We often hear about the term real estate but what does it actually mean? When we refer to real estate that means the property itself, the building, the land, and rights to the air, above and below ground. Another thing that we associate with the term real estate is the buying and or selling of properties. It’s common knowledge that real estate transactions normally involve sales or procurement.
Here’s a better explanation of what real estate is and how it works
- Residential real estate – these refer to new or resale homes. There are various types of residential real estate. Among the most popular are single-family homes. You may also find other types such as condominiums, townhouses, duplex, vacation homes, and more. In general, residential real estates are the type of property where people live in. These are also the properties that you would normally need to enlist the help of a real estate agent.
- Commercial real estate – as the name suggests, commercial real estate is the property that is used for commercial use. Malls, hotels, offices, medical and educational buildings are some of the examples of commercial real estate. Apartment buildings, despite being areas for human inhabitation, are considered commercial real estate due to the fact that they generate income out of the tenants renting the properties.
- Industrial real estate – these are the properties where buildings for factories and warehouses are erected. Such buildings could either be used for research, production, storage, and distribution of goods. However, some distribution facilities are sometimes considered commercial real estate. However, this mainly depends on the zoning rules in the area.
- Land – these include either ranches, farms, or vacant land. Subcategories for vacant land include properties that are still undeveloped, in the early developmental stages or are up for reuse.
How does the real estate market function?
This is the part where it gets complicated. If you are buying or selling a property, you should always consult a Myrtle Beach real estate agent. In the United States, the real estate market is a driving force that affects the entire economy of the nation. Any spike or slump in the real estate market will have a major impact on the U.S. economy.
Seller’s agent – these are real estate agents that work on your behalf, finding potential buyers for your property. They are also responsible for fetching your property at the best price possible. They also participate in the negotiations with the buyer and the seller. Other than that, a seller’s agent also makes sure that the seller gets the most satisfying price for the property.
Buyer’s agent – a buyer’s agent does the opposite of a seller’s agent. A buyer’s agent will facilitate the procurement of the property. These types of real estate agents act on behalf of the buyer. The buyer’s agent is responsible for making sure that the buyer finds that he or she is looking for and at a reasonable price range. Regardless of whether you’re selling or buying a property, it is best to get in touch with industry experts such as Full Potential Real Estate, LLC.
Looking for a property in Myrtle Beach? Look no further! Call Full Potential Real Estate today!
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577