Having an in-depth understanding of the current mobile/manufactured housing market is crucial to successfully selling your mobile home. In general, the manufactured or mobile home market is very competitive, and the demand for this particular kind of housing is absolutely intensifying.
So, what does this mean if you are trying to sell? Well, it means you need to do your homework and figure out your exact market. Despite the current uncertainty, the mobile home market appears to be holding on to its seller’s market status. This is important to note because, as a seller, you have more negotiating power in such a climate.
Nevertheless, if this is your first time putting a mobile/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 residence in record time. Of course, before we can get into the tips and how-tos of it all, let’s go over some of the basics.
Current Mobile Housing Market
At any given moment, the mobile housing market can be balanced to the advantage of buyers or sellers. Depending on your specific locale, you may have more of a buyers or balanced market at this time. But, overall, the national mobile housing market is leaning towards a sellers market.
That said, as the current mobile homeowner, selling your home might be easier right now. However, that does not mean you can throw caution to the wind. It is important to know the value of your home, what mobile or manufactured homes are selling 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 sell during the winter months and have snow and ice hinder you. Note, the best season or time of year to put your home on the market is spring in most areas. This typically translates to the first two weeks in May.
Likewise, if you price/list your home for more than it is worth because you know mobile homes are in demand, you might actually be turning off potential buyers. Consequently, you should base your asking price off of your current market value.
Therefore, in order to figure out the present value of your home, you should look at both recent sale prices of comparable mobile/manufactured homes in the area and the asking price of currently available homes. This will give you a rough idea of your home’s present market value. You should also note or rather factor in proximity and timing when attempting to use comparable mobile/manufactured home sales to determine or support your ideal offer. If this sounds like too much math or investigating, you are not alone. Many online listing sites allow you to research comps and therefore do most of the heavy lifting for you.
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. Well, not just yet. For starters, you need to work with an experienced real estate agent who knows a thing or two about selling and buying mobile homes. Working with an agent can help get your home the proper exposure it needs, and he or she can help you sift through multiple offers and paperwork. An agent can also give you a few pointers in regard to staging your mobile homes for sale and listing your homes above or below market value.
Having said that, in terms of buyers for mobile homes for sale, it is important to remember that you generally have two types–cash and payment buyers. However, cash buyers are a rarity. As a result, you can expect to deal with mainly payment buyers. Buyers that fall into the latter category typically utilize lender financing and pay a down payment. Note, 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
The Right Price for Profit and Value: As mentioned, the right price can make a world of difference when it comes to finding the right buyer in a sellers 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 that you should thoroughly discuss with your real estate agent before moving forward. Moreover, if you are trying to sell as soon as possible, you need to be open to tinkering with the price. Thus, 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.
Staging to Show Full Potential: Another useful tip you should try is staging your mobile/manufactured home. Note that staging is more than a few cute throw pillows. First and foremost, you should declutter your interior and exterior if need be. You want the living space to feel open and fluid. Thus, a great option during this time is to rent a storage unit and move items that you are not using 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 yet inviting colors, and working on your home’s curb appeal. If staging is not your thing, then you should seriously think about hiring a professional.
Besides staging and setting the right price, you should consider multiple offers and be ready to move quickly. Since it is a sellers market, you will likely receive more than one offer on your mobile home. Therefore, with your real estate professional’s help, you should sit down and really look at each offer. In other words, do not jump on the first offer you get.
Counteroffers and Moving: Also, remember it is okay to counteroffer. In fact, you can counteroffer with all bids, if you so choose, and if interested buyers are looking for a new home sooner rather than later, you can negotiate a better price if you can move out at a moment’s notice.