Buyer’s Realtor Farmington Hills

Buyer’s Realtor Farmington Hills

Estate in land

Farmington Hills, known for its family-friendly atmosphere and quality schools, often sees a competitive market, especially for homes in the most desirable neighborhoods. He guides you through every step, from identifying potential homes to scheduling viewings at times that work for you. Learn more about Buyer’s Realtor Farmington Hills here As we explore what sets Tom apart, including his use of RE/MAX Classic resources and the testimonials from his happy clients, you'll discover how starting your journey with him could make all the difference. This personalized touch not only demystifies the valuation process but also empowers you as a seller in the Farmington Hills real estate market.
With Tom, you're not just getting an agent; you're getting a partner who's invested in your success. He's committed to getting you the best deal, ensuring you don't just settle into a new house, but you also secure a sound investment. 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.
You might see him at fundraisers or school fairs, contributing his time and resources to ensure these events' success. Does it have a stunning view, a state-of-the-art kitchen, or perhaps an eco-friendly design? Community property Remember, it's not just about the price.
To sell your home quickly, it's crucial to grasp the current market trends shaping buyer behavior. Lastly, always have a professional home inspection done. He provides customized searches and alerts to keep you informed about opportunities that match your criteria, making the process streamlined and efficient.

Learn more about Farmington Hills Real Estate Expert With 20+ Years Experience here.

Selling your home becomes a smoother, more profitable experience with Tom Gilliam's expanded real estate services. You'll want to pay close attention to these changes, as they could significantly influence your decision-making process. With Tom's top-tier marketing strategies, your listing will reach a wide audience, maximizing your home's visibility and appeal. Stick around to uncover how his exceptional client service and deep understanding of market intricacies can be the key to your success.

His market insight is unparalleled, offering you the latest trends and data to make informed decisions. You've probably noticed homes in your neighborhood fetching higher prices, and you can thank strategies like Gilliam's for that upward trend. Instead, he dives deep into what makes your home stand out, whether it's a custom kitchen, a sprawling backyard, or proximity to top-rated schools.

Tom Gilliam, a tenacious titan in the real estate realm, has tactically expanded his territory to include both Novi and Northville, Michigan. His involvement doesn't stop there. 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.

He's not just another realtor; he's a pioneer in the local real estate market, setting benchmarks that others strive to reach. Tom Gilliam isn't just any realtor; he's a seasoned professional who's dedicated to providing personalized service that aligns perfectly with your home selling goals. He utilizes the latest digital marketing techniques to ensure your listing reaches the widest possible audience. Real estate appraisal

Citations and other links

Property For Sale In Farmington Hills

You'll also benefit from Tom's comprehensive marketing strategies that go beyond traditional listings. Estate agent But Tom isn't stopping there. Choosing Tom Gilliam as your realtor can significantly ease the stress of selling your home in Oakland County. Sellers praise his marketing strategies that get their properties noticed and sold quickly. Tom Gilliam's expertise in mastering home valuations ensures you'll receive an accurate market value for your property, maximizing your investment.

Whether you're eyeing the market to buy or preparing to list your home, his valuation skills are your ticket to a smoother, more rewarding experience. Real estate transaction This is a great way to get immediate answers to your questions or to schedule a meeting.

Real estate transaction

  • Healthcare real estate
  • Right to property
  • Real estate contract
  • Commercial property
  • Private equity real estate
  • Real estate business
  • Land value tax
  • Personal property
  • Real estate trends
  • Land
  • Extraterrestrial real estate
  • Deed
  • Estate
  • Real estate economics
  • Real estate owned
Tom Gilliam expertly facilitates the buyer-seller matchmaking process, ensuring you're paired with buyers who see the true value in your Farmington Hills home. Real estate investment club Next, tap into local listings online and consider enlisting the help of a real estate agent who knows the ins and outs of Farmington Hills.

Property law

  1. property
  2. Healthcare real estate
  3. Right to property
  4. Real estate contract
  5. Commercial property
  6. Private equity real estate
  7. Real estate business
  8. Land value tax
  9. Personal property
  10. Real estate trends
  11. Land
  12. Extraterrestrial real estate
  13. Deed
  14. Estate
  15. Real estate economics
  16. property
  17. Healthcare real estate
Land banking

Once you've navigated the closing costs, it's time to celebrate the milestone of owning your new home in Farmington Hills. Real property With Tom, you're not just hiring a realtor; you're gaining a trusted advisor who'll be with you every step of the way, ensuring your selling experience is as smooth and successful as possible. You'll understand every step of the process, why decisions are made, and how they benefit you. property You're not alone if you're feeling overwhelmed by the multitude of choices, from traditional mortgages to government-backed loans.

However, adding a few pops of color through decor can bring warmth and character to each room without overwhelming the senses. Whether you're stepping into the market for the first time or looking to make another move, Tom Gilliam's proven track record, as echoed by his happy clients, makes him the clear choice in Farmington Hills. As you navigate the complexities of buying or selling a property, understanding the nuances of this market becomes crucial, and that's where Tom's expertise comes into play. His client-first approach means he's always on your side, ready to negotiate the best deals and provide insights on optimizing your investment for long-term gains.

Property For Sale In Farmington Hills
Farmington Hills realtor reviews online

Farmington Hills realtor reviews online

Gilliam leverages advanced analytics to refine his strategies, ensuring your listing resonates with the right audience. He's not just about closing deals; he's about building relationships and ensuring you're satisfied with your home buying or selling experience. So, if you're looking to sell in Farmington Hills, you know who to turn to for results that speak volumes. Tom's expertise in the Farmington Hills real estate market means he's perfectly positioned to provide accurate valuations, ensuring you're never left second-guessing your home's worth. You're leveraging a level of market mastery that turns a potentially stressful process into a seamless, successful transaction.

Listen more than you talk. Prices fluctuate, and opportunities come and go swiftly. The benefits for homebuyers and advantages for sellers in these markets are about to evolve, and you'll want to grasp how these changes might affect your real estate strategies. It's a community where you can grow, thrive, and feel at home. real property

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. Too high, and you risk alienating potential buyers; too low, and you're leaving money on the table.

Farmington Hills homes with basement

This expansion means your property gets more visibility, increasing the chances of a quicker sale at a competitive price. He's also a regular at community clean-ups, showing his dedication to the environment and making Farmington Hills a cleaner place for everyone. This agent's approach, combining an intimate understanding of market trends with effective pricing, advanced marketing techniques, personalized staging tips, and negotiation mastery, might just be the game-changer you need.

Index of real estate articles

  1. Personal property
  2. Real estate trends
  3. Land
  4. Extraterrestrial real estate
  5. Deed
  6. Estate
  7. Real estate economics
  8. Right to property
  9. Real estate contract
  10. Commercial property
  11. Private equity real estate
  12. Real estate business
  13. Land value tax
  14. Personal property
  15. Real estate trends
  16. Land
  17. Extraterrestrial real estate
  18. Deed
  19. Estate
  20. Real estate economics
Conversely, winter might offer fewer options but also less competition and potentially better deals.

Property law

  • Private equity real estate
  • Real estate business
  • Land value tax
  • Personal property
  • Real estate trends
  • Land
  • Extraterrestrial real estate
  • Deed
  • Estate
  • Real estate economics
  • Real estate investment club
  • Property law
  • Housing estate
  • Real estate owned
  • property
  • Healthcare real estate
  • Right to property
  • Real estate contract


Staying informed and working with a knowledgeable real estate expert like Tom Gilliam can help you navigate these changes effectively, whether you're buying or selling in Farmington Hills. With Tom Gilliam by your side, selling your home isn't just easy; it's a breeze. Whether you're buying or selling, Tom's strategy is tailored to deliver results that exceed your expectations.

They're finding that strategic pricing and home presentations are more important than ever.

Real estate appraisal

  • Real estate owned
  • property
  • Healthcare real estate
  • Right to property
  • Real estate contract
  • Commercial property
  • Private equity real estate
  • Real estate business
  • Land value tax
  • Personal property
  • Real estate trends
  • Land
  • Extraterrestrial real estate
  • Deed
  • Estate
  • Real estate economics
  • Real estate appraisal
This network ensures that every step of your buying or selling process is handled by experts, making your experience smoother and more successful. Tom knows the fabric of Farmington Hills like the back of his hand, and he leverages this deep knowledge to connect buyers with their dream homes and sellers with eager buyers.

He's spent years studying market fluctuations, neighborhood developments, and what today's buyers are looking for. Moreover, he's with you every step of the way. Recognizing that each seller's situation is unique, Tom Gilliam designs personalized selling plans to highlight your property's best features and attract the right buyers.

Farmington Hills homes with basement
Real Estate Broker Farmington Hills
Real Estate Broker Farmington Hills

Tom's also committed to personalized client services that go beyond the norm. A smart pricing strategy starts with a thorough market analysis. His understanding of the community isn't just about the numbers; it's about understanding the lifestyle each neighborhood offers. Tom Gilliam's commitment to Oakland County goes beyond buying and selling homes; he actively participates in local community events and initiatives. Private property
You'll find that his method isn't just about selling homes; it's about building relationships. While Gilliam's digital prowess amplifies your property's visibility, his keen insight into the Farmington Hills market ensures your home is priced perfectly to attract eager buyers. You're not just achieving your real estate goals; you're doing it with a trusted partner who cares about your success as much as you do.
Whether you're a first-time homebuyer or looking to sell your property, Gilliam's expansion means you now have access to top-notch real estate expertise that's committed to your success. What does this expansion mean for you? Moreover, he's an expert negotiator who'll work tirelessly to secure offers that meet or exceed your expectations. Read more about Buyer’s Realtor Farmington Hills here
Tom's got his sights set on integrating cutting-edge technology to streamline the buying and selling process. You might wonder how you can make the most of such resources to secure your dream home without getting lost in the process. You'll often find him involved in various charitable events, from sponsoring local sports teams to participating in food drives.



Right to property

  1. Real estate contract
  2. Commercial property
  3. Private equity real estate
  4. Real estate business
  5. Land value tax
  6. Personal property
  7. Real estate trends
  8. Land
  9. Extraterrestrial real estate
  10. Deed
  11. Estate
  12. Real estate economics
  13. Real estate contract
  14. Commercial property
  15. Private equity real estate
  16. Real estate business
Farmington Hills real estate consultancy

Firstly, visit Tom's website to learn more about his services and approach to real estate. Interest rates are another critical factor to watch. Property law 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. After understanding what makes Farmington Hills an attractive community, it's crucial to examine how Tom Gilliam's unique selling approach sets him apart as a top realtor in the area. You'll appreciate how he communicates, keeping you informed at every step.
Rising mortgage rates tend to cool down buyer enthusiasm, as higher monthly payments may limit your budget, affecting the types of homes you're considering. In essence, Tom Gilliam's personalized service is about making your real estate experience uniquely yours. Let's peek behind the curtain to see how these proven strategies can work for you. Moreover, Tom's commitment to transparency and communication remains unwavering.
Staying informed about these trends can significantly impact your purchasing strategy. Tom's commitment to personalized service sets him apart. Begin small projects to make the house truly yours.

Estate agent

  1. Personal property
  2. Real estate trends
  3. Land
  4. Extraterrestrial real estate
  5. Deed
  6. Estate
  7. Real estate economics
  8. Index of real estate articles
  9. Real estate investment club
  10. Property law
  11. Housing estate
  12. Real estate owned
  13. property
  14. Healthcare real estate
  15. Right to property
  16. Real estate contract
  17. Commercial property
With Tom, you're not just navigating the Farmington Hills market; you're mastering it.

Estate agent

  1. Land value tax
  2. Personal property
  3. Real estate trends
  4. Land
  5. Extraterrestrial real estate
  6. Deed
  7. Estate
  8. Real estate economics
  9. Commercial property
  10. Private equity real estate
  11. Real estate business
  12. Land value tax
  13. Personal property
  14. Real estate trends
  15. Land
  16. Extraterrestrial 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're not just selling a house; you're offering a home that fits into the fabric of the community, and Gilliam knows exactly how to convey that to potential buyers. You're not just getting someone who'll list your property; you're partnering with someone who'll work tirelessly to ensure your property is priced right from the start, maximizing your return on investment. Understanding what you're willing to concede ahead of time can help you reach an agreement that satisfies both parties.

Housing estate

  • Estate in land
  • Property tax
  • Real estate appraisal
  • real property
  • Private property
  • Real estate transaction
  • Community property
  • Land banking
  • Real property
  • Estate agent
  • Real property administrator
  • Index of real estate articles
  • Real estate investment club
  • Property law
  • Housing estate

Explore Buyer’s Realtor Farmington Hills here
Farmington Hills real estate consultancy

 

 

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

[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