Real estate is property, land, buildings, air rights over land, and underground rights under land. The word "Real" comes from the Latin word root res or things. Others say it is from the Latin word "rex" which means "royal" since kings used to own all the land in their kingdom. The US Constitution initially restricted voting rights only to property owners.
4 Types of Real Estate
1. Residential Properties include both new build and resale properties. The most common category is single family houses. There are also condominiums, cooperatives, townhouses, maisonettes, triplane, quadplex, high-quality houses, multi-generation and holiday homes.
2. Commercial Real Estate includes shopping malls and shopping centers, buildings for medicine and education, hotels and offices. Apartment buildings are often considered commercial, although they are used for residential buildings. This is because they are owned to generate Agen Poker Online income.
3. Commercial Real Estate includes manufacturing buildings and real estate as well as warehouses. The buildings can be used for the research, production, storage and distribution of goods. Some buildings which distribute items or products are considered commercial real estate. Classification is important because zoning, construction and sales are handled differently.
4. Land includes vacant land, farms, and ranches. The vacancy's subcategories are including undeveloped, early development or reuse, subdivision and site assembly.
How The Real Estate Industry Works
Real estate also means producing, buying and selling real estate. Real estate property affects the US economy as it is a key driver of economic growth.
- Construction of New Building
Part of the gross domestic product. It includes residential as well as commercial and industrial buildings. In 2018, real estate construction contributed $ 1.15 trillion to the country's economic output. That is 6.2% of the US gross domestic product. It's more than $ 1.13 trillion in 2017, but still less than its 2006 peak of $ 1.19 trillion. At that time, real estate construction accounted for 8.9% of GDP.
Read More : Types of Real Estate Investors Part 2
- New Home Building
A critical category. It includes the construction of single-family houses, row houses and condominiums. The monthly data on home sales and average prices are provided by The National Association of Home Builders. New home sales data are a leading economic indicator. It signals how the housing market will develop in nine months. That's how long it takes to build new houses.
- Real Estate Agents
Helping homeowners, businesses and investors buy and sell all four types of Agen Poker real estate. The industry is usually divided into specialists who focus on one of the types.
- Sellers' Agents
Help find buyers either through the Multiple Listing Service or through their professional contacts. You rate your property based on a comparative listing of recently sold properties called "Comps". This can help you upgrade your property so that it looks at its best for customers. They assist you in negotiating with the buyer and help you get the best possible price. You can find more seller agent services here.
- Buyers' Agents
Offer similar services to home buyers. You know the local market. That means you can find a property that meets your most important criteria. They also compare prices called "making comps". According to Agen Poker Terpercaya, it enables them to lead you to areas that are affordable. Buyer agents negotiate for you and provide reasons why the seller should accept a lower price. They help with the legality of the process, including title search, inspection and funding.
Tags : Real Estate, Properties, Definition, Types, Industry