Residential Real Estate Broker Farmington Hills

Residential Real Estate Broker Farmington Hills

Property

He's developing a bespoke app that'll keep you updated with real-time market trends, personalized home suggestions, and direct chat options for immediate advice. With a vast array of cutting-edge technology at his fingertips, he's equipped to offer you unparalleled insights into the market. Tom's expertise in the Farmington Hills market means he knows exactly what local buyers are looking for and how to emphasize these elements in your listing. Learn more about Residential Real Estate Broker Farmington Hills here You can expect a seamless process, grounded in local expertise and a proven track record of success. Tom emphasizes the importance of understanding local market trends, noting that every neighborhood can vastly differ in demand and value.
He's on top of every shift, ensuring you're always one step ahead. Creating a checklist can be incredibly helpful. Consider pricing slightly below market value to attract more interest and potentially spark a bidding war. You'll also enjoy access to top-notch schools, expansive parks, and a plethora of recreational activities.
You've likely wondered how some homes fly off the market while others linger. Tom's strategy involves a comprehensive market analysis to price your home accurately, ensuring it attracts the right buyers. Gilliam then leverages this information, combining it with cutting-edge marketing techniques. With over two decades of experience, he's mastered the ins and outs of Farmington Hills' dynamic market.
For example, if you're selling in a buyer's market, where supply exceeds demand, you might need to price your home more competitively or offer incentives to attract buyers. Tom Gilliam's approach to real estate in Farmington Hills hinges on a deep understanding of the local market and personalized service to meet your unique needs. They feel he really listens to their needs, making the buying or selling process smooth and stress-free. Whether you're buying or selling, Tom's strategy is tailored to deliver results that exceed your expectations. Real estate investment trust Property

Learn more about Tom Gilliam | RE/MAX Classic here.

With Tom Gilliam, you're not just finding a house; you're finding your future. These success stories aren't anomalies. But why should you consider making your next real estate move here, and more importantly, why trust Tom Gilliam with this critical decision? His expertise isn't just about knowing the current market trends. So, he listens closely, ensuring he fully grasps what you're looking for, whether it's a cozy starter home or a spacious family residence.
What sets Tom apart is his commitment to transparency and education throughout the valuation process. It's an investment that often leads to faster sales and can even increase the offer price. He'll guide you to see beyond the surface, identifying opportunities for improvement that can substantially increase a home's value. Understanding the various home financing options available is often the first significant hurdle in securing your new home in Oakland County.

Investment rating for real estate

  • Housing estate
  • Private property
  • Real estate investment trust
  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • Internet real estate
  • Estate in land
  • International real estate
  • Real estate derivative
  • Land reform
  • Niche real estate
  • Extraterrestrial real estate
  • Estate (land)

Tom leverages his deep knowledge of Farmington Hills and surrounding areas to find homes that match your criteria, often identifying opportunities before they hit the mainstream market. In addition to his real estate investment guidance, Tom Gilliam offers comprehensive relocation services to assist you in smoothly transitioning to Oakland County. Stunning visuals make your listing stand out online, where most buyers start their search. Read more about Residential Real Estate Broker Farmington Hills here For Tom Gilliam, it's not just about selling homes-it's about creating a positive and memorable experience.
For those who'd rather write down their thoughts, sending an email is another excellent choice. One high sale price can lift the values of surrounding homes, creating a positive outcome for the whole community. With expertise like Gilliam's guiding the sale of homes in Farmington Hills, you're likely to see a significant return on your investment, thanks to the boosted local home values. Nestled in Oakland County, Michigan, this city is more than just a suburban area; it's a place where you can find top-rated schools, sprawling parks, and a thriving local economy.

Citations and other links

Farmington Hills residential property guide

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.

International real estate

  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • Real estate derivative
  • Land reform
  • Niche real estate
  • Extraterrestrial real estate
  • Estate (land)
  • personal property
  • Housing estate
  • Private property
  • Real estate investment trust
  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
  • Real estate business
He provides customized searches and alerts to keep you informed about opportunities that match your criteria, making the process streamlined and efficient.

Real estate investment trust

  1. Healthcare real estate
  2. Land reform
  3. Niche real estate
  4. Extraterrestrial real estate
  5. Estate (land)
  6. personal property
  7. Housing estate
  8. Private property
  9. Real estate investment trust
  10. Private equity real estate
  11. Property management
  12. Public property
  13. Real estate development
  14. Real estate business
  15. Healthcare real estate
  16. Land reform
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.

Extraterrestrial real estate
Farmington Hills residential property guide
Farmington Hills Property Sales

Farmington Hills Property Sales

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. It's about predicting future ones, too. Land reform Be prepared to negotiate and keep an open mind about the properties you view.

Land reform

  1. Public property
  2. Real estate development
  3. Real estate business
  4. Healthcare real estate
  5. Investment rating for real estate
  6. Land value tax
  7. Internet real estate
  8. Estate in land
  9. International real estate
  10. Real estate derivative
  11. Land reform
  12. Niche real estate
  13. Extraterrestrial real estate
  14. Estate (land)
  15. personal property
  16. Housing estate
  17. Private property
  18. Real estate investment trust
  19. Private equity real estate
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.

Land value tax

  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • personal property
  • Housing estate
  • Private property
  • Real estate investment trust
  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • personal property
  • Housing estate
  • Private 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.

Farmington Hills home buyers guide

Setting up an initial consultation is your next step. Looking ahead, experts predict that the Farmington Hills housing market may experience fluctuations, impacting both buyers and sellers in the coming months. It can uncover hidden issues that could cost you down the line. And if you're buying, he's got a knack for sifting through listings to find gems that others might overlook.

He doesn't stop at finding you the right home. Tom's expertise means you won't have to navigate these challenges alone. You've got to dive deep into the specifics of neighborhoods, school districts, and future development plans.

For sellers, understanding these trends is key to timing your sale for maximum return. Firstly, consider focusing on neighborhoods that show signs of gentrification. It's this combination of personal touch and advanced marketing that not only sells homes but also builds lasting relationships, making Tom a distinguished realtor in the area.

Selling a home often involves navigating through a maze of complex transactions that can seem daunting at first glance. Tom's approach means you're getting a valuation based on a thorough understanding of what buyers are looking for and what they're willing to pay. Navigating the complexities of the real estate market requires a skilled agent who understands that every challenge presents an opportunity for growth and success.

Internet real estate

  1. Housing estate
  2. Private property
  3. Real estate investment trust
  4. Private equity real estate
  5. Property management
  6. Public property
  7. Real estate development
  8. Real estate business
  9. Healthcare real estate
  10. International real estate
  11. Real estate derivative
  12. Land reform
  13. Niche real estate
  14. Extraterrestrial real estate
  15. Estate (land)
  16. personal property
  17. Housing estate
  18. Private property
  19. Real estate investment trust
  20. Private equity real estate


Farmington Hills home buyers guide
Farmington Hills real estate consulting services
Farmington Hills real estate consulting services

Now, he's taking that expertise and client-first approach to new areas, aiming to replicate his success.

Extraterrestrial real estate

  • Real estate investment trust
  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • Extraterrestrial real estate
  • Estate (land)
  • personal property
  • Housing estate
  • Private property
  • Real estate investment trust
  • Private equity real estate
  • Property management
  • Public property
  • Real estate development
Another testimonial highlights his knack for negotiation, where he secured a selling price well above what the owner expected. He advocates for your interests, striving to secure the best deal possible. Whether you're a first-time buyer or looking to sell your property, Tom's commitment to your unique situation shines through.

Navigating the real estate market can feel like traversing a labyrinth, especially for first-time buyers. Remember, it's not personal, it's business. personal property He ensures your home's narrative reaches potential buyers who'll appreciate its unique value, not just its price tag.

Tom Gilliam, being recognized as one of the best realtors in Residential Real Estate Broker Farmington Hills, can provide you with a competitive market analysis to set the right price. That's why Tom tailors his approach to fit your specific situation, whether you're a first-time homebuyer, a seasoned investor, or looking to sell your property. With Tom, you're getting more than just a realtor; you're gaining a strategic partner who anticipates problems before they arise.

Don't skip getting pre-approved for a mortgage as it gives you a clear idea of what you can afford and strengthens your buying position. His dedication isn't just about enhancing his professional profile; it's about making a real difference in the community where he lives and works. Having explored the advantages for sellers, it's clear that partnering with Tom Gilliam not only enhances your selling experience but also sets a solid foundation for what you can expect moving forward. Internet real estate



Extraterrestrial real estate

  1. Private equity real estate
  2. Property management
  3. Public property
  4. Real estate development
  5. Real estate business
  6. Healthcare real estate
  7. Private property
  8. Real estate investment trust
  9. Private equity real estate
  10. Property management
  11. Public property
  12. Real estate development
  13. Real estate business
  14. Healthcare real estate
  15. Private property
Farmington Hills townhomes and condos

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. 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. 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. Private property
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. 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. '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.

Estate agent

  • Property management
  • Public property
  • Real estate development
  • Real estate business
  • Healthcare real estate
  • Land value tax
  • Internet real estate
  • Estate in land
  • International real estate
  • Real estate derivative
  • Land reform
  • Niche real estate
  • Extraterrestrial real estate
  • Estate (land)
  • personal property

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. 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.

Explore Residential Real Estate Broker Farmington Hills here
Farmington Hills townhomes and condos

 

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

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

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

History of real estate

[edit]

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

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

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

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

Residential real estate

[edit]

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

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

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

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

Other categories

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

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

Real estate and the environment

[edit]

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

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

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

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

Development

[edit]

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

Investment

[edit]

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

Professionals

[edit]

See also

[edit]

References

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

 

 

 

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

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

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

History of real estate

[edit]

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

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

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

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

Residential real estate

[edit]

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

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

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

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

Other categories

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

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

Real estate and the environment

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

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

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

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

Development

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

Investment

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

Professionals

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See also

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References

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