Experienced Real Estate Broker Farmington Hills

Experienced Real Estate Broker Farmington Hills

Real estate trends

However, it's crucial to act swiftly, as prices can rebound just as quickly. Tom Gilliam expertly facilitates the buyer-seller matchmaking process, ensuring you're paired with buyers who see the true value in your Farmington Hills home. Learn more about Experienced Real Estate Broker Farmington Hills here He starts by getting to know you and your property intimately, identifying its unique selling points and potential challenges. Staying informed about these economic factors will help you navigate the market more effectively.
Moreover, Tom's presence on social media platforms enables another layer of accessibility. In the realm of real estate, effectively marketing your property is as crucial as setting the right price. Community property This strategy helps attract more serious buyers quickly, rather than letting properties linger on the market.
Whether you're into hiking, biking, or simply enjoying a picnic with family and friends, there's always something to do outdoors.

Real estate economics

  • Estate (land)
  • Property management
  • real estate trends
  • Real estate business
  • Land
  • Real estate economics
  • Real estate transaction
  • Property law
  • Personal property
  • National Association of Realtors
  • Estate
  • Corporate Real Estate
  • Real Estate
  • Community property
  • Right to property
  • Real estate owned
  • Commercial property
Whether it's the timing of the sale, understanding the competition, or knowing what buyers in this area prioritize, Gilliam has the insights to guide you through. Gaining access to exclusive listings through a seasoned realtor like Tom Gilliam can significantly enhance your house-hunting experience in Oakland County. Real Estate
Moreover, Tom leverages his extensive network and the latest technologies to give you a competitive edge. For homebuyers, Gilliam's expansion brings a wealth of advantages, ensuring you're well-equipped to navigate the housing market with confidence. With over 20 years of experience, Tom knows precisely what makes this market tick. Learn more about Tom Gilliam | RE/MAX Classic here.

With Tom Gilliam, you're not just navigating the complexities of the market; you're setting the course for your future in Farmington Hills, backed by a seasoned professional who puts your interests first. With a strategic approach, you can make the most of the investment opportunities available in Farmington Hills. A well-staged home looks more inviting and can lead to faster sales and possibly higher offers. This clarity ensures you don't get swept up in the heat of negotiation and agree to a deal you'll later regret. Real Estate (disambiguation)

Just as a captain steers a ship through stormy seas, Tom Gilliam guides his clients through the complexities of the Farmington Hills real estate market with over two decades of experience and a client-first approach. He makes it a point to be available for you, answering questions and offering insights every step of the way. While understanding housing inventory levels is crucial, it's equally important to consider how mortgage rates are shaping the Farmington Hills market.

As we explore what sets Tom apart, including his use of RE/MAX Classic resources and the testimonials from his happy clients, you'll discover how starting your journey with him could make all the difference. He's adept at leveraging local market insights, employing targeted marketing techniques, and negotiating fiercely on your behalf. Keep emotions in check to negotiate effectively.

Typically, closing costs range from 2% to 5% of the home's purchase price, covering items like appraisal fees, title insurance, and legal fees. Buyers appreciate his patience and how he educates them about the market, ensuring they make informed decisions.

Personal property

  • Real property
  • Labor theory of property
  • Investment rating for real estate
  • Private equity real estate
  • Extraterrestrial real estate
  • Real estate investing
  • International real estate
  • Real estate agent
  • Real estate investment trust
  • Estate (land)
  • Property management
  • real estate trends
  • Real estate business
  • Land
  • Real estate appraisal
  • Private property
  • Real property administrator
  • Niche real estate
  • Internet real estate
During this meeting, Tom will discuss your real estate needs, preferences, and budget.

Real estate owned

Citations and other links

Farmington Hills realtor listings online

Understanding your unique needs and market dynamics, Tom Gilliam crafts personalized buying strategies to secure your ideal home. Instead of setting aspirational prices, they're listening closely to market analyses provided by real estate experts like Tom Gilliam to price their homes competitively. Don't hesitate to reach out and take the first step towards a successful sale. Moreover, Gilliam sponsors local sports teams, recognizing the importance of physical activity and team spirit among youth. His attention to detail means he's always on the lookout for homes that not only meet your criteria but also offer that special something that makes a house feel like home.

Pricing your home correctly from the start is crucial. With Tom Gilliam's relocation services, you're not just moving; you're moving forward with confidence. He'll tell you that timing is crucial; knowing when to make your move can be the difference between a good deal and a great one. You'll also find that rental demand in these neighborhoods is on the rise, presenting a steady income opportunity through rental properties.

But Tom isn't stopping there. Before you apply, check your credit score and history. He knows what buyers in Novi and Northville are looking for and tailors your listing to appeal directly to them. He's there to support you, offering clear communication and honest advice to help you make informed decisions.

He's also upfront about potential challenges, whether it's tight inventory or bidding wars, and prepares you to navigate these hurdles effectively.

National Association of Realtors

  • Public property
  • Leasehold estate
  • personal property
  • Land tenure
  • Healthcare real estate
  • Real property
  • Labor theory of property
  • Investment rating for real estate
  • Private equity real estate
  • Extraterrestrial real estate
  • Real estate investing
  • International real estate
  • Real estate agent
  • Real estate investment trust
  • Estate (land)
  • Property management
  • real estate trends
His approach isn't just about transactions; it's about tailoring the journey to fit your unique needs, whether you're a first-time homebuyer or looking to sell your property. It's also worth noting that if your down payment is less than 20%, you might have to pay for private mortgage insurance (PMI), which protects the lender if you default on the loan. When you meet Tom, you'll immediately notice his passion for real estate and his dedication to his clients.

Commercial property

  • property
  • Real estate appraisal
  • Private property
  • Real property administrator
  • Niche real estate
  • Internet real estate
  • Real estate contract
  • Estate in land
  • Estate agent
  • real property
  • Real estate derivative
  • Deed
  • Defeasible estate
  • Property
  • Land lot
  • Land banking
  • Land value tax
  • Community land trust
  • Index of real estate articles


Farmington Hills realtor listings online
Farmington Hills realtor agency

Farmington Hills realtor agency

This targeted approach not only attracts more interested parties but also leads to better offers for your property. Farmington Hills, known for its family-friendly atmosphere and quality schools, often sees a competitive market, especially for homes in the most desirable neighborhoods.

National Association of Realtors

  1. Real estate contract
  2. Estate in land
  3. Estate agent
  4. real property
  5. Real estate derivative
  6. Deed
  7. Defeasible estate
  8. Property
  9. Land lot
  10. Land banking
  11. Land value tax
  12. Community land trust
  13. Index of real estate articles
  14. Housing estate
  15. Real estate development
  16. Land reform
  17. Public property
  18. Leasehold estate
  19. personal property
  20. Land tenure
A fresh coat of paint and decluttering can work wonders, making spaces appear larger and more inviting. Combining these advanced marketing techniques with the right price sets you up for a quick and successful sale.

Using a combination of cutting-edge marketing techniques and his vast network, he doesn't just wait for buyers to come along; he actively seeks them out. If you're in the market to buy, this volatility might work to your advantage, allowing you to find properties at lower prices during dips. It's not just about sharing listings or scheduling viewings; it's about creating a partnership where your needs, concerns, and goals are understood and prioritized.

Real estate appraisal

  • Defeasible estate
  • Property
  • Land lot
  • Land banking
  • Land value tax
  • Community land trust
  • Index of real estate articles
  • Housing estate
  • Real estate development
  • Land reform
  • Public property
  • Leasehold estate
  • personal property
  • Land tenure
  • Healthcare real estate


Rest assured, with Tom Gilliam's guidance, you'll navigate the complexities of real estate with confidence, knowing your interests are his top priority. What's more, his insights for homebuyers and advice for sellers could offer valuable guidance for anyone looking to navigate the property market in Farmington Hills. Tom's extensive experience isn't just about the years he's put in; it's about the depth of understanding he's gained. Real estate transaction

He leverages his extensive knowledge of the Farmington Hills real estate market to give you an edge, providing insights and advice that you won't find anywhere else. Commercial property With a deep understanding of Oakland County's diverse neighborhoods, Tom tailors his search to fit your specific needs and desires. A mortgage is essentially a loan that helps you buy a property.

Farmington Hills home selling tips and guidance

To navigate these costs effectively, you'll want to review your Loan Estimate closely. By leveraging his exclusive listings, you're not just buying a property; you're finding your next home with an expert who understands the local market inside and out. Tom Gilliam elevates your real estate experience by prioritizing exceptional client service above all else. Gilliam's insights into price trends, economic influences, and shifts in buyer behavior provide a comprehensive overview that's invaluable whether you're a first-time homebuyer or a seasoned investor. This isn't just about convenience; it's about revolutionizing how you connect with properties.

His innovative approach to marketing and client engagement has set new standards, leading to awards that commend his forward-thinking methods. In essence, Tom Gilliam's dedication to personalized client services transforms the real estate process into a seamless, enjoyable journey. Does it have a stunning view, a state-of-the-art kitchen, or perhaps an eco-friendly design? Successfully selling your home often hinges on employing proven strategies that showcase its best features.

Start by assessing your financial situation. Communication is key. Estate Conversely, when rates hike, there's a slowdown, affecting how quickly homes sell and for how much. Sellers, too, have praised Tom's knack for marketing their properties effectively, often securing deals above the asking price.

Recognizing that each seller's situation is unique, Tom Gilliam designs personalized selling plans to highlight your property's best features and attract the right buyers.

Real Estate (disambiguation)

  • Housing estate
  • Real estate development
  • Land reform
  • Public property
  • Leasehold estate
  • personal property
  • Land tenure
  • Healthcare real estate
  • Real property
  • Labor theory of property
  • Investment rating for real estate
  • Private equity real estate
  • Extraterrestrial real estate
  • Real estate investing
  • International real estate
Whether you're buying, selling, or just seeking advice, Tom's available to provide the personalized service he's known for.

Corporate Real Estate

  • Real estate appraisal
  • Private property
  • Real property administrator
  • Niche real estate
  • Internet real estate
  • Real estate contract
  • Estate in land
  • Estate agent
  • real property
  • Real estate derivative
  • Deed
  • Defeasible estate
  • Property
  • Land lot
  • Land banking
  • Land value tax
  • Community land trust
  • Index of real estate articles
They're a testament to Tom's dedication, expertise, and the positive impact he continues to make in Farmington Hills and beyond. He doesn't just list homes; he markets them, using cutting-edge techniques that showcase your property in the best light.

Farmington Hills home selling tips and guidance
Farmington Hills MLS Homes
Farmington Hills MLS Homes

High-quality photos and virtual tours are a must. Moreover, Gilliam's commitment to client education means you're going to be well-informed every step of the way. The process is straightforward and designed to get you moving towards your real estate goals quickly. It's this level of dedication and open communication that sets Tom apart, ensuring that your journey in the real estate market is as smooth and successful as possible.
Navigating the Farmington Hills real estate market requires knowing its unique trends and challenges. Property law In the bustling real estate market of Farmington Hills, where uncertainty meets opportunity, you'll find yourself in the capable hands of Realtor Tom Gilliam. Personal property With his deep knowledge of the Farmington Hills market, Tom crafts a tailored strategy to attract serious buyers.
Are you looking for short-term gains through flipping properties or aiming for long-term wealth through rental income? Read more about Experienced Real Estate Broker Farmington Hills here You're not just achieving your real estate goals; you're doing it with a trusted partner who cares about your success as much as you do. Rarely does one party get everything they want in a negotiation.
Staying informed about these trends can significantly impact your purchasing strategy. You'll also find Tom's name frequently mentioned in industry publications, not just for his real estate prowess but for his contributions to the community and the industry at large. A realtor familiar with Oakland County will offer invaluable insights into the local market, help you navigate listings that fit your criteria, and provide expert advice during negotiations.

Farmington Hills property listings database

From navigating intricate transactions to analyzing trends that shape the local housing market, Tom's guidance has proven invaluable. Real estate trends If your home boasts an appealing outdoor space, it could be a key selling point. Listen more than you talk. An experienced agent can provide valuable insights, help you navigate the buying process, and negotiate on your behalf.
Tom will help you analyze comparable sales to ensure your offer is competitive yet fair. His involvement doesn't stop there. Living in Farmington Hills means you're never far from nature, with over 600 acres of public parks to explore.
Here, you'll find valuable resources and insights into the Farmington Hills market. His clients rave about his dedication and the personalized strategies he employs to meet their needs, while his numerous industry awards speak volumes about his professional acumen. With Tom, you're not just getting an agent; you're getting a partner who's invested in your success.
These are fees and expenses you'll pay to finalize your mortgage beyond the down payment. He'll keep you updated throughout every step of the process, from the initial listing to closing day. He also sheds light on seller strategies, housing inventory levels, and the impact of mortgage rates, which could significantly influence your next move in the real estate world.

Explore Experienced Real Estate Broker Farmington Hills here
Farmington Hills property listings database

 

Real estate is a property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]

History of real estate

[edit]

The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]

One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]

The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]

Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.

Residential real estate

[edit]

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]

According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]

Single-family detached house in Essex, Connecticut, United States
Townhouses in Victoria, Australia
Major categories
  • Attached / multi-unit dwellings
    • Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium (American English) – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.
    • Housing cooperative (a.k.a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Majority of housing in Indian metro cities are of these types.
    • Tenement – A type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access found in Britain.
  • Semi-detached dwellings
    • Duplex – Two units with one shared wall.
  • Detached dwellings
  • Portable dwellings

Other categories

The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.

Real estate and the environment

[edit]

Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]

Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.

Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.

Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]

Development

[edit]

Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]

Investment

[edit]

In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22] Real estate value tends to depreciate with age according to hedonic regression.[23]

Professionals

[edit]

See also

[edit]

References

[edit]
  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Archived from the original on August 18, 2000. Retrieved May 13, 2019.
  3. ^ a b Real Estate. Funk & Wagnalls New World Encyclopedia, 1. 2018.
  4. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 220. doi:10.1163/15718050-19041026. S2CID 158672172.
  5. ^ Klaasen, R. L. (1976). "Brief History of Real Estate Appraisal and Organizations". Appraisal Journal. 44 (3): 376–381.
  6. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 218–227. doi:10.1163/15718050-19041026. S2CID 158672172.
  7. ^ "Louisiana Purchase: Primary Documents in American History". Library of Congress Research Guides. Archived from the original on 2022-06-25. Retrieved 2022-05-18.
  8. ^ Richardson, Patricia (June 2, 2003). "Father-son team scores big at home; Nearly 150 years old, family-owned Baird & Warner Inc. is a dominant force in the area's residential real estate industry, and shows no signs of slowing down or selling out". Crain's Chicago Business.
  9. ^ "History of National Association of Realtors". National Association of Realtors. 13 January 2012. Archived from the original on 13 May 2022. Retrieved 18 May 2022.
  10. ^ Nicholas, T.; Scherbina, A. (2013). "Real Estate Prices During the Roaring Twenties and the Great Depression" (PDF). Real Estate Economics. 41 (2): 280. doi:10.1111/j.1540-6229.2012.00346.x.
  11. ^ Greer, J. L. (2014). "Historic Home Mortgage Redlining in Chicago". Journal of the Illinois State Historical Society. 107 (2): 204–233. doi:10.5406/jillistathistsoc.107.2.0204.
  12. ^ "A Brief History of the Housing Government-Sponsored Enterprises" (PDF). Federal Housing Finance Agency – OIG. Archived (PDF) from the original on 2023-03-08. Retrieved 2022-05-18.
  13. ^ Taylor, K. Y. (2018). "How Real Estate Segregated America". Dissent. 65 (4): 23–24. doi:10.1353/dss.2018.0071. S2CID 149616841.
  14. ^ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal. Archived from the original on 2017-07-08. Retrieved 2015-10-04.
  15. ^ Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Archived from the original on May 13, 2019. Retrieved May 13, 2019.
  16. ^ "Introduction to U.S. Economy: Housing Market" (PDF). Congressional Research Service. Archived from the original on 2022-07-29. Retrieved 2022-05-18.cite web: CS1 maint: bot: original URL status unknown (link)
  17. ^ Cutting, Robert H.; Calhoun, Lawrence B.; Hall, Jack C. (2012). "'Location, Location, Location' Should Be 'Environment, Environment, Environment': A Market-Based Tool to Simplify Environmental Considerations in Residential Real Estate". Golden Gate University Environmental Law Journal. 6 (1) 7: 83-122.
  18. ^ Global status report for buildings and construction. International Energy Agency. 2019. ISBN 978-92-807-3768-4.
  19. ^ Frej, Anne B; Peiser, Richard B. (2003). Professional Real Estate Development: The ULI Guide to the Business (2 ed.). Urban Land Institute. p. 3. ISBN 0874208947. OCLC 778267123.
  20. ^ Geltner, David; Kumar, Anil; Van De Minne, Alex M. (2020). "Riskiness of Real Estate Development: A Perspective from Urban Economics and Option Value Theory". Real Estate Economics. 48 (2): 406–445. doi:10.1111/1540-6229.12258. hdl:1721.1/126820.
  21. ^ "Why Manhattan's Skyscrapers Are Empty". The Atlantic. 16 Jan 2020. Archived from the original on 13 April 2021. Retrieved 13 April 2021.
  22. ^ Garay, Urbi (2016). "Investment Styles, Portfolio Allocation, and Real Estate Derivatives". In Kazemi, H.; Black, K.; D. Chambers (eds.). Alternative Investments: CAIA Level II. Wiley Finance (3rd ed.). pp. 401–421. ISBN 9781119016397. SSRN 3628828.
  23. ^ Goodman, Allen C.; Thibodeau, Thomas G. (1995). "Age-Related Heteroskedasticity in Hedonic House Price Equations". Journal of Housing Research. 6 (1): 25–42. ISSN 1052-7001.
[edit]
  • The dictionary definition of real estate at Wiktionary
  • Quotations related to Real estate at Wikiquote

 

 

Real estate is a property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]

History of real estate

[edit]

The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]

One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]

The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]

Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.

Residential real estate

[edit]

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]

According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]

Single-family detached house in Essex, Connecticut, United States
Townhouses in Victoria, Australia
Major categories
  • Attached / multi-unit dwellings
    • Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium (American English) – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.
    • Housing cooperative (a.k.a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Majority of housing in Indian metro cities are of these types.
    • Tenement – A type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access found in Britain.
  • Semi-detached dwellings
    • Duplex – Two units with one shared wall.
  • Detached dwellings
  • Portable dwellings

Other categories

The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.

Real estate and the environment

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Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]

Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.

Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.

Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]

Development

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Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]

Investment

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In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22] Real estate value tends to depreciate with age according to hedonic regression.[23]

Professionals

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See also

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References

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  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Archived from the original on August 18, 2000. Retrieved May 13, 2019.
  3. ^ a b Real Estate. Funk & Wagnalls New World Encyclopedia, 1. 2018.
  4. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 220. doi:10.1163/15718050-19041026. S2CID 158672172.
  5. ^ Klaasen, R. L. (1976). "Brief History of Real Estate Appraisal and Organizations". Appraisal Journal. 44 (3): 376–381.
  6. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 218–227. doi:10.1163/15718050-19041026. S2CID 158672172.
  7. ^ "Louisiana Purchase: Primary Documents in American History". Library of Congress Research Guides. Archived from the original on 2022-06-25. Retrieved 2022-05-18.
  8. ^ Richardson, Patricia (June 2, 2003). "Father-son team scores big at home; Nearly 150 years old, family-owned Baird & Warner Inc. is a dominant force in the area's residential real estate industry, and shows no signs of slowing down or selling out". Crain's Chicago Business.
  9. ^ "History of National Association of Realtors". National Association of Realtors. 13 January 2012. Archived from the original on 13 May 2022. Retrieved 18 May 2022.
  10. ^ Nicholas, T.; Scherbina, A. (2013). "Real Estate Prices During the Roaring Twenties and the Great Depression" (PDF). Real Estate Economics. 41 (2): 280. doi:10.1111/j.1540-6229.2012.00346.x.
  11. ^ Greer, J. L. (2014). "Historic Home Mortgage Redlining in Chicago". Journal of the Illinois State Historical Society. 107 (2): 204–233. doi:10.5406/jillistathistsoc.107.2.0204.
  12. ^ "A Brief History of the Housing Government-Sponsored Enterprises" (PDF). Federal Housing Finance Agency – OIG. Archived (PDF) from the original on 2023-03-08. Retrieved 2022-05-18.
  13. ^ Taylor, K. Y. (2018). "How Real Estate Segregated America". Dissent. 65 (4): 23–24. doi:10.1353/dss.2018.0071. S2CID 149616841.
  14. ^ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal. Archived from the original on 2017-07-08. Retrieved 2015-10-04.
  15. ^ Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Archived from the original on May 13, 2019. Retrieved May 13, 2019.
  16. ^ "Introduction to U.S. Economy: Housing Market" (PDF). Congressional Research Service. Archived from the original on 2022-07-29. Retrieved 2022-05-18.cite web: CS1 maint: bot: original URL status unknown (link)
  17. ^ Cutting, Robert H.; Calhoun, Lawrence B.; Hall, Jack C. (2012). "'Location, Location, Location' Should Be 'Environment, Environment, Environment': A Market-Based Tool to Simplify Environmental Considerations in Residential Real Estate". Golden Gate University Environmental Law Journal. 6 (1) 7: 83-122.
  18. ^ Global status report for buildings and construction. International Energy Agency. 2019. ISBN 978-92-807-3768-4.
  19. ^ Frej, Anne B; Peiser, Richard B. (2003). Professional Real Estate Development: The ULI Guide to the Business (2 ed.). Urban Land Institute. p. 3. ISBN 0874208947. OCLC 778267123.
  20. ^ Geltner, David; Kumar, Anil; Van De Minne, Alex M. (2020). "Riskiness of Real Estate Development: A Perspective from Urban Economics and Option Value Theory". Real Estate Economics. 48 (2): 406–445. doi:10.1111/1540-6229.12258. hdl:1721.1/126820.
  21. ^ "Why Manhattan's Skyscrapers Are Empty". The Atlantic. 16 Jan 2020. Archived from the original on 13 April 2021. Retrieved 13 April 2021.
  22. ^ Garay, Urbi (2016). "Investment Styles, Portfolio Allocation, and Real Estate Derivatives". In Kazemi, H.; Black, K.; D. Chambers (eds.). Alternative Investments: CAIA Level II. Wiley Finance (3rd ed.). pp. 401–421. ISBN 9781119016397. SSRN 3628828.
  23. ^ Goodman, Allen C.; Thibodeau, Thomas G. (1995). "Age-Related Heteroskedasticity in Hedonic House Price Equations". Journal of Housing Research. 6 (1): 25–42. ISSN 1052-7001.
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  • The dictionary definition of real estate at Wiktionary
  • Quotations related to Real estate at Wikiquote