Ocala Florida market?

Question

Hi all,

I was wondering about how the real estate market is in Ocala.  There is a nice rehab house I am interested in doing but I am timid because the houses are so mixed.  There are very nice house and then the very next house is a trailer.  I don't know how this affects value as the properties that I have done in the past were not in an area like this.  There is a lot of value in the house but I don't want to sit on it forever.  If anybody has any ideas or has experience with places like this any help would be greatly appreciated.

Thanks,

Jay Kiehn

David Midgett · Answer

@Jay Kiehn Ocala is like most markets- there are areas of homogeneous homes and areas with very dissimilar homes.  Yes, having a mobile home next to a traditional site built home will absolutely impact its value.  How much?  That depends.

An appraiser is always going to have a hard time selecting comps if your house doesn't fit in with surrounding homes.  Unique or non-conforming homes are always tougher to value than those found in cookie-cutter neighborhoods.

Ultimately, the important question is how a potential buyer (or their lender) is going to value your home.  That next door trailer may be a deal killer for you, or it might not.

Given it is your first effort in a new town, I'd either hire an appraiser to make you more comfortable with your valuation, or just keep looking for a house that gives you more confidence.  Your subject property isn't representative of the entire market-- there are plenty of houses in neighborhoods where valuations are easier.