Not into that whole tabbed browser thing? Well Zillow’s got your back! For everyone who struggles with multiple browser windows, tabs, and all manner of internet hocus-pocus while trying to view two pages at the same time, Zillow has a solution: Zip-2-Zillow. In conjunction with ZipRealty, Zillow has instituted this new utility which makes jumping between the two sites a breeze. Now, instead of having to arduously cut and paste addresses from one window to another (seriously, it’s a pain in the a**!), you can just click the link and instantly get Zillow information for whatever property you’re looking at. And now that they’ve done their good deed for the day, they can get back to their plot to take over the world!

or maybe they’ll just keep on providing free and easy home estimates with ever increasing accuracy… It’s really a toss up at this point

-Tony Floriani

Recently we’ve noticed a lot of activity in the online home auctioning market and we decided to find out more. It appears that due to growing inventories and high rates of foreclosure in some areas, sellers are finding it harder to gauge their homes’ value and are uncertain about what marketing strategies to pursue. As these people seek alternative methods to sell their homes, some are finding that the auction block can offer a quick exit from stressful or disappointing real estate transactions. It can also help speed the process if the homeowners find themselves in financial trouble with mortgages, or if they are forced to relocate on a moment’s notice.

The auction block holds promise for sellers because it is a relatively quick way to guarantee a sale at a time when more and more homes are languishing on the traditional real estate market. Unfortunately, the rapidity of this medium comes at a price. In addition to steep auction fees, which can sometimes amount to over 10% of a home’s total value (compared with the 5% or 6% typically charged by traditional selling agents), there is no certainty that you will get what you think your home is worth. By comparing Zillow estimates with auction results, we found that many sellers can expect the final bid to fall somewhere within Zillow’s ballpark figure for the time period. Unfortunately, there is a fairly strong possibility that you will sell in the lower range of your home’s value, or even drop below it, before having to pay the expensive auction fees. Here are a few examples:

This home sold for 10% above the Zestimate before auction fees.

This one sold for about 4% above the Zestimate.

This one sold for slightly below the Zestimate.

And this home sold for significantly less than the Zestimate at a 35% discount

In one other extremely expensive example, a 1.2 acre Californian property brought in a final bid of almost $5.2 million, but according to Zillow estimates, the property was worth more than $6 million at the time of the sale three years ago. Even taking into account the ballpark nature of Zillow estimates, this seems to be an enormous discount. Indeed, it seems that more of the homes we checked out lost money than gained money from their auctions, and losers lost badly while winners tended to stay roughly within the range of their home’s Zestimated value.

So if you’re considering an online auction for your home, bear in mind that you may stand to lose a significant portion of your home’s value in the process. Even professional online auctioneers readily admit that their services aren’t for everyone. They believe the best potential sellers are the ones who have realistic expectations for the minimum prices of their homes, and those who are financially stable (those who don’t owe more in debt than they could earn in the sale). I would personally say that if you aren’t in a rush to sell your home, this method probably is not for you, and if you do try it for any reason, be prepared to lower your expectations. If you want to learn more about the auctioning process, you can practice bidding on real estate at RealtyBid International.

-Tony Floriani and Sandy Leung

While I was looking for a new sublet on Craigslist last night (my current one runs out sept. 29th if anyone wants to pitch me an offer) I saw something that made me feel nervous, confused, irritated, and just generally icky. The listing is for an apartment in Williamsburg, reasonable rent, decent looking interior, good location (if you don’t mind dealing with the L train)…and I would have sprung for it instantly if not for one shady detail. The guy subletting this place wants the entire amount, $2,575, up front, non-refundable, half a month before the move-in date.

So the question is, is this guy crazy? Or am I crazy for thinking he’s crazy? Or is it just a straight up scam? I realize that real estate in New York is shifty business, but that is an awful lot of money to just plop down in this price range, I don’t care how many “leases” he writes. And yet I still feel the urge to call this guy up and see the place!

This is a classic case of how the rental and temporary (because not all of us are in a place where we can get a real lease) market in New York is getting very uncomfortable for renters. I see this deal, know that it makes me uncomfortable, and am still considering ways to make it feasible in my mind. I’ll probably chalk this one up as a lost cause, since I know from experience that past the third or fourth day, if not sooner, all bets are off anyway, but if you have any thoughts about whether this is reasonable or not, I’d love to hear them.

-Tony Floriani

My mom always used to tell me that her generation expected to fly airplanes out of their garages to go to work in the morning. I, of course, always laughed and chided her about how ridiculous those childhood fantasies were. Naturally, most of us are still caught up in the same old morning commute that our parents were, filled with buses, subways, and gridlock traffic. Right?

Well as it turns out, not everyone thought the idea of an airplane in every garage was so crazy after all. Certainly not the residents of Rosamond Skypark, a subdivision of Kern County, California, where, according to the LA Times, a community of airplane enthusiasts has congregated to create an aviator’s paradise.

Built around what used to be Rosamond Airport, the entire community has access to an airstrip where private plane owners can come and go as they please. Additionally, every home has a taxiway built onto the property, so home owners can take off right from their own backyards. Some use this rather unusual perk purely for recreation, while others really do fly to work in the morning! Now I guess it’s my mom’s turn to laugh…

-Tony Floriani

Things just keep on getting better for buyers, while sellers groan, as major news sources continue to harp on housing downturns. Reading articles like this one from CNN Money, the beginnings of sellers’ desperation are being seen and buyers are reaping the rewards. With almost 75% of sellers now offering incentives in order to close the deal, and experts anticipating a continuing decline in the market, due in part to overbuilding, buyers can start to expect added bonuses when they consider purchasing a home.

-Tony Floriani

There has been a wave of discussion over the ‘bubble’ in US residential real estate. Prices have not yet fallen substantially – with only a few canary markets showing a decline – but inventory is rising fast and the number of transactions are down (but keep in mind off record highs in the last few years).

What does that mean? Buyers are not biting at these price levels, and sellers are currently unwilling to accept a lower price causing the housing stalemate we now have.

For a great analysis, see Mike’s post over at Altos Research. He raises a very interesting point, in that condos, which watchers of real estate obsessed over condo sales last year as they were said to be the first to fall in a down market, actually rose year over year. That suggests some uneveness in the theory of a popping of the housing bubble.

Whatever the case, as a seller, you have to work smarter and harder in these conditions.

Here at Homethinking.com, we provide fast and easy access to information and reviews about Realtors, but once you’ve narrowed down your search, you still may have some questions. From a Marketwatch report, The Real Estate Blogger has put together a list of the most important things to ask your Realtor before you hire them. And if you’re not satisfied with the answers, not to worry. Homethinking has over a million other Realtors for you to check out!

- Tony Floriani

Making the move from a townhouse or condo into a single-family home is a dream shared by families across the country. Some families, however, are finding that the move isn’t quite what they had expected. A recent article from the Chicago Tribune told the stories of several young families considering making the switch.

In some cases, families realized that they weren’t happy with the costs or responsibilities of owning their own home single-family home. Yet still more surprising were the families who found that, despite their initial misgivings, they were able to afford homes which they had thought were beyond their reach.

It turns out that in some markets, purchasing a newly built home can have hidden benefits. Due to the real estate slowdown affecting so many areas, there have been substantial cutbacks in building projects, but builders are still stuck with their excess inventory. With this glut in the market, some builders are now willing to offer major incentives to potential buyers in order to rid themselves of their costly existing houses. Other firms, such as Internest, offer buyers a rebate on new building projects. That means that families who want to move into single-family homes, but thought they could never afford the switch may now be able to make their dreams a reality.

- Tony Floriani

I read an article in the Washington Post earlier that I just had to link to. Are you a little fed up with the rules rules rules of your local Home Owners’ Association? Ever want to kayak to work? If so, Broad Run Farms is the place for you! Just don’t be too surprised if you find a goat grazing in your flower garden…

- Tony Floriani

As energy costs rise and so to the concern for the environment, an increasing number of people are participating in green living. The savings can be significant. For instance, green living’s inexpensive ways of conserving energy can reduce your energy bills by 10% – 50%, which means an annual savings of $140 – $700 for the typical home.

Homes of the future are increasingly incorporating energy efficiencies. A sneak peak into the future comes via Australia in the form of the innovative public Houses of the Future exhibition. The fair showcased environmental innovations of 6 Houses made from clay, concrete, timber, steel, cardboard and glass; exploring design features that promote water and energy conservation.

The cost savings will no doubt create increased value when it comes time to sell the home as well. So what are you waiting for? Start building that $35,000 cardboard house today!