Lowe's and the National Association of REALTORS(R) Offer Realtors(R), Home Buyers and Sellers New Benefits

MOORESVILLE, N.C., May 24 /PRNewswire-FirstCall/ -- More than half (52%) of recent home buyers make improvements to their homes within the first year, according to a 2004 survey by the Home Improvement Research Institute (HIRI). To help buyers and sellers make those home improvements easier, Lowe's and the National Association of REALTORS(R) (NAR) have teamed-up to offer a variety of resources that will simplify home improvements when buying or selling homes.

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As part of NAR's REALTOR VIP(R) Alliance Program, consumers who are buying, selling or searching for homes will receive valuable savings and rebates courtesy of Lowe's through customized mailings from the Realtor(R) with whom they are working. Consumers will also receive tips on preparing their house for sale or making a new house a "home."

"With this new offering, our members can address the unique home improvement needs of their clients and customers," said Bob Goldberg, senior vice president of marketing and business development for the National Association of REALTORS(R). "As a result, their clients and customers will save money when preparing the home for sale or when first moving in."

Homeowners spend an average of $3,000 in home improvements to prepare their homes for sale, including renovating kitchens, bathrooms and living rooms. Frequently purchased items include paint, flooring, lumber and building materials.

Additional HIRI research shows, overall recent home buyers spent more than $4,900 during the first year. Buyers of older homes spent an average of $3,600, while those who bought new homes spent an average of $7,000. Owners of older homes most frequently cited a desire or need to replace worn-out or old materials, while owners of new construction were most often seeking to beautify the house. Purchases of both types of homes reported that they did improvements to support new features and change the decor.

"Our customers have varying needs, and it is our business to ensure that they have the products and services they need to suit their lifestyles," said Bob Gfeller, senior vice president for Lowe's. "Whether you are moving into a new home, considering the purchase of an older home or looking to own a second house for investment or vacation, Lowe's has a wide variety of resources to help all homeowners make the most of their property."

ABOUT NAR: The NATIONAL ASSOCIATION OF REALTORS(R), "The Voice for Real Estate," is America's largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries. NAR members enjoy the benefits of NAR's REALTOR VIP(R) Program, which is designed to help REALTORS(R) gain the advantages of group buying power, plan for the future, and expand their professional knowledge through its more than 50 publications and educational offerings. The nearly 30 REALTOR VIP(R) strategic alliance partners, which make up the program, are leaders in their industries and committed to providing NAR members with special offerings tailored to their needs.

ABOUT LOWE'S: With fiscal year 2004 sales of $36.5 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 11 million customers a week at more than 1,100 home improvement stores in 48 states. Based in Mooresville, N.C., the 59-year old company is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.