SOURCE: ZipRealty

July 02, 2008 08:00 ET

Buyers to Search for Homes by Mortgage Payment on ZipRealty.com

EMERYVILLE, CA--(Marketwire - July 2, 2008) - ZipRealty (NASDAQ: ZIPR) (www.ziprealty.com), the nation's largest online-based, full-service real estate brokerage, announced today the launch of a new way for buyers to search for MLS-listed homes online -- by estimated monthly mortgage payment. When entering search criteria on ZipRealty.com, buyers can choose 'monthly payment' instead of 'home price,' allowing them to see homes for sale within their monthly budget at their assumed interest rate.

"As rent prices climb higher nationally, the ability to search for listed homes by an estimated monthly mortgage payment amount helps potential buyers determine if it's better for them to rent or buy," said Patrick Lashinsky, President and CEO of ZipRealty. "In today's market with historically low interest rates, many first-time buyers don't realize that they might actually pay more each month to rent than to purchase a comparable home."

Other ZipRealty.com features and tools aimed at providing buyers with detailed, customized information to help them determine whether they should consider purchasing a home include:

   --  New "Am I Better Off Renting?" Calculator

       Would-be buyers can enter information including their current rent,
       typical yearly rent increase, their estimated home loan amount and
       interest rate to assist them in determining whether they could save
       money by owning instead of renting.

   --  Enhanced Mortgage Center

       Buyers can get pre-approved for mortgages by ZipRealty's mortgage
       partner, E-LOAN, at ZipRealty.com through programs designed
       especially for first-time homebuyers.

About ZipRealty, Inc.

ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide homebuyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 34 major markets in 19 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.

Cautionary Language

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, that our full-service, non-traditional business model helps to reduce costs and pass on significant savings to consumers, that rental prices continue to climb and interest rates are low in the real estate market. The forward-looking statements are subject to risks and uncertainties that could cause actual events to differ materially from those projected, including the risk factors set forth in our Form 10-K filed with the SEC for the fiscal year ended December 31, 2007 and other filings with the SEC including our quarterly Form 10-Qs and periodic Form 8-Ks. The forward-looking statements included in this release are made as of today's date and, except as otherwise required by law, we do not intend to update these forward-looking statements to reflect events or circumstances after the date hereof.

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