In last week’s column, I identified the six micro real estate markets in Lake and Sumter counties. This week’s column focuses on the primary buyers in those markets. Just like the various micro markets it these two counties, there is an eclectic group of buyers, which makes this market a real challenge for real estate agents. The most important aspect for the local buyer or seller is that they hire the right real estate agent and broker for the property. Depending on the buyer and where the property is located, there are real estate professionals who have experience, which can be the difference in the price and speed of the real estate transaction.
Real estate and construction professionals in Lake and Sumter counties are frequently asked, “How is the real estate market?” This is a completely fair question given the concern most people have for the economy and the memories of the housing crash during the Great Recession. The dilemma is that it portends there is just one real estate market for our local area when it is actually a collage of six micro real estate markets, each of which is unique and able to perform totally different than the others. What many people who are trying to buy or sell real estate in Lake and Sumter counties don’t understand is these properties can be within a mile of one another, yet the demand and pricing equation can be dramatically different. Proximity necessity does not equate to commonality.