Is that a Bathroom? MLS Photos You Have to See to Believe!

In the past, we have shown a variety of bathroom photos, from toilets that are creative, fun, or just plain scary to the most expensive toilet you will ever sit on. Here are some more hilarious bad bathroom MLS photos from our friends at Bad MLS Photos for you to enjoy. :)

For our other ‘Just For Fun’ posts click here.

Commercial Real Estate Expansion Foreseen

Washington, D.C. – August 29, 2016 (Realtor.org) Buoyed by a steadily improving labor market and strong demand for multifamily housing, commercial real estate activity should remain on an upward trajectory, with a growing share of it is expected to be in smaller markets, according to the National Association of Realtors® quarterly commercial real estate forecast.

NAR logo

National office vacancy rates are forecast by Realtors® to fall 1.5 percent to 10.4 percent over the coming year as employment gains boost demand for office space. The vacancy rate for industrial space is expected to decline 0.7 percent to 8.7 percent, and retail availability to decrease 1.0 percent to 10.5 percent. Only vacancies in the multifamily sector are expected to edge higher over the next year, from 5.9 percent to 6.1 percent, as new apartment construction comes onto the market.

Lawrence Yun

Lawrence Yun

Lawrence Yun, NAR chief economist, says the commercial real estate sector is on firm ground in spite of the numerous global and domestic headwinds that continue to keep U.S. economic growth in a headlock. “Ongoing overseas weakness and the slowdown in business investment despite historically low interest rates held second quarter growth at a tepid and disappointing pace,” he said. “Only steady job creation, solid consumer spending and residential construction – albeit not enough of it – kept the economy afloat during the first half of the year.”

Adds Yun, “Tightening vacancy rates and rising rents are clear positive fundamentals, but commercial real estate property prices have been bid up too high and look to weaken in the upcoming months.” (1)

Strengthening local job markets has fueled sustained demand for commercial space and has pushed vacancy rates down in all commercial sectors. However, a growing concern from Realtors®, who mostly have clients that rely on financing to secure deals, is that underwriting standards have stiffened in light of increased regulatory scrutiny.

“Any further tightening in credit standards, which never fully normalized after the recession, would inflict the most pressure on the small and mid-sized businesses that mostly look to community banks and credit unions for commercial property financing,” adds Yun. “Not having the necessary access to capital could keep a lid on building and leasing activity and in turn keep the economy from getting closer to its long-term average of 3 percent growth.”

With new construction outside of the multifamily sector taking a breather during the first half of the year, overall demand outpaced supply and suppressed inventory levels in many areas. This was evident in the latest Realtors® Commercial Real Estate Market Survey, which measures quarterly activity from NAR’s commercial members. The survey revealed that inventory shortages are the number one concern for Realtors®, which is in turn pushing price growth upward. Prices for commercial properties increased 5.3 percent in the second quarter compared to a year ago, with the average transaction cost at $1.4 million.

“While inventory constraints and strong appreciation in apartment and retail properties pushed up prices in large commercial markets last quarter, overall sales volume was still down as investors looked for better deals and higher yields in smaller cities,” says Yun. “As a result, investments and leasing activity in middle-tier and smaller markets led the way and are expected to maintain their momentum in coming months.”

Given the global low yield environment, instability overseas and the probability of a rate hike by Federal Reserve at the end of the year, investors are expected to take a cautious approach in the months ahead, leading to a likely slowdown in commercial property prices – especially in Class A assets in larger markets. Meanwhile, prices in smaller markets should continue to climb with strong tenant demand and declining supply supporting growth.

According to Yun, the demand for apartments will continue to drive multifamily housing construction, albeit at a more moderate pace, as a growing share of builders shift from apartments to single-family homes. Expected completions being added in coming years should begin to moderate rents and nudge vacancies higher.

“The U.S. economy has its flaws and has been stuck in slow-growth mode ever since the Great Recession,” says Yun. “However, it’s still the top performing economy in the world, and U.S. commercial real estate should continue to remain a stable investment and attractive option for investors even as rates move upward.”

NAR’s latest Commercial Real Estate Outlook (2) offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets.

The NAR commercial community includes commercial members, real estate boards, committees, subcommittees and forums; and NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 70,000 NAR members specialize in commercial real estate brokerage and related services including property management, counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1. NAR forecasts for the Green Street Price Index to decline between three and five percent over the next 12 months.

2. Additional analysis will be posted under Economists’ Outlook in the Research blog section of Realtor.org in coming days at: economistsoutlook.blogs.realtor.org/.

The next commercial forecast and quarterly market report will be released Nov. 16 at 10:00 a.m. ET.

Media Contact:

Adam DeSanctis
(202) 383-1178
Email

Home Values Rise for 48th Straight Month

Home values across the country continue to rise, up 5 percent over the past year to a median home value of $187,300.

– Home values rose 5.1 percent over the past year to a Zillow Home Value Index (ZHVI) of $187,300 in July.

– Portland, Dallas, Denver and Seattle reported the highest year-over-year home value appreciation.

– Rents rose 2.2 percent over the past year to a Zillow Rent Index (ZRI) of $1,408.

– Seattle, Portland, San Francisco and Sacramento reported the highest year-over-year rent appreciation.

Seattle, WA – Aug. 25, 2016 (PRNewswire) National home values appreciated for the 48th straight month this July to a Zillow Home Value Index(i) (ZHVI) of $187,300, according to the Zillow® Real Estate Market Reports(ii).

Zillow Logo

Home values are up 5 percent over the past year and have been consistently climbing since August 2012, but still remain 4.7 percent below peak, which was hit in April 2007 when the median home value was $196,600.

Portland, Dallas and Denver reported the highest year-over-year home value appreciation among the 35 largest metros across the country. In Portland, home values rose almost 15 percent to a median value of $334,900. Home values in Dallas and Denver appreciated 11.9 and 11.3 percent, respectively.

In notoriously expensive San Francisco, home values have been slowing down since the beginning of the year. In January, home values were up almost 12 percent year-over-year and are now appreciating at about half that pace, up 6.6 percent over the past year.

“The consistent rise in home values that we’ve been seeing for the past four years masks a number of region-specific trends that have taken place over the past few months,” said Zillow Chief Economist Dr. Svenja Gudell. “In most areas, the market is being driven mainly by a strong labor market and tight supply, especially among entry level homes that first time buyers are after. But some markets – especially the red-hot Pacific Northwest – are adding more jobs and attracting more residents, putting the pressure on home values and rents. The Bay Area and Southern California are still growing at a faster pace than the nation as a whole, but growth rates have come back to earth a bit after several years of rapid growth. And markets in other regions, like the Northeast, keep steadily chugging along. All housing is local, and as the local economies in individual metros ebb and flow, housing will follow suit. More than at any time since the boom and bust, we’re seeing a housing market that is driven by local fundamentals, and not by national trends.”

Rents across the country rose 2 percent over the past year, to a Zillow Rent Index(iii) (ZRI) of $1,408 — this is the 47th straight month rents have appreciated.

Of the 35 largest U.S. metros, Seattle, Portland and San Francisco reported the highest year-over-year rent appreciation. In Seattle, rents rose almost 10 percent, to a median rent price of $2,052 per month, while rents in Portland rose just over 8 percent.

In San Francisco, the median rent price rose to $3,407 per month, the second highest of all U.S. metros, right after San Jose, CA. Rents in San Francisco appreciated 6 percent over the past year.

Table 1

Zillow:

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) The Zillow Home Value Index (ZHVI) is the median estimated home value for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.

(ii) The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information,
visit www.zillow.com/research/. The data in Zillow’s Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ and www.zillow.com/research/data.

(iii) The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.