A Case for Cork Floors

                                   Cork Floors made to look like wood

Cork - known mostly for its use as a wine bottle stopper or as a bat-filller for baseball great Sammy Sosa - is a highly sustainable, biodegradable and recyclable flooring option that deserves a lot more attention than it's given.  Relative to hardwood and tile, it is fairly inexpensive, and some types of cork floors are finished and molded in such a way that they can actually mimic the geometric details of wood or the smoothness of tile. It does have a distinctive look that might not be for everyone, but its varying styles and colors allow it to fit into virtually any design scheme.

Cork is made from the bark of a species of Oak tree that is endemic to Southwest Europe and Northwest Africa.  The bark is stripped from the trees - in a process that is harmless to the tree itself – and typically regrows within 9-12 years.  Each Cork Oak can be harvested for its bark around 12 times during its 150-250 year lifespan, and if my calculations are correct, that is about 11 more times than that same tree could be harvested for hardwood during its lifetime. The process is actually very interesting; if you’d like to see for yourself, check out this video!

                                                      Cork Oaks stripped of their bark

When it comes to floors, cork is probably most popular in the kitchen, or in areas where you spend a lot of time standing up.  This is because it is naturally a shock-absorbing and resilient material, making it a lot more comfortable to walk on than other popular kitchen floor options like hardwood and tile.  This also makes it less likely that glass and dinnerware will break if dropped on it.

Another plus to cork floors is that they are naturally rich in suberin, a hydrophobic wax-like substance that helps fight mold, mildew and insect infestation, all of which are maladies that can easily befall hardwood floors.

Unfortunately, cork does have its drawbacks.  It can be scratched and nicked easily, and heavy furniture can leave permanent indentations in the floor if no furniture pads are used. Nevertheless, cork is a great alternative to hardwood or tile floor - it's easy on your pocket and the environment.

RealSmart Holiday Party 2014

This holiday season, the RealSmart Team headed to Sur la Table in Palo Alto to try to learn how to cook.  Needless to say, most of us are still hacks in the kitchen, but hey! We had fun all the same.

Even though we're definitely in need of some follow-up classes, the folks at Sur la Table were great and we highly recommend them to anyone looking for a stress-free cooking class (plus they let you bring your own beer and wine!).  The head chef, Joel, was fun, knowledgeable, and very adept at dumbing down his language just enough for us to be able to understand his instructions.  And while we were given plenty of opportunities to get our hands dirty, the staff was wise in only trusting us with a small a fraction of the cooking (this way they could make sure that the final product was actually edible).

What we Made:
-arugula salad with homemade vinaigrette
-roasted honey-glazed chicken
-mushroom risotto
-roasted asparagus with browned butter sauce (DELICIOUS)
-chocolate tart with fresh berries and whipped cream

When we finished cooking and eating, they provided us with the recipes to all of the dishes we prepared and a discount to the store, which by the way, is a great place for Christmas shopping.

www.surlatable.com

RealSmart's First Annual Ugly Christmas Sweater Contest!

I thought my sweater was the ugliest, and Denis actually wore his grandma's Christmas sweater, but it was Laurie who went the whole nine yards.  She wrapped herself in Christmas lights, pinned ornaments across her sweater, and even donned an ugly hat.  So congratulations Laurie! You are the official Champion of RealSmart's first annual ugly Christmas sweater contest!

2015: The Year of The Millennial?

Photo by  TheeErin 

Recent economic recovery has created a lending environment that is far more hospitable to the millennial age group (those born 1980-1999) than any we have seen in the past several years.  The re-emergence of products like mortgages with loan-to-value ratios of 85-90%, lender paid mortgage insurance, and mortgages to borrowers who are shouldering debt-to-income ratios of up to 50%, have allowed for many more people to enter the home buying discussion.  These products are particularly advantageous to millennial home buyer hopefuls, who have often been kept out of the market because of large amounts of student debt and/or because sky high rental prices have prevented them from saving enough for a down payment.

Millennials are also disproportionately benefiting from the recent job growth.  According to Realtor.com chief economist, Jonathan Smoke, the under-35 population has seen job growth at a 60% better pace than the rest of the population.

Largely due to the reasons listed above, forecasts released by both Realtor.com and Zillow suggest that millennials will be making their triumphant return to the housing market next year.   Realtor.com predicts that millennials will make up around 65% of first-time home buyers in 2015, and Zillow chief economist Stan Humphries said in a report released Tuesday that, “roughly 42% of millennials say they want to buy a home in the next one to five years compared with just 31% of generation X.”  He also went on to claim that by the end of next year millennials will be the largest home-buying age group.

Unfortunately, those of us living in the SF Bay Area will probably not play much of a part in the return of the millennial home buyer.  It is expected that low inventory will continue to drive up home prices, making it difficult for first time buyers to enter the market.  Even so, loosening mortgage requirements and continued job growth should set the stage for Bay Area millennials at some point down the road.  And with rental prices as high as they are, first time buyers should consider buying sooner rather than later, so they can start investing their monthly payments rather than handing them to a landlord.

The graphic below shows the rent and mortgage affordability for San Francisco as calculated by Zillow.  As you can see, the difference between the two is negligible.

Source: "Millennials Will Lead First-Time Home Buyer Revival"

November Market Statistics (Click to Enlarge Charts)

RWC: City Hall Seeks Public Opinion to Help Shape Community Benefits Program

Photo by  Ed Bierman

Redwood City's Planning Commission will be holding a public hearing tonight - Tuesday, December 2nd at 7pm - to try to shape a community benefits program. Such a program, if enacted, would try to balance out the impact of future construction with public amenities like parks, bike lanes, additional parking, and things of that sort.  Developers would be required to fund these amenities as a condition of their project's approval.

Through past workshops and forum surveys, Redwood City residents have expressed that among their top priorities are increased parks and open space, more bike and pedestrian facilities, and affordable housing. Using this information and information gathered from tonight's hearing, a January 14th workshop will try to further pin down priority areas for the benefits program. The goal is for city council to pass an ordinance establishing the program early next year.

If a community benefits program is passed, it will not apply to any of the development that has already been approved by the city. However, this doesn't mean that developments currently underway won't include some sort of community benefit. For instance, it was recently announced that downtown's Crossing/900 development - soon to be home to Box Inc. - will include about 900 parking spaces, which during evenings and weekends will be open to the public.

To voice your concerns and opinions, attend tonight's hearing - Tuesday, December 2nd, 7p.m. at City Hall (1017 Middlefield Road).

You can also leave your comments at www.redwoodcity.org/rwcForum

Source: "Redwood City starting to shape community benefits program"

Delayed Financing: Become an All-Cash Buyer

Photo by  Tracy O 

The 2008 financial crisis - brought about in large part by reckless lending – saw an immediate and dramatic tightening of mortgage loan requirements.  However, over the past couple years the market has shown significant signs of recovery, and loan requirements have begun to look a little bit more like what we were used seeing prior to 2008.  This is evident in the re-emergence of a few products that had virtually disappeared up until about a year ago.  Products like mortgages with loan-to-value ratios of 85-90%, Lender Paid mortgage Insurance, and mortgages to borrowers who are shouldering debt-to-income ratios of up to 50%.  All of this should go a long way in restoring optimism in hopeful homebuyers, but it isn’t what should be capturing headlines.

What’s more interesting is that there is an entirely new loan program that didn’t exist prior 2008, mostly because the problem that it addresses wasn’t nearly as prevalent as it is today.  This new program is called delayed financing, and it allows for a buyer to make an all-cash payment on a home and then turn around the next day and refinance.  Until earlier this year, there were seasoning requirements in place that prevented this practice.

Why would someone do this?  Well, cash buyers have a competitive edge over buyers who are taking out mortgages.  Sellers prefer cash buyers because their money is a sure thing and they make transactions quick and easy, making it hard for buyers taking out mortgages to compete.  This was never really a huge issue, but recent foreign investment has flooded the market with cash buyers, particularly in the Bay Area, and some borrowers are starting to feel the heat.

Delayed financing offers a solution to this problem.  Some people may have the ability to find enough cash to purchase a home, but doing so would leave them with no liquid assets.  Being able to take out a mortgage the day after they make a cash purchase allows them to enjoy the competitive edge they get from being a cash buyer without leaving the bank accounts empty in the process.  It essentially gives you the best of both worlds: the competitive edge of being a cash buyer, and the financial security of not having all of your money tied up in your home.

Google Confirms Redwood City Purchase, Continues to Expand

Photo  by  Telstar Logistics 

Google has officially confirmed their $585 million purchase of six office buildings at the Pacific Shoes Center in Redwood City.  They have also confirmed their intentions to occupy said buildings.  But even with the ink still drying on their Redwood City purchase, the tech giant is continuing their dizzying pace of real estate acquisitions.

A Google subsidiary, Planetary Ventures, just leased NASA's Moffett Field for 60 years, during which time they will pay roughly 1.16 billion dollars.  The deal gives them control of a few hangars which officials say they intend to refurbish and use for research into new space exploration technology.

They also have plans to expand into San Francisco, where they have recently purchased an 8 story building on the Embarcadero.

One of the reasons that Google is likely expanding into so many different parts of the Bay Area is to resolve the commuting problems that their employees face getting to and from their Mountain View headquarters.  The Redwood City location is adjacent to the Port of Redwood City, where Google has long been toying with the idea of getting a commuter ferry running, and having real estate in San Francisco will make things a lot easier on their many employees who already live there.

Refinishing vs. Replacing Your Old Hardwood Floors

by  KissÃ¥ 

 Hardwood floors are typically fairly durable, but like any type of flooring, they take all sorts of abuse over the years. They can become warped, chipped, stained, dull, or any combination of the above, and eventually you are going to be faced with the question of whether you want to refinish or replace them. There are pros and cons to both options, and which route you take will likely be dictated by the extent of the damage to your floors and/or how much money you are willing to sink into them.

Under normal circumstances hardwood floors can go 20-30 years before needing to be refinished, and most floors can be sanded and refinished 6-7 times over their lifetime.  So unless there is significant structural damage to the planks, or to the subfloor beneath them, your hardwood can usually be professionally refinished and touched up at a much lower cost than if you were to completely replace them.  With that being said, this doesn’t mean that refinishing your hardwood floors will make them look brand new.  If your floors are severely warped, chipped, or loosened, simply sanding and refinishing them will just brighten up badly damaged floors.  Contractors can replace patches of damaged planks, or temporarily nail down loose or warped ones, but if the damage is pervasive enough, it might be best to just replace the floors altogether.

by  dennyschmickle 

 While replacing is almost always more expensive than refinishing, the upside is that it is usually a lot quicker and easier.  Refinishing hardwood floors is a messy process that can take 4-5 days, during which time the floors can’t be touched.  It requires brushes, basecoat sealer, topcoat sealer, sanders, edgers, and a lot of dirty work.  Replacing, on the other hand, can be done with minimal mess by a professional contractor in as little as 1-4 days depending on the amount of floor that is being installed.

On a side note, if you do decide to go the replacement route, it would be worthwhile to look into engineered hardwood.  Its slightly cheaper than solid hardwood, and it stands up to humidity and weather problems better because of its multilayer composition (usually only the top 1/8” is hardwood).

If you are trying to figure out what to do with your hardwood floors, feel free to give us a call.  Our in-house licensed contractor can walk you through your options, and help you decide which one is best for you.

Source: "Refinishing Vs. Replacing Hardwood Floors"

The Micro-Movement: A Push for Affordable Housing

As Bay Area residents know all too well, finding affordable housing is becoming increasingly difficult.  The recent tech boom is flooding the market with home-buyers and renters who can afford a significantly larger monthly nut than your average blue-collar worker, and their deep pockets are driving prices through the roof.  The median price for a single-family home in San Francisco and San Mateo Counties broke a million dollars this year, and rental prices are higher than they have ever been.

Fortunately, there is a glimmer of hope for people who are ready to sacrifice square footage for affordability.  Micro-houses and apartments, which can be as small as 180 square feet, are gaining popularity in densely populated metros where affordable housing is becoming a thing of the past.  These mini-abodes are devising creative ways to maximize precious space - Murphy beds that fold up and leave behind a dining table, banquette lids that open up for extra storage space, and shelves covering every inch of vertical space.

Seattle is at the forefront of the micro-apartment movement, with somewhere around 3,000 of them already built.  Rent for these apartments can be as low as $800/month in a city where a 400-500 square foot studio typically goes for closer to $1,600/month.  But in San Francisco, where the micro-trend hasn’t gained as much momentum, the price difference isn't quite so dramatic.  A 225 square foot studio in SF still can go for as much as $1,750/month, whereas more generously sized studios can be found just above the $2,000 mark.

Whether or not these apartments can be made more affordable in the SF bay area remains to be seen, but with number of single-person households growing steadily, it is entirely possible that micro homes and apartments will see a spike in demand in the coming years. That's what developer Patrick Kennedy of Panoramic Interests in banking on at least.  He is currently building a high rise micro-apartment complex at 1321 Mission St. in San Francisco, and once complete it will be the first of its kind in the city by the bay.  It will feature 160 micro-units which Kennedy says are "affordable by design".

Downtown Development in Redwood City Threatens Historic Buildings

   by  Jun Seita 

The recent development bloom in Redwood City has put the future of several historic buildings in jeopardy. The city’s Downtown Precise Plan - designed to revitalize the downtown area - has designated 7 historic buildings as candidates for alteration, relocation or removal. And with the city not actually willing to fund the alteration, relocation, or removal of any of these structures, it is likely that most of them are destined for demolition.

City protocol dictates that before a historic structure is demolished, it must first be offered to the public at the price of $1. The catch is that after the structure is purchased, the buyer must pay to have it relocated. This is what is currently happening at a home located at 103 Wilson Street in downtown Redwood City. Starting October 20th, the house will be on the market for a period of 90 days for the price of one dollar. If no one purchases and relocates this Queen Anne Victorian house - which was built circa 1900 – the city will have it demolished to make room for a 7-story apartment complex.

The problem is that while buildings like the one at 103 Wilson Street are considered historic, they aren’t considered historic enough to be worth saving.  According to Gabriel Matyiko of Expert House Movers, a company that specializes in relocating historic buildings, moving one of these structures can cost anywhere from $15,000-$40,000.   Additionally, most of these homes are severely dilapidated, so even if someone did fork out the cash necessary to move the home, paying to have it brought back to code and maintained would be another huge financial undertaking. Typically, for the city to invest this amount of dough into preserving a historic building, someone of historical significance needs to have lived or done something important there. This evidently isn't the case for any of the seven structures referenced above.

But does anyone really care about these decaying buildings?  After all, they're just old, crumbling, unused heaps that are taking up increasingly valuable real estate.  Well, at least one city councilman has expressed concern about the removal of historic Redwood City landmarks.  Councilman Ian Bain is heading a charge to create a plan that will protect these structures in the future.  He says that while a new plan will probably not protect buildings already slated for demolition, it could help protect similar buildings later down the road.

There is no doubt that exciting things are happening in Redwood City.  Developers are lining up at city hall seeking approval for all sorts of commercial and residential projects.  And while there is a definite economic upside to the influx of all of this capital, there seems to be growing concern that it is partially at the expense of the city's culture and personality.

Source

San Mateo Contributes Fair Share to Mid-Peninsula Development

With available real estate drying up in Silicon Valley and San Francisco, developers are increasingly looking to the mid-peninsula to house their projects.  Redwood City has received a lot of attention in the past couple years for their rapid development, and with huge tech companies like Google and Box set to move in, it seems likely that the city will continue to see considerable growth.

But while Redwood City has been making all the headlines as of late, the city of San Mateo has also been developing quite actively.  EBL&S Development is planning a 250-300 million dollar mixed-use project at 1700 S. Delaware Street that will include 599 apartments, 10,000 to 15,000 square feet of commercial space, 25,000 to 30,000 square feet of retail and 2.3 acres of parks.  The project was initially approved back in 2011 but due to financial constraints brought on by the recession, it was put on hold.

Additionally, developer Wilson Meany announced earlier this week that they will soon begin construction on a  4 story, 210,000 square foot office building at the old site of the Bay Meadows horse racing track.  Located near State Route 92 and Highway 101, it is expected that this office space will attract big name tenants.  The building is part of the second phase of a two phase plan to develop the 160 acre site.  The first phase included a Whole Foods Market, 19 live-work condos, 55 single-family homes, 98 townhomes, 575 apartments, a Kaiser Permanente medical center, Franklin Templeton headquarters and  a SMPD station.

   by  pkingDesign 

-Demolition of the old Bay Meadows horse racing track

The Google Empire Sets its Sights on Redwood City

In the latest of Google's seemingly endless commercial real estate acquisitions, the tech giant has reportedly purchased 6 office buildings in Redwood City's Pacific Shores Center, which is currently home to companies like Dreamworks and Openwave.  Google has put a deposit down on the the buildings and it is said that the deal could close later this month.

   by  (nz)dave 

Assuming Google intends to fill these buildings themselves, this purchase will likely go hand-in-hand with increased efforts to get commuter fairies running from San Francisco and Alameda to the Port of Redwood City - an idea that Google has been flirting with for quite some time.  Up until now, one of the major setbacks to the commuter ferry plan was that even if Google employees were to use this alternate form of transportation, they would still have to be shuttled from Redwood City to their Mountain View headquarters.  However, the purchase of 6 commercial office buildings at the Pacific Shores Center - just a stones throw away from the Port of Redwood City - effectively nullifies this problem.

Google's purchase comes just a few weeks after Box Inc.'s leasing of the Crossing/900 development in downtown Redwood City.  Tech companies are are putting Redwood City in their crosshairs, and it is highly likely that what we are seeing now is just the beginning.

P.S. - The Pacific Shores Center currently houses around 1.7 million square feet of office space.  Recent zoning however, could allow developers to bump that total up to around 3 million square feet.

For a list of all current and proposed developments in Redwood City, click here.

Source

   by  Rebecca Williamson 

Equifax and the Origins of Credit Reporting

Credit bureaus are something of an anomaly in the politico-economic world.  They regulate consumer spending - something you might expect from a government agency - yet are private, profit-seeking entities.   They hold people accountable for their past financial transgressions, and try to dictate the occurrence of future ones - yet they have no legitimate jurisdiction over the wallets of the people that they report on.

So if credit bureaus aren't government agencies, how did they come to be? And how did they gain so much influence?  The answer is quite simple - they grew organically from the American economic system.

   by  LendingMemo 

Of the three major national credit bureaus, Equifax, Experian, and Transunion, only Equifax can claim responsibility for the origination of the credit reporting system as we know it today.  It started in the late 1800's when a small time grocer, Cator Woolford, got the idea to record evidence of his customers’ creditworthiness.  When his records became sufficiently voluminous, he began selling them to other merchants in the local Retail Grocer’s Association - and so credit reporting was born.  Cator eventually teamed up with his attorney brother, Guy, and in 1899 the two moved to Atlanta and founded the Retail Credit Company (what would later become known as Equifax).  The business took off, and by the early 1900’s demand for consumer credit reporting had begun to spread beyond just the grocery industry.

But it isn't just the practice of credit reporting that you have Equifax to thank for.  The questionable ethics behind their information gathering practices were ultimately what prompted government regulation of the industry.

By the 1960’s, Retail Credit Company had amassed over 300 branches, and all sorts of consumer data with varying degrees of credibility.  Their credit reports allegedly factored in rumors about people’s marital lives, sex lives, and childhoods, and were distributed indiscriminately to pretty much anyone with a checkbook.  The company was even investigated for offering rewards to employees who managed to dig up the most negative information.  To put it bluntly, they were quickly becoming known as a slimy company.  In fact, it is popularly held that the main reason they changed their name to Equifax in 1975 was to clean up the image they had established under the moniker of Retail Credit Company.

It wasn't until they began to computerize their records in the late 60’s – in turn making them more widely available – that the government finally took action.  In 1970, Congress enacted the Fair Credit Reporting Act, which gave consumers certain rights with regards to what information could be shared about them through credit reports.  Still, even without exploiting details about consumers’ personal lives, Equifax and other credit bureaus have managed to become wildly profitable and influential corporations.  As many adult Americans know, a negative credit report can cripple your ability to progress in life.  Bad credit can impede your ability to enter into homeownership, car ownership, or even marriage, as some people advise that you look into your partner’s credit history before making a lifelong commitment to them.

So there you have it.  What started as a small-time business man stumbling into an untapped market, eventually evolved into a massive corporation with somewhere around 1.5 billion dollars in annual revenue, and an immense amount of influence on consumer behavior - a model of American capitalism.

Green Homes are a Priority for New Constructions

   by  NeoGaboX 

Going "green" has been a hot topic for several years now, but a new survey shows that many builders are now making it a top priority for new constructions.

Among the different features being favored are energy efficiency, indoor air quality, water conservation, and material conservation.

Green Features In New Home Building

The survey found that of the 62% of single-family developers are rolling out 15% of their projects as "green-friendly." Further,  nearly 1/5 of single-family developers are executing 90% of their projects with a green focus. It seems that slowly but surely the green trend is making its way into the top-of-mind for developers, as more and more consumers opt for eco-friendly residence.s

Despite the fact that 3 out of 4 single-family home builders say that energy efficiency is a feature they are pursuing with making their homes greener, according to the survey only 11% of single-family home builders say they are constructing homes that are greener in 2013 than those constructed in 2011.

Source: "Green Building Features," National Associaton of Home Builders' Eye on Housing Blog

Marin County is Healthiest for Kids

  by  davidyuweb 

California has always been touted for its culture of progressively green and health-focused habits, a mentality that seems to bleed into the policies and initiatives that shape the Californian lifestyle. Therefore, it comes as no surprise that the title of healthiest county in the country has been handed to Marin county in California, home to the cities of Marin, San Rafael, and Mill Valley.

According to the University of Wisconsin Population Health Institute's County Health Rankings and Roadmaps program, the county topped the list based on its robust birth weights, low rates of teen pregnancy, and low percent of children in poverty, among other factors.

Other California counties that made the list include San Francisco County (#6) and RealSmart's home turf, San Mateo County (#11).

Here is the full list of America's top 50 healthiest counties for kids:

1. Marin County, CA
2. Norfolk County, MA
3. Hunterdon County, NJ
4. Chittenden County, VT
5. Nassau County, NY
6. San Francisco County, CA
7. Middlesex County, MA
8. Somerset County, NJ
9. Morris County, NJ
10. Bergen County, NJ
11. San Mateo County, CA
12. Hampshire County, MA
13. Howard County, MD
14. Ozaukee County, WI
15. Westchester County, NY
16. Santa Clara County, CA
17. Placer County, CA
18. Johnson County, KS
19. Olmsted County, MN
20. Montgomery County, MD
21. Waukesha County, WI
22. Johnson County, IA
23. Grafton County, NH
24. Orange County, CA
25. Monmouth County, NJ
26. San Luis Obispo County, CA
27. Montgomery County, PA
28. Santa Cruz County, CA
29. Loudoun County, VA
30. Yolo County, CA
31. Fairfield County, CT
32. Middlesex County, CT
33. Fairfax County, VA
34. Washington County, MN
35. Barnstable County, MA
36. Sonoma County, CA
37. Cumberland County, ME
38. La Crosse County, WI
39. DuPage County, IL
40. Delaware County, OH
41. Douglas County, CO
42. Napa County, CA
43. El Dorado County, CA
44. Tolland County, CT
45. Alameda County, CA
46. Washington County, VT
47. Contra Costa County, CA
48. Rockingham County, NH
49. Washington County, RI
50. Hamilton County, IN

SOURCE: US NEWS, "America's 50 Healthiest Counties for Kids"

Smart House

   by  Photo Dean 

Smart Homes, homes equipped with automated systems that control everything from security alarms to temperature control, are slowly creeping into the consumer market. Home automation systems, such as Google-owned  Nest, are at taking center stage in the discussion on the Internet of Things (whereby individual products communicate and are compatible directly with each other), and hope to bring to the table a peace of mind for homeowners whose properties will be fully controllable at the push of a button.

Although it may sound like science-fiction, Smart Homes are quickly becoming a reality. But the questions is, what do homeowners want? The possibilities are endless and the benefits are profound, especially for the elderly and disabled.

To answer these questions, iControl networks, a home automation software company, recently surveyed over 900 respondents to ask what it is that they are looking for in a smart home. We've highlighted some of the findings of the study below:

   by  davic 

HOME OF THE FUTURE?

• 39% of respondents predict that voice-controlled lights and appliances will be the norm in the next 10 years.

• One-third say that automatic HVAC control based on home occupancy will be a standard feature of new smart homes in the next decade.

FAMILY SECURITY

• The majority of respondents (90%) said that family security was a top priority for them in home automation.

• 85% said that fire detection was one of the most important features of home automation systems, with 60%

   by  taberandrew 

LOSS PREVENTION

• 86% said that protecting their personal property (TV's, computers, cars) was one of the most important reasons for using a home automation system.

• Among homeowners, gas leak alerts & remote valve shutoff was the top features for which they would use a home automation system.

ENERGY USE

• 80% said that monitoring HVAC systems for the purpose or reducing monthly bills was an important factor when using a home automation system.

• Two-thirds said that indoor lighting and ceiling fan control is an important feature.

   by  smlp.co.uk 

WATCHDOG

• For pet owners, keeping an eye on their furry ones plays an important role in home automation.

• 52% said that pet monitoring was one of the top 5 reasons to use a home automation system.

---

You can read the full study at iControl's website here.

Zillow Zestimates are Inaccurate for the Bay Area

photo by MarkMoz12 

Many clients often ask RealSmart about Zestimates and their accuracy. Time and again, these zestimates prove to be widely off-mark and do little more than confuse and mislead people. 

According to Zillow , the "Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula." They show up on their website directly next to the image of the home: 

By Zillow's own admission, the Bay Area market is not its strong point for accurate Zestimates. 

As a real estate company, our job is to not only give our clients the most up to date data, but to provide them with the most accurate price that is appropriate for the current market based on comps, history, and factors specific to each property. As you can see from Zillow’s mere 2-star accuracy rating across all of RealSmart's home counties, this is a human skill that a computer just cannot replicate in this market. 

Pictured Above: A Screenshot of Zillow's Accuracy Ratings For RealSmart's Home Counties

Take for example RealSmart's listing on E St in San Carlos. The property's Zestimate at the time of sale was $735,296. The property, however, sold for $820,000 - that's a difference of $85,000! Another property, also in San Carlos, had a Zestimate of $895,568 at the time of sale and sold for $1,010,000 - a difference of $114,000!

Though both of these examples show Zillow's conservative estimates, it's important that clients know that the opposite can also be true.

"It's difficult for a home seller to be told that their home isn't worth as much as Zillow's Zestimates, especially after seeing those big-numbered price tags. An unrealistically high Zestimate can get a person's hopes up, and bring deep disappointment when the homeowner realizes their home is unlikely to sell for a price even close to what Zillow is telling them. It's important to talk to your real estate agent before making a judgement on the value of your home." - Bryan Jacobs, RealSmart Broker

RealSmart prides itself in its accurate pricing strategy and we urge all clients and potential clients to take Zillow's Zestimates with a hefty grain of salt.