Real Estate Market
Description
Real estate is a legal term (in some jurisdictions, notably in the USA) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:
- Appraisal: Professional valuation services
- Brokerages: Assisting buyers and sellers in transactions
- Development: Improving land for use by adding or replacing buildings
- Property management: Managing a property for its owner(s)
- Real Estate Marketing: Managing the sales side of the property business
- Real Estate Investing: Managing the investment of real estate
- Relocation services: Relocating people or business to a different country
- Corporate Real Estate: Managing the real estate held by a corporation to support its core business—unlike managing the real estate held by an investor to generate income
Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate.
Enablers
- Technology advances reduce building cost
- Low taxes
- Low interest rates
- Growing population
- Growing economy
Inhibitors
- High taxes
- High interest rates
- Decreasing supply of building land
Paradigms
There are three main paradigms in the real estate market: Location, Location, Location.
Experts
- Northcraft, Gregory B.
- Neale, Margaret A.
Timing
Web Resources
http://www.appraisers.org/
http://en.wikipedia.org/wiki/Real_estate
http://www.uli.org/
http://www.reri.org/