Austin, Texas – April 2, 2001 Builder Homesite, Inc., the emerging builder-founded consortium for the new home market, today announced that Weyerhaeuser Real Estate Company, ranked 22 in the 2000 Builder 100, has signed up as the eighteenth consortium member.
Builder Homesite is backed, endorsed and driven by a consortium of the nation’s premier homebuilders and focused on improving the home selection, buying and ownership experience through the use of online technologies. BHI products are being designed to provide consortium members with the benefits of new sources of revenue from an open, un-biased new home channel, reduced technology acquisition costs and the monetization of each builder’s home and community assets. The eighteen consortium members represent over $33 billion in gross revenue for 2000 and build over 155,000 homes across the continental United States.
“Technology is changing homebuilding and homebuying,” said C. Stephen Lewis, President and CEO of Weyerhaeuser Real Estate Company. “At Weyerhaeuser Real Estate, we see the Internet as a powerful tool that will substantially improve the homeuying and homeownership experience. We believe that all members will benefit from the activities of the consortium.”
“We are thrilled that Weyerhaeuser Real Estate, a top 25 builder, has joined the consortium,” said Tim Costello, President and CEO of Builder Homesite. “We expect they will be an active participant in defining the future tools and products that will be required to complete the digitization of the entire new home lifecycle.”
New Home Industry
Currently, the new home market is estimated to be a $230 billion market in the United States. PaineWebber’s eBuilder Report states that builders effectively using the Internet could see profits per-home improving by up to 30% in the next ten years. Consumer use of the Internet during the home selection process is increasing–research studies show that 62% of all new homebuyers already use the web for sources of information and service. Other research has revealed that over 85% of consumers will use or plan to use the Internet to shop for homes in the next two years.
About Weyerhaeuser Real Estate Company
Weyerhaeuser Real Estate Company (WRECO), was formed in 1969 as a wholly owned subsidiary of Weyerhaeuser Company. Over the past 30 years it has grown to be one of the larger homebuilding companies in the United States. WRECO’s primary goal is to provide high-quality, moderate-to-medium-priced homes and planned communities while providing a competitive return to its shareholder, Weyerhaeuser Company.
Weyerhaeuser Company (NYSE: WY), one of the world’s largest integrated forest products companies, was incorporated in 1900. In 2000, sales were $16 billion. It has offices or operations in 17 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities.”
About Builder Homesite, Inc. and NewHomeSource.com
Founded in Austin, TX in 2000 by a consortium of 32 of the nation’s largest homebuilders, Builder Homesite, Inc. (BHI) represents over 225,000 new home sales annually. BHI’s mission is to offer improved technology and marketing solutions for the new home industry. The first product by Builder Homesite is NewHomeSource.com, a consumer website offering the most comprehensive information and selection of new homes available on the Internet. Because of the extensive distribution network, more and more builders are making BHI their entry point into the Internet. By providing data to New Home Source, builders can also participate in BHI online partner channels, including Yahoo, eBay, CitySearch, Homegain, newspaper and realtor websites.
If you are a member of the media and have a question or interview request, please contact:
- Eleanor Bowman