SAN FRANCISCO, May 7, 2008
/PRNewswire/ -- Trulia.com, the best place to start a
real estate search (http://www.trulia.com/), today
released the results of a study conducted on their
behalf by Harris Interactive (R) showing that while more
than half of all U.S. adults would consider purchasing a
foreclosed home, over two-thirds also feel that there
are several negative aspects of such purchases. The
findings, part of a comprehensive survey of consumer
attitudes about foreclosure, have been released in
tandem with guidance from foreclosure experts from
Trulia's online community, who offer tips for avoiding
potential pitfalls and successfully completing such
purchases.
Trulia's internal market intelligence further confirms
that interest in purchasing a foreclosed home is rising
rapidly among U.S. consumers. Searches for foreclosures
on Trulia.com, more than tripled in the first quarter of
2008, rising by 214 percent. Trulia offers market data
as well as listings of foreclosed properties (http://www.trulia.com/),
to help prospective buyers with their research.
Conducted over a three-day period in late April, the
survey found that, while 69 percent of U.S. adults feel
that there are negative aspects to purchasing a
foreclosed home (http://www.trulia.com/), more than half
would be at least somewhat likely to consider purchasing
a foreclosed home. Of survey respondents mentioning
negative aspects of purchasing a foreclosed home, 69
percent cited hidden costs; 35 percent considered the
prospect risky; and 33 percent mentioned the possibility
of the home losing value.
"What's striking about these findings is that while U.S.
consumers recognize the purchasing opportunity presented
by foreclosed homes, there are definitely some
reservations about the process," said Pete Flint,
co-founder and CEO of Trulia. "By providing guidance
from foreclosure experts combined with comprehensive
information on foreclosed homes across the country,
Trulia can help potential homeowners take full advantage
of this market while avoiding the kind of risks that
might otherwise make them hesitate."
To put foreclosure fears at rest, Trulia's team of
foreclosure experts has provided tips for anyone
considering purchasing a foreclosed home. These include:
-- Prioritize your needs: Make a list of "must-haves"
for your new home.
The foreclosed house you choose should have some overall
appeal as
well as most of the items on your list.
-- Talk to experts: Make an appointment with an
experienced foreclosure
agent. Don't be afraid to ask a lot of questions.
-- Be current: Look at neighborhood data with emphasis
on real time
sales. Compare current and last year's home values to
determine which
way the market is moving.
-- Aim high: Find out the overall value of the
neighborhood in which you
are buying. A foreclosure may allow you entry into a
better
neighborhood.
-- Make inspection mandatory: Minimize hidden costs by
planning a
professional inspection. Don't be afraid to get a second
opinion.
-- Avoid pre-stage: The pre-foreclosure/short sales
stage is typically
not the most profitable. You could wait weeks or even
months for an
answer from the lender.
-- Buy at the right time: The foreclosure stage can be
profitable when it
goes to public auction. The best REO deals are often
situations where
the home has been on the market for 60 days or more.
Some Groups More Inclined to Consider Purchase
The results of the Harris Interactive (R) survey provide
nuanced insight into the types of consumers more likely
to consider the purchase of a foreclosed home. In
particular:
-- Single/never married adults (60 percent) are more
likely to be at
least somewhat likely to consider purchasing a
foreclosure versus
married (50 percent) or divorced/separated/widowed
adults
(50 percent).
-- Male respondents are more likely to be at least
somewhat likely to
consider purchasing a foreclosed home compared with
female respondents
(57 percent versus 51 percent).
-- Younger adults (18-34) are more than twice as likely
to be at least
somewhat likely to consider purchasing a foreclosed home
than U.S.
adults ages 55+ (69 percent versus 32 percent).
-- Respondents with children in the household are more
likely to be at
least somewhat likely to consider purchasing a
foreclosed home versus
those who have no children in their household
(66 percent versus 50 percent).
-- About three out of every four U.S. adults aged 18-34
feel that there
are negative aspects of purchasing a foreclosed home (74
percent)
versus two-thirds (66 percent) of U.S. adults aged 35
and older.
-- 20 percent of U.S. adults said that having a personal
connection with
someone who lost their home to foreclosure is a negative
aspect of
purchasing a foreclosed home.
Trulia is one of the most popular sites on the web for
real estate and has approximately 3 million real estate
listings across the country. Foreclosure tips provided
by experts from the Trulia Voices online community: Bill
Boone, Fabiola Fleuranvil, John Goad Jr., Tom J. Hall,
Travis Houston, Patrick Mahoney, Melissa Morgan and
Elizabeth Weintraub. For more information about Trulia
or to experience the power of a Trulia search, please
visit http://www.trulia.com/. Foreclosure listings on
Trulia powered by RealtyTrac(R).
Methodology
This survey was conducted online within the United
States by Harris Interactive via its QuickQuery(SM)
online omnibus service on behalf of Trulia between April
23 and 25, 2008 among 2,033 U.S. adults aged 18 years
and older. Results were weighted as needed for region,
age within gender, education, household income and
race/ethnicity. Propensity score weighting was also used
to adjust for respondents' propensity to be online. No
estimates of theoretical sampling error can be
calculated; a full methodology is available.
About Trulia, Inc.
Trulia, Inc. (http://www.trulia.com/), a residential
real estate search engine and the fastest-growing U.S.
real estate Web site (comScore), has revolutionized
online home search by offering a rich, intuitive user
experience that points consumers directly to listings on
agent and broker Web sites. By partnering with the real
estate industry, including 93 of the top 100 largest
U.S. brokers, Trulia helps approximately 4.5 million
unique visitors per month find information on homes for
sale using custom search criteria. The site also
provides market trends and neighborhood data at the
hyper-local level, as well as Trulia Voices, a real
estate Q&A community, that enables consumers and
professionals to exchange information about their local
markets. For more information, visit http://www.trulia.com/.
About Harris Interactive
Harris Interactive is a global leader in custom market
research. With a long and rich history in multimodal
research, 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 http://www.harrisinteractive.com/.
Source: Trulia, Inc.
CONTACT: Media, Ayanna
Anderson of SutherlandGold Group, +1-415-655-4560,
ayanna@sutherlandgold.com, for Trulia, Inc.
Web site:
http://www.trulia.com/
http://www.harrisinteractive.com/
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