Real Estate Services Farmington Hills

Real Estate Services Farmington Hills

property

For first-time homebuyers, understanding the local real estate market is crucial to making informed decisions.

Real estate appraisal

  1. Real estate investment club
  2. Community land trust
  3. Internet real estate
  4. Real estate economics
  5. Real estate investment trust
  6. Personal property
  7. Real property
  8. Estate (land)
  9. Real estate derivative
  10. Real estate business
  11. Real estate investment club
  12. Community land trust
  13. Internet real estate
  14. Real estate economics
  15. Real estate investment trust
  16. Personal property
  17. Real property
  18. Estate (land)
  19. Real estate derivative
  20. Real estate business
Learn more about Real Estate Services Farmington Hills here 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. 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. Tom Gilliam excels in this aspect, making sure you're never left in the dark.
Tom Gilliam's expertise isn't just in selling homes; he's equally skilled at helping you find your dream home in Oakland County. Community property 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. Learn more about Tom Gilliam | RE/MAX Classic here.
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.

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

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.

personal property

  1. Personal property
  2. Real estate economics
  3. Real estate investment trust
  4. Personal property
  5. Real estate economics
  6. Real estate investment trust
  7. Personal property
  8. Real estate economics
  9. Real estate investment trust
  10. Personal property
  11. Real estate economics
  12. Real estate investment trust
  13. Personal property
  14. Real estate economics
  15. Real estate investment trust
  16. Personal property
  17. Real estate economics
  18. Real estate investment trust
  19. Personal property
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.

Real property

  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
  • Personal property
  • Real estate investment trust
Tom's approach to marketing is both strategic and aggressive.

Moreover, you're becoming more tech-savvy in your home search.

Internet real estate

  • Land
  • real property
  • Private property
  • Real estate appraisal
  • Real estate derivative
  • Real estate economics
  • Estate in land
  • Internet real estate
  • Real Estate
  • Real estate owned
  • Estate agent
  • Land tenure
  • Property
  • Real estate investing
  • Estate (land)
  • Real property
It's this level of service that transforms a daunting task into a rewarding journey.

Community property

  • Real estate economics
  • Real estate investment trust
  • Personal property
  • Real estate business
  • Real estate investment club
  • Community land trust
  • Internet real estate
  • Real estate economics
  • Real estate investment trust
  • Personal property
  • Real estate business
  • Real estate investment club
  • Community land trust
  • Internet real estate
  • Real estate economics
  • Real estate investment trust
  • Personal property
Next, pricing your home correctly from the start is crucial.

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

Citations and other links

Real Estate Realtor Farmington Hills

Real Estate Realtor Farmington Hills

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. Real estate investment trust 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. Real property 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.

Private equity real estate

Farmington Hills property evaluation

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

Real estate appraisal

  • Real property administrator
  • personal property
  • Private equity real estate
  • Community property
  • Leasehold estate
  • Estate
  • Property tax
  • Real estate investment club
  • Land reform
  • real estate trends
  • Real estate development
  • Housing estate
  • Real estate investment trust
  • Personal property
  • Property management
  • Real estate transaction
  • Healthcare real estate
  • Land value tax
  • property
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. Estate (land)

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.

Farmington Hills property evaluation
Farmington Hills Real Estate Consultation
Farmington Hills Real Estate Consultation

He's not just doing a job; he's passionate about helping people achieve their real estate goals. Remember, it's not just about the house itself but also the neighborhood.

Estate (land)

  1. Internet real estate
  2. Real estate economics
  3. Real estate investment trust
  4. Personal property
  5. Community land trust
  6. Internet real estate
  7. Real estate economics
  8. Real estate investment trust
  9. Personal property
  10. Community land trust
  11. Internet real estate
  12. Real estate economics
  13. Real estate investment trust
  14. Personal property
  15. Community land trust
  16. Internet real estate
  17. Real estate economics
  18. Real estate investment trust
  19. Personal property
  20. Community land trust
He utilizes the latest digital marketing techniques to showcase your home, from professional photography to virtual tours, making your listing stand out in crowded marketplaces.

Real estate economics

  • property
  • Real estate appraisal
  • real property
  • Real property
  • Estate (land)
  • Real estate derivative
  • Real estate business
  • Real estate investment club
  • Community land trust
  • Internet real estate
  • Real estate economics
  • Real estate investment trust
  • Personal property
  • Real estate appraisal
  • real property
By focusing on your needs and goals, he ensures that you're not just a transaction, but a valued member of the RE/MAX Classic family. This can limit buyers' purchasing power, influencing the overall demand in the housing market.
Navigating these waters requires a clear understanding of your financial health. Whether you're looking for a quiet, family-friendly community or a vibrant city vibe, Oakland County has it all. You're not just gaining a realtor; you're gaining a dedicated ally in your real estate journey. It's not just about listing your home; it's about making it stand out.
You've likely heard the stories circulating around town-homes selling above asking price, offers rolling in just days after listing, and sellers walking away more than satisfied. It's also crucial to shop around.

Real estate appraisal

    His strategy was tailored specifically for us, and it worked brilliantly.'Another testimonial comes from a first-time buyer who was navigating the complex world of real estate. 'Tom made the process seamless,' they said. Read more about Real Estate Services Farmington Hills here 'He was patient, informative, and always available to answer our questions. Whether you're moving for work, family, or lifestyle changes, Tom's expertise in Oakland County's diverse areas means you'll get personalized recommendations that match your requirements.
    His negotiation skills are top-notch, ensuring you get the best possible deal. His actions inspire others to take part, creating a ripple effect of positive change across Oakland County.

    Private equity real estate

    • Labor theory of property
    • Community land trust
    • National Association of Realtors
    • Niche real estate
    • Real estate trends
    • Investment rating for real estate
    • Extraterrestrial real estate
    • Corporate Real Estate
    • Real estate business
    • Right to property
    • Index of real estate articles
    • Land law
    • Public property
    • Property law
    • Real estate agent
    • Land
    • real property
    • Private property
    These personalized staging tips can make all the difference in attracting the right buyer quickly. He knows you're not just selling a property; you're maneuvering through a maze of legalities, negotiations, and paperwork.

    Farmington Hills real estate listing tips

    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. 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.

    Internet real estate

    1. Real property
    2. Estate (land)
    3. Real estate derivative
    4. Real estate business
    5. Real estate investment club
    6. Community land trust
    7. Internet real estate
    8. Real estate economics
    9. Real estate investment trust
    10. Personal property
    11. real property
    12. Real property
    13. Estate (land)
    14. Real estate derivative
    15. Real estate business
    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.

    Explore Real Estate Services Farmington Hills here
    Farmington Hills real estate listing tips

     

    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