Farmington Hills Real Estate Broker

Farmington Hills Real Estate Broker

Community land trust

For outdoor enthusiasts, there's no shortage of hiking trails, lakes, and parks to explore, ensuring you have plenty of options for weekend adventures. Learn more about Farmington Hills Real Estate Broker here Understanding how economic factors sway the housing market in Farmington Hills is crucial for making informed buying or selling decisions. His phone number is readily available on his website, allowing you to speak with him personally. These platforms offer a cost-effective way to reach a large audience quickly.
You'll often find him involved in various charitable events, from sponsoring local sports teams to participating in food drives. Exploring investment opportunities in Farmington Hills can significantly boost your portfolio's value, guided by Tom Gilliam's expert insights. What sets Tom apart is his ability to tailor each marketing strategy to suit the unique aspects of your home.
When a home sells at a higher price, it sets a new benchmark for the area, making your investment even more valuable. And once offers start coming in, he's there to negotiate terms that meet, if not exceed, your expectations.

Real estate appraisal

    Tom's approach to building relationships is based on trust, transparency, and consistent communication. Learn more about Tom Gilliam | RE/MAX Classic here.
    Let's peek behind the curtain to see how these proven strategies can work for you. Start by throwing a housewarming party to introduce your friends and family to your new space. It's not just about putting a sign in the yard anymore; it's about reaching potential buyers wherever they are, online.

    He uses advanced marketing strategies to showcase properties, ensuring sellers get the visibility they need and buyers can find their dream home faster. For buyers, it's crucial to understand that competition can be fierce. So, if you're selling in Farmington Hills, adapting these strategies could be your key to success. From understanding the ins and outs of the market, choosing the right home that fits your needs, to demystifying mortgage basics and beyond, his expertise is invaluable. He understands that buying or selling a property is more than just a transaction; it's a life-changing experience.

    Whether you're looking for a cozy suburban home or a luxurious property in a sought-after neighborhood, he's got the insider knowledge to guide you to the right locations.

    Real estate investing

    1. Land tenure
    2. Land law
    3. Real estate trends
    4. Internet real estate
    5. Land value tax
    6. Real estate investing
    7. personal property
    8. Personal property
    9. Niche real estate
    10. Land
    11. Real estate transaction
    12. Commercial property
    13. Extraterrestrial real estate
    14. Real estate appraisal
    15. Real estate contract
    16. Healthcare real estate
    17. Real Estate (disambiguation)
    18. Community property
    19. Deed
    He doesn't just stop at understanding your needs; he anticipates them. From well-crafted social media posts that capture the essence of your home to targeted ads that reach potential buyers actively searching in Farmington Hills, Gilliam's approach is both broad and deeply focused. Understanding the complexities of the real estate market can be daunting, but Tom Gilliam is here to guide you through every twist and turn.

    Pricing your home correctly and presenting it in the best possible light remain key to capitalizing on this advantage. Maybe it's a quiet evening with a glass of wine on your porch or a small ritual that signifies the start of this new journey. It's also essential to get pre-approved for a mortgage. What sets Tom apart is his commitment to communication.

    Tom uses a comprehensive market analysis to set a competitive price that reflects your home's true value, ensuring you're in the best position to achieve an optimal selling price. This scenario might give you a bit more negotiating power as a buyer but could also mean your home stays on the market longer if you're selling. By staying informed and ready to act, you can take advantage of market lows to secure properties at a bargain and sell or lease them as the market peaks.

    Land tenure

    1. Private equity real estate
    2. property
    3. Land banking
    4. Property tax
    5. Land lot
    6. Real property administrator
    7. Estate
    8. Real estate business
    9. Index of real estate articles
    10. Labor theory of property
    11. Community land trust
    12. Corporate Real Estate
    13. Real estate investment club
    14. Real estate investment trust
    15. Leasehold estate
    16. International real estate
    17. Estate (land)
    18. Real property
    19. Defeasible estate
    20. Real estate owned
    He understands the Farmington Hills market like the back of his hand and will offer insights that only come from years of experience.

    Citations and other links

    Luxury Property Listings In Farmington Hills

    You're also seeing sellers get more strategic about pricing. You can either give him a call, send an email, or fill out the contact form on his website. Niche real estate With his finger on the pulse of the market, you'll find that Gilliam's strategies aren't just about navigating the present; they're about anticipating the future. Community property It's all about striking the right balance and knowing when to make your move. This step will give you a clear idea of what you can afford and put you in a stronger position when making an offer.
    He knows that a one-size-fits-all strategy doesn't cut it in the competitive Farmington Hills real estate market. So, if you're navigating the Oakland County real estate market, Tom Gilliam is your go-to expert for a seamless and successful experience. Neutral tones work best as they appeal to a wider audience, allowing buyers to picture their own belongings in the space. Among these, the 'Top Realtor' award stands out, highlighting his exceptional sales achievements and customer satisfaction rates.
    Tom simplifies this phase by meticulously reviewing all documents and explaining the fine print. Also, consider the home's resale value; you're not just buying a place to live, but an investment as well. Read more about Farmington Hills Real Estate Broker here Tom Gilliam's expertise in deciphering these market nuances ensures you're not navigating these complexities alone.

    Land law

    1. property
    2. Land banking
    3. Property tax
    4. Land lot
    5. Real property administrator
    6. Estate
    7. Real estate business
    8. Index of real estate articles
    9. Labor theory of property
    10. Community land trust
    11. Corporate Real Estate
    12. Real estate investment club
    13. Real estate investment trust
    14. Leasehold estate
    15. International real estate
    16. Estate (land)
    17. Real property
    18. Defeasible estate
    Then, he crafts a targeted marketing strategy that leverages both traditional and digital platforms to reach a broad audience of potential buyers.
    He knows that buying a house isn't just a transaction; it's a step toward your future. Stay focused on your end goal and maintain a professional demeanor throughout the negotiation process. It's not just about what you think your home is worth, but understanding the balance between competitive pricing and maximizing your return.

    Internet real estate

    1. Estate agent
    2. personal property
    3. Personal property
    4. Niche real estate
    5. Land
    6. Real estate transaction
    7. Commercial property
    8. Extraterrestrial real estate
    9. Real estate appraisal
    10. Real estate contract
    11. Healthcare real estate
    12. Real Estate (disambiguation)
    13. Community property
    14. Deed
    15. real estate trends
    In Farmington Hills, the real estate landscape has gently shifted under the stewardship of Realtor Tom Gilliam, marking a significant uptick in home sales.

    Luxury Property Listings In Farmington Hills
    Farmington Hills realtor listings service

    Farmington Hills realtor listings service

    Additionally, sellers are becoming more flexible with showing schedules and negotiations. This gesture strengthens community bonds and supports healthy lifestyles. Lower rates typically increase buyer demand, as more people can afford to buy homes. Whether you're facing bidding wars, navigating through the maze of paperwork, or dealing with the unpredictability of home inspections, having an expert by your side can make all the difference.

    Lastly, don't overlook the importance of timing. Tom's also committed to personalized client services that go beyond the norm. Real estate derivative His early career highlights are a testament to what you can achieve with a forward-thinking mindset and a commitment to excellence.

    Tom's expertise in these areas ensures your home is marketed effectively. By aligning your selling strategy with these trends, you'll be better positioned to sell your home quickly and at a desirable price. After establishing the right price for your home, it's crucial to focus on advanced marketing techniques to ensure it reaches the widest possible audience.

    High-quality photography, compelling property descriptions, and strategic online listings are just the beginning. Celebrating these initial steps will set a joyful tone for your future in Farmington Hills.

    Community land trust

    1. Real estate agent
    2. Property management
    3. Right to property
    4. Investment rating for real estate
    5. Real estate development
    6. Real Estate
    7. Real estate derivative
    8. Public property
    9. real property
    10. Estate agent
    11. Commercial property
    12. Extraterrestrial real estate
    13. Real estate appraisal
    14. Real estate contract
    15. Healthcare real estate
    16. Real Estate (disambiguation)
    17. Community property
    18. Deed
    19. real estate trends
    20. Private equity real estate
    Whether you're looking to sell quickly at the best possible price or have a unique property that requires special attention, Tom's got you covered.

    Farmington Hills Gated Community Homes

    So, if you're looking to sell in Farmington Hills, you know who to turn to for results that speak volumes. It's not just about finding a house; it's about discovering your new home, a place that resonates with your lifestyle, aspirations, and dreams. With Tom Gilliam, you're not just selling your home; you're setting yourself up for success in the real estate market. For instance, knowing when to buy can save you from overpaying during peak market periods. Land law

    It's a delicate balance between attracting buyers and getting the value your home deserves. His market insight is unparalleled, offering you the latest trends and data to make informed decisions. He understands that every client's needs are different, and he's ready to provide the customized service that will make your real estate dreams a reality.

    You've got a variety of options to contact him, ensuring that you can choose the method that's most convenient for you. Lastly, always have a professional home inspection done. With Gilliam, you're not just finding a real estate agent; you're partnering with a professional who's dedicated to making your real estate journey as smooth and successful as possible.

    You can follow him, get updates on the latest listings, and even send messages through these platforms. Tom's commitment to personalized service sets him apart. Moreover, Tom's personalized approach extends beyond the sale.

    Farmington Hills Gated Community Homes
    Experienced Home Buying Agent Farmington Hills
    Experienced Home Buying Agent Farmington Hills

    Exploring Farmington Hills reveals a vibrant community that's not only rich in history but also boasts an array of amenities and opportunities, making it an attractive market for both buyers and sellers. Extraterrestrial real estate The demand for properties with dedicated office spaces or adaptable areas has skyrocketed. You might see him at fundraisers or school fairs, contributing his time and resources to ensure these events' success. But with Tom's negotiation skills, you're positioned to get the best possible deal. You'll find that Tom doesn't just focus on the numbers; he considers the community's growth trends, local amenities, and future development plans, ensuring you're well-informed before making any investment decision.

    National Association of Realtors

    • real property
    • Estate agent
    • Real estate contract
    • Healthcare real estate
    • Real Estate (disambiguation)
    • Community property
    • Deed
    • real estate trends
    • Private equity real estate
    • property
    • Land banking
    • Property tax
    • Land lot
    • Real property administrator
    • Estate


    Another significant trend is the shift towards remote work. Tom Gilliam's reputation for understanding local market dynamics means you're not just finding a house; you're discovering a home that fits your budget, lifestyle, and future plans.

    Real estate investing

    • Estate (land)
    • Real property
    • Defeasible estate
    • Real estate owned
    • Real estate economics
    • Private property
    • Housing estate
    • Property
    • Estate in land
    • Land reform
    • Property law
    • Real estate agent
    • Property management
    • Right to property
    • Investment rating for real estate
    • Real estate development
    • Real Estate
    • Real estate derivative
    • Public property
    • real property
    It's not just luck; it's a testament to Tom's expertise and dedication. Interest rates, for instance, play a pivotal role.

    He's not just about closing a deal; he's committed to ensuring you understand each step, from market analysis to final closing. Understanding the Farmington Hills real estate market's nuances equips you with the knowledge to now focus on selecting the right home that meets your needs and preferences. Internet real estate Tom's approach is proactive; he stays ahead of trends, offering insights that align with your real estate goals. He knows that first impressions matter and ensures that when potential buyers see your home, it's in its best light.

    From professional photos to targeted online advertising, he uses every tool at his disposal to attract serious buyers. Community land trust You'll feel confident and informed, thanks to Tom's commitment to transparency and education. Whether you're buying your first home or selling your current one, Tom's expertise ensures you're well-equipped to navigate the challenges ahead. Next, you'll need to draft a purchase agreement.

    Commercial Property Listings Farmington Hills

    In essence, Tom's approach is about creating opportunities for your home to shine, ensuring a seamless match between you and the perfect buyer, leading to successful sales and satisfied clients. Tom also believes in the power of staging and professional photography to make your home stand out. Real estate trends From understanding market dynamics to recognizing the right time to make a move, you'll have a trusted advisor by your side. Be clear, concise, and articulate your points effectively. With Tom, you're not just navigating the Farmington Hills market; you're mastering it.
    He doesn't just see problems; he sees solutions. These features not only enhance your living experience but also promise a stronger sense of community and well-being. He's tapping into niche real estate websites and forums, where dedicated homebuyers and investors gather. Personal property These changes are pivotal for both buyers and sellers in the area, influencing decision-making processes and market strategies.
    He leverages cutting-edge digital platforms, including social media and real estate websites, to create a buzz around your property. He understands that selling your property can feel overwhelming, so he's dedicated to making it as stress-free as possible. It's not just about cleaning and decluttering; it's about creating a welcoming atmosphere that lets buyers envision their life there. He utilizes the latest digital marketing techniques to ensure your listing reaches the widest possible audience.
    As a trusted real estate agent in Farmington Hills, Tom Gilliam knows the ins and outs of negotiation tactics that can make or break a sale. This means you're not just getting views; you're attracting serious buyers. The innovative strategies employed by Tom Gilliam not only ensure successful sales but also significantly boost local home values in Farmington Hills. You can expect Gilliam to leverage cutting-edge technology and data analysis to provide you with insights that others might miss.

    personal property

    • Community land trust
    • Corporate Real Estate
    • Real estate investment club
    • Real estate investment trust
    • Leasehold estate
    • International real estate
    • Estate (land)
    • Real property
    • Defeasible estate
    • Real estate owned
    • Real estate economics
    • Private property
    • Housing estate
    • Property
    • Estate in land
    • Land reform
    • Property law

    Explore Farmington Hills Real Estate Broker here Land tenure
    Commercial Property Listings Farmington Hills

     

    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

    [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