It’s crucial to have an in-depth understanding of the current manufactured housing market to successfully sell your mobile home. Today, the mobile home market is very competitive, and the demand for manufactured housing is intensifying. So, what does this mean if you are trying to sell? Well, it means you need to do your homework and figure out the exact market where you’ll sell your manufactured or mobile home. Despite the current market volatility, the mobile home market appears to be holding on to its seller’s market status. This is important because, as a seller, you have more negotiating power in such a climate.
Nevertheless, if this is your first time putting a mobile or manufactured home on the market, you need to prepare yourself for the road ahead. The good news is there are a variety of things you can do to come out on top and sell your mobile home in record time. Of course, before we can get into the tips and how-to’s, let’s review some of the basics.
The Current Manufactured Housing Market
At any given moment, the mobile housing market can be a buyer’s, seller’s, or balanced market. Depending on your specific locale, you may have more of a buyer’s or balanced market at this time. That said, the national manufactured housing market is leaning towards a seller’s market.
As the current mobile homeowner, selling your home might be easier right now. However, it’s important to know the value of your home, what mobile or manufactured homes are going for in the area, and if other conditions are ripe for you to sell.
For instance, most people do not like moving in the dead of winter; thus, regardless of your current market, it would not be wise to try and sell during the winter months given the frigid weather conditions. The best time of year to put your home on the market is spring in most areas – typically the first two weeks of May
Likewise, if you list your home for more than it is worth because you know mobile homes like yours are in demand, you might be turning off potential buyers. Therefore, you should base your asking price off of your appraised market value. In order to figure out the present value of your home, you should look at both recent sale prices of comparable mobile or manufactured homes in the area and the asking price of currently available homes. This will give you a rough idea of your home’s market value. You should also factor in proximity and timing when attempting to use comparable mobile home sales to determine or support your ideal offer.
Selling in the Current Market
Now that you have learned a thing or two about your current selling market, you might think it is time to get to work. In terms of mobile home buyers, it is important to remember that you generally have two types – cash and payment buyers. While cash buyers have become more frequent in the general housing market, they’re still a rarity. As a result, you can expect to deal mainly with payment buyers, who typically utilize lender financing and pay a down payment. The down payment should be high enough that your potential buyer does not default, but not so outrageous that it scares them off.
Top Selling Tips
There are several things you can do to sell your mobile home right now, like setting the right price. As mentioned, the right listed price can make a world of difference when it comes to selling in a seller’s market. Of course, you should ask for a little more than market value, as you ultimately want to make a profit. Nonetheless, the listed price needs to be within reason.
In contrast, setting your price below market value can easily incite a bidding war, which might be what you want. A bidding war allows buyers to offer substantially more than the asking price without making you look like the bad guy. However, this is still a risky move. If you are trying to sell as soon as possible, you need to be open to tinkering with the price. We suggest taking some time to figure out an acceptable range so that you do not feel like you are getting cheated if and when you lower your listed price.
Another useful tip is staging your mobile or manufactured home.
First and foremost, you should declutter your interior and exterior before staging, as you want the living space to feel open and fluid. A great option during this time is to rent a storage unit and move unused items or furniture into storage. You can also get a head start on your donations and set up a free pick-up before you have an open house. Other staging ideas include rearranging your furniture, doing a deep clean, painting your interior with neutral and inviting colors, and working on your home’s curb appeal. If staging is not your thing, then you think about hiring a professional to help spruce up your mobile home prior to listing.
Besides staging and setting the right price, you’ll likely consider multiple offers and should be ready to move quickly. Since it is a seller’s market today, you will likely receive more than one offer on your mobile home. With your real estate professional’s help, you should sit down and carefully consider each offer. In other words, do not jump on the first offer you get. And remember- it is okay to counteroffer! In fact, you can counteroffer with all bids you receive. Lastly, one commonly overlooked selling point is being ready to move out sooner rather than later. If interested buyers are looking for a new home immediately, you can negotiate a better price for yourself if you can move out at a moment’s notice.
Ultimately, selling your mobile home and understanding the current market go hand-in-hand. Thus, if you are looking to learn more or educate yourself on the manufactured home selling market’s inner workings, then there are a few resources at your disposal.
- You can check out popular mobile home sites like MHVillage and compare prices in your area
- You can also get a mobile home book value report and read through our mobile home sellers guide for additional research
- If and when you are ready to get your home on the market, you can list your home to start attracting buyers