As Home Sales Drop to 8 Year Low, HotPads.com Launches First Buy vs. Rent Search Portal
In a volatile real estate market, housing shoppers can now view homes for sale and for rent simultaneously, based on monthly budget.
WASHINGTON, DC, December 10, 2007 HotPads.com, http://hotpads.com, a map-based housing search engine and listing service, today announced the launch of the first Buy vs. Rent search portal. Now, housing shoppers can compare homes for sale and homes/apartments for rent simultaneously in the same map-based search results using estimated monthly costs.
The National Association of Realtors announced October existing home sales dropped over 20% from 2006 sales. In the down real estate market more housing shoppers are wrestling with the Buy vs. Rent decision. Now HotPads users can see immediately what they can afford in both scenarios and are given the tools necessary to make a sound financial decision.
"Purchasing a home is always an important decision but it is particularly nerve-wracking when there are market uncertainties," said Matt Corgan, co-founder and director of technology. "With this launch, HotPads will help housing shoppers decide whether renting or buying is right for them while assisting them finding that perfect home."
How It Works
There are now three search portals within HotPads; For Sale, For Rent, and Buy vs. Rent. When users click the Buy vs. Rent tab above the map, both For Sale and For Rent listings are returned in the search results on the map. For Sale listings have a monthly cost associated with them that take mortgage payments including interest rate, down payment, and term length into account. As users adjust their pricing criteria on the map, homes for sale and rent appear and disappear respectively. This allows users to see exactly what properties they can afford to buy and rent.
"At HotPads, we try to make it easier for people to find their next home. Part of that search process for housing shoppers is deciding exactly what they are looking for. The launch of HotPads' Buy vs. Rent portal is an important new step in that decision making process," said Douglas Pope, co-founder and director of operations.
HotPads.com launched its map-based housing search and listing service in November 2005. Since its launch, HotPads has become one of the fastest growing active listing services on the Web. Founded by three Notre Dame roommates turned entrepreneurs, HotPads' goal is to simplify the process of housing search through superior technology and services. For more information, call (563) Buy-Rent [289-7368] or visit the website at http://hotpads.com.