WASHINGTON, DC, Nov 18, 2010 (MARKETWIRE via COMTEX) — The National Association of Realtors(R) announced today that Realtor.com, NAR’s official website, will be going global, extending its lead as the world’s largest online source of residential property listings.
Realtor.com, the nation’s No. 1 homes-for-sale website, will add translation services and increase its presence in international markets to attract even more international visitors to U.S. listings. More than 575,000 consumers from non-U.S. destinations currently visit Realtor.com each month.
“Realtor.com will expand the exposure of U.S. real estate listings to global markets and add international listings,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.
“While all real estate in the U.S. is local, the same is not true for property owners. The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the process of buying property in the U.S. With expertise, knowledge and experience, Realtors(R) have a global perspective, reflecting the increasing importance of foreign buyers to U.S. home sellers,” Phipps said.
NAR will work with Move Inc., (MOVE 2.45, +0.05, +2.08%), the leader in online real estate and operator of Realtor.com, to add features to Realtor.com, making it easier for international consumers to search for listings in their language and through personalized views.
“This expansion of the strategic collaboration between Move and NAR benefits Realtors(R), provides home sellers with access to an even broader audience beyond our domestic borders, and delivers greater choice to home buyers interested in property in the U.S. and internationally. It is the result of the strong and long-lasting partnership between NAR and Move that continues to evolve with the real estate market,” said Realtor.com President Errol Samuelson.
“Realtor.com is committed to delivering the most comprehensive, timely, and accurate real estate information on the Internet to consumers, wherever they may live. We’re very pleased to explore expanding the reach and search power of Realtor.com internationally. For U.S. home sellers, this means they’ll be able to generate even greater international exposure for their properties, while U.S. home buyers will be able to shop for global properties and connect with real estate professionals who can help them with international transactions,” Samuelson said.
NAR’s 2010 Profile of International Home Buying Activity cites the strength of the dollar, value and desirability of U.S. real estate as the chief factors making U.S. properties increasingly attractive to international buyers. Between April 2009 and March 31, 2010, $66 billion of residential property, amounting to 7 percent of the total U.S. residential market, was sold to foreign nationals, recent immigrants and temporary visa holders. More than a quarter of Realtors(R) — 28 percent — reported working with at least one international client in the past year, up from 23 percent in 2008. The median price paid by foreign buyers ($219,400) is higher than the national median price. Fifty-five percent of foreign buyers paid cash compared to about 8 percent of domestic buyers, according to NAR’s study.
Buyers from 53 different countries around the world bought residential property in the U.S. last year. The leading sources of buyers were Canada, Mexico, the U.K., China, Germany and France. The top sources of international visitors to Realtor.com are Canada, the U.K., Germany, Australia, Japan and Mexico.
ABOUT MOVE, INC. Move, Inc. (MOVE 2.45, +0.05, +2.08%) is the leader in online real estate with 12.29 million(1) monthly visitors to its online network of websites. Move, Inc. operates: Move.com, a leading destination for information on new homes and rental listings, moving, home and garden and home finance; REALTOR.com(R), the official website of the National Association of REALTORS(R); Moving.com; SeniorHousingNet; ListHub, and TOP PRODUCER Systems. Move, Inc. is based in Campbell, California.
ABOUT REALTOR.COM(R) Realtor.com(R), where the world shops for real estate online, is operated by Move, Inc., (MOVE 2.45, +0.05, +2.08%) and is the official website of the National Association of Realtors(R). Ranked as the #1 homes-for-sale site, Realtor.com(R) currently offers potential home buyers access to over four million property listings, as well as the most brokers and agents. It also provides Realtors(R) and the home sellers they represent with the Internet’s largest real estate marketplace, reaching more than 10.0 million(1) consumers in October 2010. Agents and companies have the power to customize Realtor.com(R) resources to maximize their brand and productivity.
Realtor(R) and Realtor.com(R) are registered trademarks of the National Association of Realtors(R). Realtor(R) is a federally registered collective membership mark, which identifies a real estate professional who is a member of the National Association of Realtors(R) 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
The National Association of Realtors(R), “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.
REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.