Local Home Buying Agent Farmington Hills

Local Home Buying Agent Farmington Hills

Land reform

Think about location, size, and essential features. Learn more about Local Home Buying Agent Farmington Hills here Tom encourages keeping an open mind, ensuring you're ready to adapt to buyer requests, making the selling process smoother and faster. Tom ensures your listing stands out with professional photography that accentuates the positives of your property. As the cost of goods and services rises, so does the cost of new homes due to higher material and labor costs. Once you've navigated the closing costs, it's time to celebrate the milestone of owning your new home in Farmington Hills.
His support helps provide uniforms and equipment, enabling children to participate regardless of their financial situation. You've seen how prices fluctuate, but it's the broader economic influences that often pull the strings behind these changes. Stick with us to uncover the success stories that have made Tom Gilliam a household name in Farmington Hills. First, review the home's asking price against current market conditions. Learn more about Tom Gilliam | RE/MAX Classic here. Real Estate (disambiguation)
He's not just about listing and selling; he's about creating relationships and ensuring that every client's needs are met and exceeded. You'll also need to understand the local market dynamics. Instead, he listens to your needs, understands your aspirations, and crafts a plan tailored just for you. Personalized service with Tom isn't a one-size-fits-all package.
He's not just selling homes; he's building a community. Another key area to look into is distressed properties. You'll find that Tom doesn't just rely on generic algorithms or outdated data.

Land

  • Real Estate (disambiguation)
  • Real estate contract
  • Real estate transaction
  • International real estate
  • Commercial property
  • Land value tax
  • Leasehold estate
  • Land
  • Niche real estate
  • Real estate appraisal
  • Real Estate (disambiguation)
  • Real estate contract
  • Real estate transaction
  • International real estate
  • Commercial property
  • Land value tax
  • Leasehold estate
  • Land
Don't overlook the importance of envisioning your future in the home.

Communication is key when selling your home, and Tom prides himself on being accessible and responsive. Tom's dedication doesn't stop at the closing table. Leasehold estate It's about predicting future ones, too. Be prepared to negotiate and keep an open mind about the properties you view. He's there to advise on staging your home to attract the right buyers, navigating the complexities of closing, and even helping you find your next dream home in Farmington Hills or beyond.

You've got to showcase your property in a way that captures potential buyers' interest from the get-go. His expertise in digital promotion stands out, offering you a competitive edge in a crowded marketplace. They may wonder why the house hasn't sold yet or assume something's wrong with it. You're not just getting a realtor when you work with Tom; you're getting a partner who's committed to your satisfaction.

You're leveraging a level of market mastery that turns a potentially stressful process into a seamless, successful transaction. He'll guide you through the local housing market, providing insights into property values, schools, and community life. You'll appreciate how he communicates, keeping you informed at every step. With its convenient location, just a short drive from Detroit, residents enjoy the benefits of suburban living without sacrificing access to urban amenities.

Tom advises on setting clear investment goals. He's not just any agent; he's someone who takes the time to know the ins and outs of Farmington Hills, ensuring you're not just finding a house, but a home that fits exactly what you're looking for. In essence, Tom Gilliam's personalized service is about making your real estate experience uniquely yours. Tom's email address is also provided on his website, ensuring you can send a detailed message at any time.

Citations and other links

Townhomes For Sale In Farmington Hills

Building lasting client relationships isn't just a goal for Tom Gilliam; it's the foundation of his success in the real estate industry.

Land value tax

  1. Niche real estate
  2. Real estate appraisal
  3. Real Estate (disambiguation)
  4. Real estate contract
  5. Real estate transaction
  6. International real estate
  7. Commercial property
  8. Leasehold estate
  9. Land
  10. Niche real estate
  11. Real estate appraisal
  12. Real Estate (disambiguation)
  13. Real estate contract
  14. Real estate transaction
  15. International real estate
He understands the importance of networking, tapping into his extensive contacts list to find the right buyer for your property. Moreover, Tom recommends leveraging professional expertise. Land law Niche real estate With Tom's expert guidance, your home sale journey in Farmington Hills won't only be smoother but also more profitable. Tom Gilliam's extensive knowledge and strategic approach have consistently led to successful home sales in Farmington Hills.

The county is renowned for its commitment to education and boasts some of the best public and private schools in the state. Building on Tom Gilliam's comprehensive marketing approach, his method for generating accurate home valuations further sets him apart in the Farmington Hills real estate market. Social media and online listings are your best friends in this digital age. They're the result of Tom's deep understanding of the Farmington Hills market, his ability to accurately price homes, and his commitment to top-notch marketing.

Whether it's appraisals, inspections, or closing procedures, Tom's thorough approach means nothing is overlooked. Whether you're looking to sell quickly at a competitive price or aiming for the highest possible offer, Tom's strategies are designed to meet your precise objectives. Ensure your home's exterior is just as inviting as the interior by maintaining the landscaping, painting the front door, or adding a few potted plants. If you're diving into the housing market for the first time, navigating the path to homeownership in Oakland County can seem daunting, but with the right guidance, it's entirely achievable.

Use this knowledge to frame your counteroffers in a way that addresses their concerns while still meeting your goals. Firstly, visit Tom's website to learn more about his services and approach to real estate. Terms, such as closing dates and contingencies, can significantly impact the seller's decision. It's not just about listing your home; it's about strategically positioning it to attract the right buyers willing to pay top dollar.

Townhomes For Sale In Farmington Hills
Top-rated real estate agent Farmington Hills

Top-rated real estate agent Farmington Hills

He tailors his approach, from search to offer, ensuring you're informed and confident at every step.

Real estate investment trust

  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
  • International real estate
  • Commercial property
You're no longer just seeking a place to live; you're looking for a place that accommodates your work-life balance seamlessly. His involvement ensures that the community's needs and aspirations are front and center, reflecting his deep understanding of the area's unique character and challenges. His approach wasn't just about selling homes; it was about creating relationships.

Niche real estate

  • Land reform
  • Investment rating for real estate
  • Real estate investment trust
  • Real estate economics
  • Land value tax
  • Leasehold estate
  • Land
  • Niche real estate
  • Real estate appraisal
  • Real Estate (disambiguation)
  • Real estate contract
  • Real estate transaction
  • International real estate
  • Commercial property
  • Investment rating for real estate
  • Real estate investment trust
  • Real estate economics
  • Land value tax

Tom Gilliam's innovative marketing strategies are designed to showcase your home in the best light, ensuring it reaches the right audience quickly and effectively. Estate in land In a market that waits for no one, having Tom Gilliam as your guide ensures you're always moving forward, turning challenges into victories in your real estate journey. Tom's approach to marketing is both strategic and aggressive.
Moreover, you're becoming more tech-savvy in your home search. It's this level of service that transforms a daunting task into a rewarding journey. Next, pricing your home correctly from the start is crucial. Read more about Local Home Buying Agent Farmington Hills here
Oakland County, with its diverse communities and opportunities, offers a plethora of choices for anyone looking to invest or plant roots. But it's not all about visibility.

Real estate investment trust

    The market fluctuates, influenced by various factors including economic indicators, interest rates, and local inventory levels.

    Farmington Hills realtor consultation

    For first-time homebuyers, understanding the local real estate market is crucial to making informed decisions. His approach isn't just about closing deals; it's about crafting personalized strategies that align with each client's unique situation, ensuring you're not just another transaction. Land They understand that accommodating potential buyers' requests for private showings or being open to negotiating terms can make or break a deal in this market. Flexibility with the closing date or including certain appliances could be just the leverage you need.

    This knowledge can significantly impact your investment's growth potential and risk level. Next, reach out to Tom directly through the contact information provided on his site.

    Real Estate (disambiguation)

    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    • Commercial property
    Tom Gilliam excels in this aspect, making sure you're never left in the dark. Land banking

    Tom Gilliam's expertise isn't just in selling homes; he's equally skilled at helping you find your dream home in Oakland County. It's a complex dance, but understanding the current dynamics is your first step to success. As the saying goes, 'Home is where the heart is,' and if you're setting your sights on Farmington Hills for the first time, you're in for quite the journey.

    After securing your mortgage pre-approval, it's time to dive into the search for your perfect home in Farmington Hills. Moreover, Tom uses cutting-edge marketing techniques that make properties stand out in the bustling Farmington Hills market. Negotiations are where Tom truly shines.

    Farmington Hills realtor consultation
    Farmington Hills Luxury Listings
    Farmington Hills Luxury Listings

    Choosing Tom Gilliam as your realtor means you're getting an expert who's committed to delivering accurate property valuations and top-tier marketing strategies. Real estate investment trust Questions and concerns don't adhere to a 9-to-5 schedule, so neither does he. You've probably noticed homes in your neighborhood fetching higher prices, and you can thank strategies like Gilliam's for that upward trend. You'll find him using this insight to advise you on the best time to sell, ensuring you get top dollar for your home.

    Whether you're looking to secure a favorable rate for a new home purchase or considering selling your property in a buyer-friendly environment, staying informed will help you make strategic decisions. He's diving into virtual reality tours, allowing you to step into your potential new home from anywhere in the world. Open houses are orchestrated to provide an immersive experience, complemented by personalized brochures that highlight your home's best features.

    Start by listing down your must-haves, like the number of bedrooms, bathrooms, and any specific features you can't live without. From the initial consultation to closing the deal, Tom's approach is tailored to your unique needs, ensuring a smooth transition every step of the way. This shift means homes that offer such functionalities are seeing quicker sales and often at higher prices.

    Currently, fluctuations in these rates are influencing buyer demand and affordability, directly impacting how much home you can afford in this competitive landscape. He provides customized searches and alerts to keep you informed about opportunities that match your criteria, making the process streamlined and efficient. In essence, Tom Gilliam's guidance transforms complex transactions into a streamlined process, allowing you to sell your Farmington Hills home with confidence and ease.

    Farmington Hills real estate app

    Tom also stresses the value of a property's potential over its current state. If you're too attached to the home, you might struggle to make concessions that could close the deal. Tom's expertise in Farmington Hills home sales means he's well-versed in tackling the intricate aspects of real estate transactions.

    Land

    • Real Estate (disambiguation)
    • Real estate contract
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real Estate (disambiguation)
    • Real estate contract
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real Estate (disambiguation)
    • Real estate contract
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real Estate (disambiguation)
    • Real estate contract
    Flexibility and preparedness are your best assets, ensuring you can make an offer that stands out. You'll read stories of how he went above and beyond, offering invaluable advice and insights that made all the difference.
    Choosing Oakland County means you're not just finding a place to live; you're investing in a lifestyle that offers both peace and prosperity. Whether you're looking for a cozy starter home, a spacious family residence, or a luxurious estate, he's got the knowledge and the network to bring your dream home into reality. He's adept at navigating through counteroffers, ensuring your interests are protected while moving towards a successful closing. He understands that buying or selling a home is more than a transaction; it's a life-changing experience.
    You'll also benefit from Tom's comprehensive marketing strategies that go beyond traditional listings. Don't shy away from consulting financial advisors, real estate attorneys, and experienced realtors like himself. While it might be tempting to wait for peak prices, holding out too long could see you caught in a downturn. Investment rating for real estate Staying informed about mortgage rates can also give you an edge.
    You've got to be ready to make quick, informed decisions. He's become the go-to expert for home sellers seeking not just any valuation, but one that's meticulously accurate and reflective of the current market dynamics. Numerous clients have shared their success stories after partnering with Tom Gilliam, showcasing the tangible benefits of working with an experienced realtor in Oakland County. This means you're not just getting a real estate agent; you're getting a seasoned advisor who knows how to move properties effectively and efficiently, no matter the market conditions.

    Real estate transaction

    • Real estate transaction
    • International real estate
    • Commercial property
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real estate transaction
    • International real estate
    • Commercial property
    • Real estate transaction
    • International real estate

    Explore Local Home Buying Agent Farmington Hills here
    Farmington Hills real estate app

     

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