Real Estate Agent Farmington Hills

Real Estate Agent Farmington Hills

Real estate owned

Tom knows that selling your home in Farmington Hills isn't a one-size-fits-all affair. Setting up an initial consultation is your next step. Real estate owned Learn more about Real Estate Agent Farmington Hills here You've probably noticed the 'Sold' signs that pop up almost as soon as they're listed. That's why he's committed to providing personalized attention and tailored solutions to meet your unique needs. It's about predicting future ones, too.
You'll feel confident and informed, thanks to Tom's commitment to transparency and education. This can limit buyers' purchasing power, influencing the overall demand in the housing market. His dedication to your happiness, combined with his market savvy and innovative strategies, ensures that you're not just finding a house, but a place to call home. Sellers, on the other hand, might find themselves in a favorable position, at least initially.
This gives you a realistic baseline. Moreover, Tom uses cutting-edge marketing techniques that make properties stand out in the bustling Farmington Hills market. When you meet Tom, you'll immediately notice his passion for real estate and his dedication to his clients. He knows that buying a house isn't just a transaction; it's a step toward your future.
After establishing the right price for your home, it's crucial to focus on advanced marketing techniques to ensure it reaches the widest possible audience. This insight allows you to craft proposals that appeal directly to them, increasing the likelihood of a favorable response. He'll explain each step, from understanding the importance of pre-approval to navigating home inspections and closing processes. You'll find him using this insight to advise you on the best time to sell, ensuring you get top dollar for your home. Learn more about Tom Gilliam | RE/MAX Classic here.

Don't stop at pictures; include a virtual tour to give potential buyers a 360-degree view of your property. Swap out any dim bulbs for higher wattage options and open curtains to let natural light flood in. Next, consider staging your home professionally. And remember, pre-approval can significantly strengthen your position when you're ready to make an offer on a house. He'll provide you with tailored advice, highlighting areas with the best growth potential and advising on the right time to make your move.

He knows exactly how to showcase a home's best features to attract serious buyers.'It's clear that Tom Gilliam's dedication to his clients' satisfaction has left a lasting impression, making him a trusted name in Farmington Hills real estate. 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.

Property law

  1. National Association of Realtors
  2. Land lot
  3. Property law
  4. Labor theory of property
  5. Healthcare real estate
  6. Real estate agent
  7. Real estate derivative
  8. real property
  9. Real estate economics
  10. Real estate contract
  11. Leasehold estate
  12. Private equity real estate
  13. Index of real estate articles
  14. Deed
  15. Property management
Timing your sale right, with the help of expert guidance from a realtor like Tom Gilliam, can make a significant difference in maximizing your home's value and ensuring a swift sale. They let buyers visualize themselves in the space, increasing the likelihood of a sale.

Next, reach out to Tom directly through the contact information provided on his site. Whether you're buying or selling, Tom's strategy is tailored to deliver results that exceed your expectations. A robust job market in Farmington Hills boosts confidence, encouraging more people to buy homes. He's not just a realtor; he's your strategic advisor.

Understanding what you're willing to concede ahead of time can help you reach an agreement that satisfies both parties. National Association of Realtors As you navigate through the complexities of buying or selling a home, understanding the current market conditions is crucial.

Land banking

  • Labor theory of property
  • Healthcare real estate
  • Real estate agent
  • Real estate derivative
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
  • Community property
  • Public property
  • Community land trust
  • Estate (land)
Be prepared for negotiations. 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.

Citations and other links

Farmington Hills top real estate deals

Navigating the housing market can be overwhelming, but Tom makes it a breeze. In today's market, buyers are looking for homes that offer more than just a place to live; they want comfort, convenience, and efficiency. Tom will advise you throughout, aiming for a win-win outcome. You've got to showcase your property in a way that captures potential buyers' interest from the get-go. He's dedicated to making your experience as seamless and rewarding as possible, ensuring you're confident and satisfied with the outcome.

You're leveraging a level of market mastery that turns a potentially stressful process into a seamless, successful transaction. He knows how to showcase your property to attract the right buyers. That's why he focuses on providing personalized service, tailored to meet each client's unique needs. You'll find him leading local initiatives aimed at improving neighborhood livability and fostering community spirit.

Moreover, Tom recommends leveraging professional expertise. Understanding the Farmington Hills real estate market's nuances equips you with the knowledge to now focus on selecting the right home that meets your needs and preferences. Through these testimonials, it's clear that Tom's dedication to his clients' success sets him apart.

Land banking

  • Real property
  • Internet real estate
  • National Association of Realtors
  • Land lot
  • Property law
  • Labor theory of property
  • Healthcare real estate
  • Real estate agent
  • Real estate derivative
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
Instead, he listens to your needs, understands your aspirations, and crafts a plan tailored just for you.

This simple step can transform the feel of your home. Think about location, size, and essential features. With Tom Gilliam's expert guidance, you'll navigate these considerations with ease, ensuring you make a well-informed decision that's perfect for you. Land banking At the outset of his career, Tom Gilliam quickly distinguished himself among his peers through his innovative marketing strategies and exceptional customer service skills.

Farmington Hills top real estate deals
Housing Market Farmington Hills

Housing Market Farmington Hills

Tom's commitment to personalized service sets him apart.

Estate agent

  • Community property
  • Real estate derivative
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
  • Community property
  • Real estate derivative
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
In the bustling real estate market of Farmington Hills, where uncertainty meets opportunity, you'll find yourself in the capable hands of Realtor Tom Gilliam. When they're low, you're likely to see a surge in home buying because loans are cheaper. This tech-forward approach doesn't just save time; it broadens your options, enabling you to explore homes beyond your immediate geographical limits.

In the realm of real estate, effectively marketing your property is as crucial as setting the right price. For outdoor enthusiasts, there's no shortage of hiking trails, lakes, and parks to explore, ensuring you have plenty of options for weekend adventures. With expert guidance from Realtor Tom Gilliam, you're not alone in this journey. Real estate investment trust

With Tom, you're not just getting an agent; you're getting a partner who's invested in your success. You'll find stories of Tom going above and beyond, like the time he helped a family relocate on a tight timeline. With Tom's top-tier marketing strategies, your listing will reach a wide audience, maximizing your home's visibility and appeal.

He doesn't just list homes; he markets them, using cutting-edge techniques that showcase your property in the best light. Next, prioritize your needs and wants in a home. Remember, it's not just about the house itself but also the community and conveniences around it.



Real estate investment trust

  • Community property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
  • Community property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed

Farmington Hills housing market reports

Exploring investment opportunities in Farmington Hills can significantly boost your portfolio's value, guided by Tom Gilliam's expert insights. To sell your home quickly, it's crucial to grasp the current market trends shaping buyer behavior. Property law This approach ensures that he can provide targeted advice, curated property listings, and negotiation strategies that align with your goals.

Labor theory of property

  1. Real property
  2. Internet real estate
  3. National Association of Realtors
  4. Land lot
  5. Property law
  6. Labor theory of property
  7. Healthcare real estate
  8. Real estate agent
  9. Real estate derivative
  10. real property
  11. Real estate economics
  12. Real estate contract
  13. Leasehold estate
  14. Private equity real estate
  15. Index of real estate articles
  16. Deed
  17. Property management
How does Tom Gilliam foster lasting relationships with his clients?

real property

  1. Private equity real estate
  2. Index of real estate articles
  3. Deed
  4. Property management
  5. Community property
  6. Healthcare real estate
  7. Real estate agent
  8. Real estate derivative
  9. real property
  10. Real estate economics
  11. Real estate contract
  12. Leasehold estate
  13. Private equity real estate
  14. Index of real estate articles
  15. Deed
  16. Property management
  17. Community property
  18. Healthcare real estate
  19. Real estate agent
  20. Real estate derivative

Lastly, be prepared to compromise. Remember, it's not just about the price. It's clear from these testimonials that Tom isn't just about closing deals; he's about building relationships and ensuring you're completely satisfied with your real estate journey.

Land

  • Community property
  • Estate (land)
  • Real property
  • Internet real estate
  • National Association of Realtors
  • Land lot
  • Property law
  • Labor theory of property
  • Healthcare real estate
  • Real estate agent
  • Real estate derivative
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
  • Community property

By focusing on the unique selling points of each property and leveraging cutting-edge marketing techniques, Gilliam makes sure your home stands out in the crowded marketplace. With the market's ebbs and flows, hitting the right note on listing price and making your home stand out can mean the difference between a swift sale and a prolonged market stay. Read more about Real Estate Agent Farmington Hills here One high sale price can lift the values of surrounding homes, creating a positive outcome for the whole community.
Imagine getting notifications about homes that match your criteria the moment they hit the market.

Real Estate (disambiguation)

  1. real property
  2. Real estate economics
  3. Real estate contract
  4. Leasehold estate
  5. Private equity real estate
  6. Index of real estate articles
  7. Deed
  8. Property management
  9. Community property
  10. Property
  11. Real estate investment trust
  12. Estate agent
  13. Land banking
  14. Land
  15. Public property
  16. Community land trust
  17. Estate (land)
  18. Real property
  19. Internet real estate
  20. National Association of Realtors
Firstly, consider focusing on neighborhoods that show signs of gentrification. Lastly, consider hiring a reputable real estate agent who knows the Farmington Hills area well.

Farmington Hills housing market reports
Farmington Hills housing search

First off, staging your home is crucial. This means being available for late-night questions, offering insights into market trends, and even helping you visualize the potential in a property that mightn't immediately meet the eye. Over the years, he's navigated countless sales, mastering the art of matching properties with the right buyers and achieving optimal outcomes for his clients. He understands that selling your home isn't just about listing it; it's about connecting the right buyer to your unique property. This list will be your guiding light, ensuring you don't get swayed by properties that don't fit your needs. Land lot

This shows sellers you're a serious buyer and lets you know how much you can afford, streamlining your home search in Farmington Hills. Using targeted ads on platforms like Facebook and Instagram can pinpoint potential buyers based on demographics and interests. Personalizing your home's staging can significantly impact a buyer's first impression and help your property sell faster. Property In essence, Tom's approach is about creating opportunities for your home to shine, ensuring a seamless match between you and the perfect buyer, leading to successful sales and satisfied clients.

As you step into the Novi and Northville MI real estate markets with Tom by your side, you'll find yourself at a distinct advantage. You've heard about Tom Gilliam, a trusted real estate agent affiliated with RE/MAX Classic, known for his expertise in guiding clients through the complexities of the real estate market. 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. Buyers appreciate his patience and how he educates them about the market, ensuring they make informed decisions.

Staying informed about mortgage rates can also give you an edge. Closing the sale involves a significant amount of paperwork and legal compliance. Lastly, there's a noticeable trend towards community amenities. You'll find that Tom isn't just interested in closing a deal; he's committed to being your guide and support system throughout the entire process.

Farmington Hills Experienced Agents

His expertise in digital promotion stands out, offering you a competitive edge in a crowded marketplace. While others were still relying on traditional methods, he was showcasing homes on various digital platforms, reaching a wider audience and closing deals faster. It's also important to highlight your property's unique features.

Healthcare real estate

  1. real property
  2. Real estate economics
  3. Real estate contract
  4. Leasehold estate
  5. Private equity real estate
  6. Index of real estate articles
  7. Deed
  8. Property management
  9. Community property
  10. Real estate agent
  11. Real estate derivative
  12. real property
  13. Real estate economics
  14. Real estate contract
  15. Leasehold estate
  16. Private equity real estate
  17. Index of real estate articles
  18. Deed
  19. Property management
It's all about striking the right balance and knowing when to make your move.
A well-staged home looks more inviting and can lead to faster sales and possibly higher offers.

Land

  1. Community property
  2. Internet real estate
  3. National Association of Realtors
  4. Land lot
  5. Property law
  6. Labor theory of property
  7. Healthcare real estate
  8. Real estate agent
  9. Real estate derivative
  10. real property
  11. Real estate economics
  12. Real estate contract
  13. Leasehold estate
  14. Private equity real estate
  15. Index of real estate articles
  16. Deed
  17. Property management
  18. Community property
You've likely heard of Tom Gilliam, a seasoned realtor known for his personalized service across Oakland County. This precision in pricing is crucial for attracting the right buyers and securing the best possible deal.
With its convenient location, just a short drive from Detroit, residents enjoy the benefits of suburban living without sacrificing access to urban amenities. Tom's expertise, backed by RE/MAX Classic's powerful resources, means you're guided by someone who knows how to navigate the complexities of buying or selling a property with ease. He's not just about closing a deal; he's committed to ensuring you understand each step, from market analysis to final closing.

Real estate agent

  • Community property
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management
  • Community property
  • real property
  • Real estate economics
  • Real estate contract
  • Leasehold estate
  • Private equity real estate
  • Index of real estate articles
  • Deed
  • Property management

Amid shifting market dynamics, Farmington Hills is experiencing fluctuations in housing inventory levels that you'll want to keep an eye on. It's a complex dance, but understanding the current dynamics is your first step to success.

Labor theory of property

  1. Property management
  2. Community property
  3. Land banking
  4. Land
  5. Public property
  6. Community land trust
  7. Estate (land)
  8. Real property
  9. Internet real estate
  10. National Association of Realtors
  11. Land lot
  12. Property law
  13. Labor theory of property
  14. Healthcare real estate
  15. Real estate agent
  16. Real estate derivative
  17. real property
  18. Real estate economics
  19. Real estate contract
The local market is also experiencing a trend toward outdoor living spaces.

Explore Real Estate Agent Farmington Hills here
Farmington Hills Experienced Agents

 

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

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

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

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

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

Other categories

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

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

Real estate and the environment

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

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

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

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

Development

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

Investment

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

Professionals

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See also

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References

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