s real estate
market. About half of adults (49%) say green features like solar
panels, energy saving appliances and low usage water heaters are
�important� features. More care about green features (49%) than
luxury amenities (31%), yet some would give up green features (9%)
before storage (7%), luxury amenities (7%) or numbers of bedrooms
or bathrooms (6%). Women rate green features higher than men (52%
to 46%) and consumers aged 18 � 34 years of age rate green features
the lowest (40%). Kitchens (67%) and the number of bedrooms (69%)
are the most important features today�s buyers are looking for in a
home. Storage space (66%) and the number of bathrooms (62%) rank
three and four on their list of priorities. Mortgages are a Mystery
Understanding mortgages and the financing process during these
times of change in the credit industry is a major issue with a
large number of buyers. Eighty-one percent of today�s home buyers
and three quarters of adults (78%) say they wish the process of
taking out a mortgage was easier to understand. In fact, some say
that either understanding financing (9%) or the uncertainty of the
mortgage process (6%) is the most intimidating part of buying a
home. For many buyers, changes in the amount of a down payment
required for a mortgage is a significant issue. The lack of cash
for a down payment is keeping about one quarter (28%) of buyers out
of homes--more than those who have poor credit (15%), low household
income (20%) or those who lack of confidence in the economy (26%).
Seventy-eight percent of home buyers are willing to make sacrifices
to save money or earn extra income in order to be able to buy a
home in the current real estate market. First to go would be
spending (65%) on items such as personal luxuries (46%) and
clothes, shoes and accessories (43%). Next, home buyers would go
out less often (52%). Nearly half would clip coupons (47%) and 27%
would cancel a vacation. About the survey The Homeownership study
was conducted online within the United States by Harris Interactive
on behalf of Move, Inc. between May 21 and 23, 2008 among 2,462
U.S. adults ages 18 and older, of whom 1,377 plan to buy a home in
the current real estate market. These online surveys are not based
on probability samples and therefore no estimates of theoretical
sampling error can be calculated. For full survey methodology and
all survey results please contact Lindsay Scalisi at 415.844.6217.
ABOUT REALTOR.COM REALTOR.com�, where the world shops for real
estate online, is operated by Move, Inc., (NASDAQ:MOVE) and is the
official Web site of the National Association of REALTORS. Ranked
as the #1 homes-for-sale site, REALTOR.com currently offers
potential home buyers access to over 4.5 million property listings,
as well as the most brokers and agents. It also provides REALTORS
and the home sellers they represent with the Internet's largest
real estate marketplace, reaching more than 5 million consumers in
May 20082. Agents and companies have the power to customize
REALTOR.com resources to maximize their brand and productivity.
REALTOR� and REALTOR.com� are registered trademarks of the NATIONAL
ASSOCIATION OF REALTORS�. REALTOR� is a federally registered
collective membership mark, which identifies a real estate
professional who is a Member of the NATIONAL ASSOCIATION OF
REALTORS� and subscribes to its strict Code of Ethics. All other
trademarks appearing above are the property of Move, Inc., or of
their other respective owners. ABOUT MOVE, INC. Move, Inc.
(NASDAQ:MOVE) is the leader in online real estate with 8.33
million2 monthly visitors to its online network of websites. Move,
Inc. operates: Move.com, a leading destination for information on
new homes for sale and rental listings, moving, home and garden and
home finance; REALTOR.com�, the official Web site of the National
Association of REALTORS�; Welcome Wagon�; Moving.com; and TOP
PRODUCER�. Move, Inc. is based in Westlake Village, California, and
employs more than 1600 individuals throughout North America. For
more information: www.move.com. About Harris Interactive Harris
Interactive is a global leader in custom market research. With a
long and rich history in multimodal research that is powered by our
science and technology, we assist clients in achieving business
results. Harris Interactive serves clients globally through our
North American, European and Asian offices and a network of
independent market research firms. For more information, please
visit www.harrisinteractive.com. This press release may contain
forward-looking statements, including information about
management�s view of Move�s future expectations, plans and
prospects, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the results of Move, its subsidiaries, divisions and concepts
to be materially different than those expressed or implied in such
statements. These risk factors and others are included from time to
time in documents Move files with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form
10-Qs and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on Move�s future results. The
forward-looking statements included in this press release are made
only as of the date hereof. Move cannot guarantee future results,
levels of activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Finally, Move expressly disclaims any intent or
obligation to update any forward-looking statements to reflect
subsequent events or circumstances. 1 For the purposes of this
study we have defined �home buyers� as U.S. adults 18+ who plan to
buy a home in the current real estate market 2 comScore Media
Metrix, May 2008
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