Top Real Estate Broker In Farmington Hills

Top Real Estate Broker In Farmington Hills

Defeasible estate

With Tom Gilliam, you're not just finding a house; you're finding your future. Understanding the buyer's needs can give you the upper hand in negotiations. After mastering the Farmington Hills market, your journey with Tom Gilliam embarks on finding the perfect home tailored to your needs. Read more about Top Real Estate Broker In Farmington Hills here Learn more about Top Real Estate Broker In Farmington Hills here If your home boasts an appealing outdoor space, it could be a key selling point. In a world where exceptional service is often promised but seldom delivered, Tom Gilliam stands out as a trusted partner who truly cares.
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. 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. Knowing that Tom is just a call or message away, ready to tackle any question or concern, can significantly reduce the stress associated with real estate transactions. You'll also find Tom's name frequently mentioned in industry publications, not just for his real estate prowess but for his contributions to the community and the industry at large.

Estate

  • Real property administrator
  • Estate in land
  • Real estate transaction
  • Real estate economics
  • Real estate owned
  • Real estate trends
  • Housing estate
  • National Association of Realtors
  • Real estate investment club
  • Estate agent
  • Real Estate (disambiguation)
  • Community property
  • Index of real estate articles
  • Personal property
  • Land tenure
  • Real estate contract

This is where Tom Gilliam shines. Real property 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. You've got to dive deep into the specifics of neighborhoods, school districts, and future development plans. Once you've navigated the closing costs, it's time to celebrate the milestone of owning your new home in Farmington Hills.

Defeasible estate

  1. Real estate agent
  2. Real Estate
  3. Leasehold estate
  4. Internet real estate
  5. Real estate investment trust
  6. Land law
  7. Land banking
  8. Real estate development
  9. Land reform
  10. Property management
  11. Real property administrator
  12. Estate in land
  13. Real estate transaction
  14. Real estate economics
  15. Real estate owned
  16. Real estate trends
  17. Housing estate
  18. National Association of Realtors
  19. Real estate investment club

When you're navigating the complex world of real estate, having a clear and open line of communication with your agent, like Tom Gilliam, is vital. Learn more about Trusted Farmington Hills MI Realtor for Buyers & Sellers here. If you're in the market to buy or sell a home in these new locations, you're in luck. You've probably heard his name if you're in the Farmington Hills area, looking for a home or selling one. real estate trends With Tom Gilliam, you're not just getting a real estate agent; you're partnering with a dedicated professional committed to making your buying or selling experience as smooth and successful as possible.

It's not just luck; it's a testament to Tom's expertise and dedication. Imagine the peace of mind you'd feel, knowing you're supported by someone who knows the ins and outs of the local real estate landscape. Whether it's the timing of the sale, understanding the competition, or knowing what buyers in this area prioritize, Gilliam has the insights to guide you through. From schools to commute times, local amenities to neighborhood culture, he's got the insights you need to make a choice that feels right for you. In Gilliam's hands, digital promotion isn't just an add-on; it's a potent tool tailored to sell your home swiftly and at the best possible price.

He understands that selling your property can feel overwhelming, so he's dedicated to making it as stress-free as possible. This is your opportunity to ask questions, express concerns, and outline your expectations. 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. This clarity ensures you don't get swept up in the heat of negotiation and agree to a deal you'll later regret.

It's this level of dedication and open communication that sets Tom apart, ensuring that your journey in the real estate market is as smooth and successful as possible. He's known for his prompt replies, aiming to get back to you as quickly as possible. Staying informed about these economic factors will help you navigate the market more effectively. He advocates for your interests, striving to secure the best deal possible. Defeasible estate

He's skilled in negotiating terms that work in your favor, ensuring you're not left vulnerable in any deal. He's also a regular at community clean-ups, showing his dedication to the environment and making Farmington Hills a cleaner place for everyone. Navigating the complexities of the real estate market requires a skilled agent who understands that every challenge presents an opportunity for growth and success. Tom Gilliam isn't just any realtor in Oakland County; he's a seasoned professional with years of experience helping families find their perfect home.

Citations and other links

Licensed Realtor Farmington Hills

One client remarked, 'Tom didn't just sell our house; he sold our home, understanding the emotional connection we'd to it.

Real estate investing

  • Real estate transaction
  • Real estate economics
  • Real estate owned
  • Real estate trends
  • Housing estate
  • National Association of Realtors
  • Real estate investment club
  • Estate agent
  • Real Estate (disambiguation)
  • Community property
  • Index of real estate articles
  • Personal property
  • Land tenure
  • Real estate contract
  • Investment rating for real estate
  • Property tax
  • Community land trust
  • property
  • Niche real estate
  • Commercial property
Next, prioritize your needs and wants in a home. He doesn't just list homes; he markets them, using cutting-edge techniques that showcase your property in the best light. That's where Tom Gilliam of RE/MAX Classic steps in, offering a guiding light through the complexities of purchasing your first home. Public property You've likely noticed a shift towards more sustainable and energy-efficient homes.

He'll explain each step, from understanding the importance of pre-approval to navigating home inspections and closing processes. No matter how you choose to reach out, Tom Gilliam makes it easy to connect and start your journey in Oakland County's real estate market. First off, you'll want to ensure your home is in top condition. He listens intently to your preferences, budget, and desired location, then curates a list of properties that match your criteria precisely. Land lot

This document outlines the offer details, including your proposed price, financial terms, and any contingencies, like obtaining a mortgage or passing a home inspection. And once offers start coming in, he's there to negotiate terms that meet, if not exceed, your expectations. Start by assessing your financial situation.

Land lot

  • Real Estate
  • Leasehold estate
  • Internet real estate
  • Real estate investment trust
  • Land law
  • Land banking
  • Real estate development
  • International real estate
  • Private property
  • Land reform
  • Property management
  • Real property administrator
  • Estate in land
  • Real estate transaction
  • Real estate economics
  • Real estate owned
  • Real estate trends
  • Housing estate
Reaching out to Tom Gilliam for your real estate needs in Oakland County is a straightforward process.

This shows sellers you're a serious buyer and lets you know how much you can afford, streamlining your home search in Farmington Hills. After finding your dream home, it's crucial to understand the market insights and trends that influence property values in Oakland County. Moreover, this expansion isn't just a growth strategy for Gilliam; it's a commitment to bring a higher standard of real estate services to more people. He's not just another realtor; he's a pioneer in the local real estate market, setting benchmarks that others strive to reach.

Licensed Realtor Farmington Hills
Farmington Hills Real Estate Market

Farmington Hills Real Estate Market

Tom's commitment to personalized service means you're not just another client in a queue. With Tom Gilliam, you're not just getting a real estate agent; you're getting a dedicated partner committed to selling your home on your terms. With Gilliam, you're not just finding a real estate agent; you're partnering with a professional who's dedicated to making your real estate journey as smooth and successful as possible. You can expect a seamless process, grounded in local expertise and a proven track record of success. Gilliam leverages advanced analytics to refine his strategies, ensuring your listing resonates with the right audience.

Tom's dedication to his clients is evident in his commitment to being available when you need him, answering your questions, and guiding you through every step of the process. Land value tax Remember, even slight rate changes can have a significant impact on your real estate goals. The market fluctuates, influenced by various factors including economic indicators, interest rates, and local inventory levels.

Land value tax

  1. Public property
  2. Real estate business
  3. Deed
  4. Right to property
  5. International real estate
  6. Private property
  7. Land reform
  8. Property management
  9. Real property administrator
  10. Estate in land
  11. Real estate transaction
  12. Real estate economics
  13. Real estate owned
  14. Real estate trends
  15. Housing estate
  16. National Association of Realtors
  17. Real estate investment club
With Tom, you're not just getting a real estate agent; you're partnering with someone who's committed to finding your perfect match.

It's a great opportunity to ask questions, express any concerns, and outline your expectations. The process is straightforward and designed to get you moving towards your real estate goals quickly. Tom's dedication doesn't stop at the closing table. It's all about creating a win-win situation where both parties feel like they're getting value.

You'll find him leading local initiatives aimed at improving neighborhood livability and fostering community spirit.

Defeasible estate

  1. Internet real estate
  2. Real estate investment trust
  3. Land law
  4. Land banking
  5. Real estate development
  6. Deed
  7. Right to property
  8. International real estate
  9. Private property
  10. Land reform
  11. Property management
  12. Real property administrator
  13. Estate in land
  14. Real estate transaction
  15. Real estate economics
  16. Real estate owned
  17. Real estate trends
  18. Housing estate
Start by throwing a housewarming party to introduce your friends and family to your new space. And if you're buying, he's got a knack for sifting through listings to find gems that others might overlook. Terms, such as closing dates and contingencies, can significantly impact the seller's decision.

International real estate

  • National Association of Realtors
  • Real estate investment club
  • Estate agent
  • Real Estate (disambiguation)
  • Community property
  • Index of real estate articles
  • Personal property
  • Land tenure
  • Real estate contract
  • Investment rating for real estate
  • Property tax
  • Community land trust
  • property
  • Niche real estate
  • Commercial property
  • Real estate derivative
  • Estate (land)
  • Real estate agent


Professional Real Estate Agent Farmington Hills

He's there to address any last-minute hitches, ensuring a seamless transition to closing day. It's not just about what you think your home is worth, but understanding the balance between competitive pricing and maximizing your return. He's also focusing on sustainability, advocating for eco-friendly homes and helping clients find properties that are both beautiful and kind to the planet. It's this blend of comfort, community, and convenience that makes Farmington Hills stand out.

It's not just about listing your home; it's about making it stand out. A robust job market in Farmington Hills boosts confidence, encouraging more people to buy homes.

Land value tax

  1. National Association of Realtors
  2. Real estate investment club
  3. Estate agent
  4. Real Estate (disambiguation)
  5. Community property
  6. Index of real estate articles
  7. Personal property
  8. Land tenure
  9. Real estate contract
  10. Investment rating for real estate
  11. Property tax
  12. Community land trust
  13. property
  14. Niche real estate
  15. Commercial property
  16. Real estate derivative
  17. Estate (land)
As a first-time buyer, you're stepping into a landscape shaped by local economic factors, seasonal changes, and inventory shifts.

He's not just throwing your listing into the digital void; he's strategically placing it where eyes are already looking. Real estate investing This means keeping an eye on market trends, such as the average price of homes and how long they're staying on the market.

Defeasible estate

  • Right to property
  • International real estate
  • Private property
  • Land reform
  • Property management
  • Real property administrator
  • Estate in land
  • Real estate transaction
  • Real estate economics
  • Real estate owned
  • Real estate trends
  • Housing estate
  • National Association of Realtors
  • Real estate investment club
  • Estate agent
  • Real Estate (disambiguation)
With more people working from home, there's a heightened need for properties with dedicated office spaces or adaptable areas.

Lastly, don't underestimate the power of staging. Sellers, too, have praised Tom's knack for marketing their properties effectively, often securing deals above the asking price. Here, you'll find valuable resources and insights into the Farmington Hills market.

Professional Real Estate Agent Farmington Hills
Farmington Hills Property Broker
Farmington Hills Property Broker

You'll never feel out of the loop or overwhelmed. Gilliam actively participates in local school events, demonstrating his belief in the value of education and supporting the next generation. Whether you're facing bidding wars, navigating through the maze of paperwork, or dealing with the unpredictability of home inspections, having an expert by your side can make all the difference. This approach sets the foundation for trust, a crucial element in any lasting relationship.

However, adding a few pops of color through decor can bring warmth and character to each room without overwhelming the senses. Gleaning wisdom from years of experience, you'll find that the real estate insights shared by Tom Gilliam can significantly impact your property buying or selling journey. He's spent years studying market fluctuations, neighborhood developments, and what today's buyers are looking for.

Lenders use these to determine your loan eligibility and interest rate. 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. Lastly, don't forget the curb appeal.

You're stepping into a community where the quality of life is a priority, and the local government is committed to maintaining a safe, welcoming environment for all its residents. Tom's expertise ensures nothing is overlooked. This approach helps in making informed decisions, whether you're buying your dream home or selling a property.

Estate

  1. Community property
  2. Index of real estate articles
  3. Personal property
  4. Land tenure
  5. Real estate contract
  6. Investment rating for real estate
  7. Property tax
  8. Community land trust
  9. property
  10. Niche real estate
  11. Commercial property
  12. Real estate derivative
  13. Estate (land)
  14. Real estate agent
  15. Real Estate
  16. Leasehold estate
  17. Internet real estate
  18. Real estate investment trust
  19. Land law
  20. Land banking


Farmington Hills realty experts

You can either give him a call, send an email, or fill out the contact form on his website. His approach isn't just about transactions; it's about tailoring the journey to fit your unique needs, whether you're a first-time homebuyer or looking to sell your property. Moreover, Tom's commitment to clear communication means you're never left in the dark. Consider aspects like the number of bedrooms, outdoor space, proximity to work or schools, and neighborhood safety. First off, staging your home is crucial.
Be prepared for negotiations. He doesn't just look at the numbers; he analyzes what makes each property unique and how it fits into the current market trends. Moreover, he's an expert negotiator who'll work tirelessly to secure offers that meet or exceed your expectations. A smart pricing strategy starts with a thorough market analysis.
You're a partner in a strategic endeavor to sell your home quickly and for the best price. Don't hesitate to ask questions or seek clarification on any charges you don't understand. This strategy can significantly reduce your out-of-pocket expenses. He guides you through every step of the selling process, from pricing your home competitively to negotiating offers and closing the deal.
Also, consider the home's resale value; you're not just buying a place to live, but an investment as well. Corporate Real Estate Tom simplifies this phase by meticulously reviewing all documents and explaining the fine print. This means you're not just getting a cookie-cutter evaluation but a tailored strategy that highlights your home's best features while considering the local demand. They're leveraging high-quality photos, virtual tours, and even drone footage to make their listings stand out.

Explore Top Real Estate Broker In Farmington Hills here
Farmington Hills realty experts

 

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