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First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline. Those just beginning the process today will have to beat the average time it takes to buy a home, a challenge smart buyers can meet even though it's taking longer today to close most transactions.(1)

Two significant challenges first-time buyers face today include the potential for a lengthy process related to search and closing if not managed carefully at every step, and intensified competition.

On average, first-time buyers search 12 weeks to find a home(2), while closing can take up to 60 days, depending on individual circumstances and local regulations. Additionally, the tax credit has proved to be extremely popular this year, since taking advantage of the first-time homebuyer's Federal tax credit and relevant state incentives is the most important reason motivating 10.8 percent(3) of buyers today. In fact, approximately 1.14 million buyers have already filed for the credit. Many more are expected to file for the credit when income taxes are due April 2010.(4)

Still, while time is short and competition high, historically high affordability is a major factor driving first-time home buyers today, a growing group(10) accounting for one third of all purchases in July 2009.(5) The National Association of Realtors' affordability index in July 2009 was 36.0 percentage points higher than July 2008. Under these conditions the typical median-income family can allocate 15.8 percent of their gross income to mortgage payments, well below the traditional allowance of 25 percent. Interest rates, which play a major factor in affordability, remain low, at 5.22 percent in July for a 30-year fixed rate loan.(6)

Realtor.com President Errol Samuelson explains, "The national median home today costs approximately 174,100.(7) By moving quickly to find and close on a home by November 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost four and a half percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years(8), and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue today's once in a generation opportunity to become homeowners."

Samuelson suggests that by combining effective use of technology and the greater access to information it delivers with expert advice from local Realtors, today's first-time home buyers can beat the clock and use the $8,000 Federal tax credit along with any available state-level credits to purchase a home under the November 30 deadline.

"By moving quickly, being prepared to make decisions in the face of increased competition, and taking the learnings from others to reduce time without cutting corners, first-time home buyers starting today can close on time and qualify for the $8,000 Federal tax credit," added Samuelson. "To help this important group trying to enter today's market, Realtor.com will offer tips and expert advice in the next eight weeks that can help expedite the search, negotiation, finance and closing processes so they can beat the clock."

Tips for the first time home buyer starting their search today:

    --  Searching - Search While You Sleep - Since 87 percent of all buyers
        start online(9), you probably will too.  On Realtor.com it's easy
        to sign up for email alerts and create personal portfolios for homes of
        interest.  Soon you'll be searching while you sleep, at the office
        or even while you're at an open house.  You'll be the first to
        know if a home you want comes up for sale or receives a price reduction.
    --  Negotiating - Freshness counts.  You don't have time to look at
        unavailable homes. Stale data on prices, time on market, features, or
        property values puts you at a disadvantage when negotiating. Most
        listings on Realtor.com are updated every 15-minutes, giving first
        timers an advantage.
    --  Appraisals - Appraisals can be a problem today; make sure the lender can
        deliver the appraisal on time.  Your loan will not be approved if it
        doesn't appraise for the agreed price, so don't delay.  If the
        property doesn't appraise for the bid price, ask for a desk
        appraisal; you'll receive a second look.
    --  Finance - Don't let the financing process slow you down; 35 percent
        of first-time buyers find the mortgage application and approval process
        more difficult than what they expected.(10)  Start saving pay stubs and
        bank statements now.  Collect your tax returns; anything proving your
        income qualifies you for the home you want.  If you don't have a
        lender, ask your Realtor or look online.  Pre-qualify now!

    --  Closing - Get your insurance company and the home owner association, if
        applicable, to forward a cost estimate to the escrow company early.
        This will make it easier for them to more accurately estimate your
        closing costs, which in many states must be paid in cash at closing.

ABOUT REALTOR.COM(R)

Realtor.com(R), 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(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 8.3 million(11) consumers in July 2009. 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.

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)  NAR President Charles McMillan, quoted in existing home sales news
         release, August 12
    (2)  National Association of REALTORS(R) 2008 Profile of Buyers and Sellers,
         P. 45
    (3)  Realtor.com Homeownership Survey, July 2009
    (4)  "Tax Credit Gives Nudge to First-time Homebuyers." Raleigh News &
         Observer, August 9, 2009
    (5)  "2nd Quarter Existing-Home Sales Rise in Most States, Helped by
         Affordable Metro Prices," NAR news release, August 12
    (6)  Freddie Mac Mortgage tables
    (7)  "2nd Quarter Existing-Home Sales Rise in Most States, Helped by
         Affordable Metro Prices," NAR news release, August 12
    (8)  "National Association of REALTORS(R), Affordable Housing Real Estate
         Resource: Housing Affordability Index, April 2009
    (9)  NAR 2008 Profile of Home buyers' and Sellers, pg 67
    (10) NAR 2008 Profile of Home Buyers and Sellers, pg 42
    (11) ComScore Media Metrics, July 2009