HOW MUCH CAN I SELL MY MOBILE HOME FOR?
Thinking of selling your mobile home? Well perhaps this question has crossed your mind. "How much will my mobile home sell for? Its a fair inquiry that deserves some considerable thought. Here are some points to consider when your thinking of selling your mobile or manufactured home.
Take a look at what homes like yours are being listed for in the market. This will give you an idea of where to price your home. Be sure the homes are within a 1 mile radius of yours and that the characteristics are close if not exactly the same. Try not to compare single wide to double wide homes and vice versa.
Do the same for sold comparable properties, although this data may be difficult to find. Since mobile homes can be moved, you may find that the homes in your park can vary greatly in terms of size, manufacturer, year built as well as condition. This market mix causes the "numbers" to be a little erratic.
Price Per Square Foot
Do to the market mix you may want to consider use a price per square foot approach. This can be done by finding a "sold" property and running a simple calculation. Take the sold price of that home and divide it by the square footage of that home. That number is the price per square foot.
Do this process for no less than three properties. Then get an Average Price Per Square Foot using those three homes.
Now take that APPSF and multiply it by your square footage. This will give you a mobile home value. You may want to then make some adjustments up or down depending on the overall condition of your home.
They say that the sales price is what your home is truly worth. In other words it is worth what someone is willing to pay. This holds some water considering that a potential buyer who has a bank ready to finance the purchase of your home, can and many times will pay more.
This higher purchase price is now your value.
Financing for mobile homes can be challenging as these lenders face the same market challenges when evaluating the home as a piece of collateral. None the less, lenders do orginate loans all over the county on mobile homes.
If you would like to learn more about selling your home and/or receiving a cash offer on your property, contact us today!
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