First-Time Home Buyer Agent Farmington Hills

First-Time Home Buyer Agent Farmington Hills

Right to property

He employs cutting-edge marketing techniques, including professional photography and online listings, to showcase your home's best features. Learn more about First-Time Home Buyer Agent Farmington Hills here With a robust job market and a host of opportunities for entrepreneurs and professionals alike, it's a place where career and business prospects are bright. He digs deep, analyzing the latest market trends, neighborhood developments, and unique features of your home to ensure the valuation you receive isn't just a number but a reflection of real market conditions. In essence, moving forward with Tom Gilliam means setting yourself up for success in the Novi and Northville markets. With Oakland County's diverse neighborhoods, you're sure to find a community that feels like home.
Beyond showcasing homes and securing offers, Tom Gilliam adeptly handles the complexities of real estate transactions, ensuring a smooth process for every client. If you're curious about how this impacts your potential to achieve an optimal selling price or how Tom's methods could influence local home values and the future outlook of Farmington Hills real estate, you're in the right place to uncover those insights. Estate (land) First off, staging your home is crucial. With the market's ebbs and flows, hitting the right note on listing price and making your home stand out can mean the difference between a swift sale and a prolonged market stay. Learn more about Tom Gilliam | RE/MAX Classic here.
From schools to commute times, local amenities to neighborhood culture, he's got the insights you need to make a choice that feels right for you. It'll help you make more strategic decisions, potentially saving or earning you thousands in the process. This recognition comes directly from client nominations, underscoring the trust and satisfaction that Tom consistently delivers. They'll also have access to listings that mightn't be publicly available yet.
His dedication to your happiness, combined with his market savvy and innovative strategies, ensures that you're not just finding a house, but a place to call home. With Tom, you're not just getting a valuation; you're getting a strategic advantage. Tom knows that selling your home in Farmington Hills isn't a one-size-fits-all affair. Stay tuned to uncover the secrets to success in the competitive real estate market with Tom Gilliam at your side. Read more about First-Time Home Buyer Agent Farmington Hills here

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. Property law Tom's also committed to personalized client services that go beyond the norm. 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.

Real estate agent

  • Defeasible estate
  • Real estate owned
  • Leasehold estate
  • Labor theory of property
  • Defeasible estate
  • Real estate owned
  • Leasehold estate
  • Labor theory of property
  • Defeasible estate
  • Real estate owned
  • Leasehold estate
  • Labor theory of property
  • Defeasible estate
  • Real estate owned
  • Leasehold estate
  • Labor theory of property
  • Defeasible estate


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. 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.

Index of real estate articles

Real property administrator

  1. Private equity real estate
  2. Real estate trends
  3. Private property
  4. Real estate business
  5. Real estate economics
  6. Real estate development
  7. Real estate derivative
  8. Community land trust
  9. International real estate
  10. Real property administrator
  11. Land reform
  12. Investment rating for real estate
  13. Land tenure
  14. Real estate contract
  15. Corporate Real Estate
  16. Real estate investment club
  17. real property
  18. Public property

Citations and other links

Real Estate Market 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. 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.

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. It's not just luck; it's a testament to Tom's expertise and dedication.

Real estate agent

  1. Index of real estate articles
  2. Land law
  3. Estate agent
  4. Healthcare real estate
  5. Property law
  6. Community property
  7. Estate (land)
  8. Internet real estate
  9. Commercial property
  10. Labor theory of property
  11. Housing estate
  12. Land value tax
  13. Extraterrestrial real estate
  14. personal property
  15. Leasehold estate
  16. Private equity real estate
  17. Real estate trends
  18. Private property
  19. Real estate business
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.

Real estate owned

  1. Leasehold estate
  2. Leasehold estate
  3. Leasehold estate
  4. Leasehold estate
  5. Leasehold estate
  6. Leasehold estate
  7. Leasehold estate
  8. Leasehold estate
  9. Leasehold estate
  10. Leasehold estate
  11. Leasehold estate
  12. Leasehold estate
  13. Leasehold estate
  14. Leasehold estate
  15. Leasehold estate
  16. Leasehold estate
  17. Leasehold estate
  18. Leasehold estate
  19. Leasehold estate
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. Tom's approach is proactive; he stays ahead of trends, offering insights that align with your real estate goals.

Labor theory of property

  1. Real estate trends
  2. Private property
  3. Real estate business
  4. Real estate economics
  5. Real estate development
  6. Real estate derivative
  7. Community land trust
  8. International real estate
  9. Real property administrator
  10. Land reform
  11. Investment rating for real estate
  12. Land tenure
  13. Real estate contract
  14. Corporate Real Estate
  15. Real estate investment club
  16. real property
  17. Public property
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. 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.

Leasehold estate

  1. Right to property
  2. Estate (land)
  3. Real property administrator
  4. Real estate agent
  5. Real estate investment trust
  6. Labor theory of property
  7. Defeasible estate
  8. Real estate owned
  9. Leasehold estate
  10. Estate (land)
  11. Real property administrator
  12. Real estate agent
  13. Real estate investment trust
  14. Labor theory of property
  15. Defeasible estate
  16. Real estate owned
  17. Leasehold estate
Next, you'll need to draft a purchase agreement.

Real Estate Market Farmington Hills
Farmington Hills Investment Properties

Farmington Hills Investment Properties

Moreover, Tom's commitment doesn't stop at marketing. By highlighting your home's best features in targeted advertisements and social media platforms, he ensures your property gets in front of the right audience. This attention to detail significantly increases the chances of a match, making the process smoother and quicker. Lastly, Tom highlights the critical role of clear and open communication between agents and clients. With years of experience under his belt, he's become a go-to expert in the Novi and Northville, MI real estate markets.

Scores of satisfied clients have shared their positive experiences working with Tom Gilliam, highlighting his expertise and dedication in the real estate market. Imagine the peace of mind you'd feel, knowing you're supported by someone who knows the ins and outs of the local real estate landscape. Too high, and you risk alienating potential buyers; too low, and you're leaving money on the table. Choosing Tom means you're not just selling your home.

Conversely, when rates dip, you might notice a surge in market activity, with more buyers feeling empowered to pursue their dream homes.

Estate (land)

  • Real estate investment trust
  • Real estate agent
  • Personal property
  • Real Estate (disambiguation)
  • National Association of Realtors
  • Real estate appraisal
  • Healthcare real estate
  • Property law
  • Community property
  • Estate (land)
  • Internet real estate
  • Commercial property
  • Labor theory of property
  • Housing estate
  • Land value tax
  • Extraterrestrial real estate
  • personal property
  • Leasehold estate
Understanding the stress and complexities involved in moving, Tom's approach is tailored to meet your individual needs, ensuring a seamless experience. By focusing on the unique selling points of each property and leveraging cutting-edge marketing techniques, Gilliam makes sure your home stands out in the crowded marketplace. Diving into the current housing market in Farmington Hills, you'll find that it's experiencing a dynamic shift, with prices and availability reacting to both local and national economic factors.

When they're low, you're likely to see a surge in home buying because loans are cheaper. You're a partner in a strategic endeavor to sell your home quickly and for the best price. Community property It's a community where you can grow, thrive, and feel at home.

Real estate owned

  1. Defeasible estate
  2. Real estate owned
  3. Leasehold estate
  4. Real estate investment trust
  5. Labor theory of property
  6. Defeasible estate
  7. Real estate owned
  8. Leasehold estate
  9. Real estate investment trust
  10. Labor theory of property
  11. Defeasible estate
  12. Real estate owned
  13. Leasehold estate
  14. Real estate investment trust
  15. Labor theory of property
  16. Defeasible estate
  17. Real estate owned
  18. Leasehold estate
  19. Real estate investment trust
  20. Labor theory of property
Setting the right price for your home is a critical decision that can significantly influence how quickly it sells.

Farmington Hills Neighborhood Listings

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. 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. 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.

Real estate owned

  1. Real estate owned
  2. Leasehold estate
  3. Real estate agent
  4. Real estate investment trust
  5. Labor theory of property
  6. Defeasible estate
  7. Real estate owned
  8. Leasehold estate
  9. Real estate agent
  10. Real estate investment trust
  11. Labor theory of property
  12. Defeasible estate
  13. Real estate owned
  14. Leasehold estate
  15. Real estate agent
  16. Real estate investment trust
  17. Labor theory of 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.

Farmington Hills Neighborhood Listings
Farmington Hills property agents near me
Farmington Hills property agents near me

With Tom Gilliam's expert guidance, you'll navigate these considerations with ease, ensuring you make a well-informed decision that's perfect for you. He knows how to showcase your property to attract the right buyers. Tom's commitment to accurate valuations stems from a belief that informed decisions are the backbone of successful real estate transactions.

Real estate owned

  1. Real estate owned
  2. Leasehold estate
  3. Real estate owned
  4. Leasehold estate
  5. Real estate owned
  6. Leasehold estate
  7. Real estate owned
  8. Leasehold estate
  9. Real estate owned
  10. Leasehold estate
  11. Real estate owned
  12. Leasehold estate
  13. Real estate owned
  14. Leasehold estate
  15. Real estate owned
  16. Leasehold estate
  17. Real estate owned
Navigating the Farmington Hills real estate market requires a guide who's not only knowledgeable but deeply integrated into the community's fabric. Building on his success in Novi and Northville, MI, Gilliam is now expanding his real estate services to encompass additional markets.

You're never in the dark about where you stand in the selling process. You've got specific goals, timelines, and expectations. You've probably noticed the 'Sold' signs that pop up almost as soon as they're listed. Recognizing these market trends, you're now better positioned to aim for the highest possible selling price for your Farmington Hills home.

Estate (land)



    These professionals can offer guidance, help you dodge common pitfalls, and streamline your investment process. Tom's strategic marketing and negotiation skills not only sold their home in under a month but also secured a sale price that exceeded their expectations. Know the minimum you're willing to accept and prepare to walk away if the offer doesn't meet your criteria. You'll benefit from comprehensive property listings, detailed market analysis, and virtual tours that make it easier to visualize your future home from anywhere.

    His commitment to your satisfaction extends beyond the closing day, offering support as you acclimate to your new surroundings. Personalizing your home's staging can significantly impact a buyer's first impression and help your property sell faster. It's essential to pinpoint what you value most in a home. This approach sets the foundation for trust, a crucial element in any lasting relationship.

    Farmington Hills property listings online

    That's why he sits down with you right from the start, listens to what you're aiming for, and tailors a plan that aligns with your vision. Oakland County offers an unrivaled blend of suburban charm and urban convenience, making it an ideal choice for your next home.

    Index of real estate articles

    • Real property
    • real estate trends
    • property
    • Real estate transaction
    • Real Estate
    • Land lot
    • Land banking
    • Deed
    • Property management
    • Estate
    • Property
    • Property tax
    • Estate in land
    • Real estate investing
    • Land
    • Defeasible estate
    • Right to property
    This crucial step requires careful consideration and strategy. He's not just about closing deals; he's about building relationships and ensuring you're satisfied with your home buying or selling experience.
    He's there to provide insights on property potential and pitfalls, helping you envision your life in each space. This simple step can transform the feel of your home. Virtual tours and digital floor plans have become indispensable tools, allowing you to narrow down your choices without stepping foot outside your current residence.
    Whether you need to discuss listings, market trends, or negotiation strategies, Tom is there, offering the support and guidance you need to make confident decisions. This personalized approach not only helps in securing a valuable investment but also in making an informed decision that aligns with your long-term goals. He takes the time to get to know you, your preferences, and your aspirations.
    Given the predicted fluctuations in the Farmington Hills housing market, it's crucial to identify investment opportunities that align with your financial goals. Labor theory of property With Tom's top-tier marketing strategies, your listing will reach a wide audience, maximizing your home's visibility and appeal. Using targeted ads on platforms like Facebook and Instagram can pinpoint potential buyers based on demographics and interests.

    Explore First-Time Home Buyer Agent Farmington Hills here
    Farmington Hills property listings online

     

    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

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    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

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    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.
    [edit]
    • The dictionary definition of real estate at Wiktionary
    • Quotations related to Real estate at Wikiquote