How NOT to Price Your Manufactured Home
Getting ready to sell? You’ve cleaned up, maybe did some painting, completed your to-do list, so the last thing you need to figure out is how to price your home.
Pricing a home in a manufactured home community is much different than general real estate. Each manufactured home community is its own little ecosystem and prices of similar homes in other communities can vary tremendously. Here are some indicators our expert agents use to factor the pricing for a manufactured home.
Inventory – Normally 5 - 7% of the homes in the community will be for sale at any given time. When it falls below these levels, the inventory becomes tight and prices are higher. When they exceed these levels, more competition is on the market so prices will be lower.
The Community Fee – The lower the community fee, the higher price a home will sell for. The higher the fee, the lower the home will sell for.
Amenities – Amenities matter! If people can find value and justify their purchase, they will buy it! Some communities are all inclusive and others, not so much. Heated pools vs. unheated pool, golf, or tennis anyone? Today’s seniors are active and want things to do and will pay for it. If you have a home in a highly desirable community – You’ll get likely get more for it.
AGE/Condition – If your home is older and needs updating, you may have to lower your price. If the buyer needs to do a lot of work before they can live in it, you may have to leave a little “meat on the bones” as we say in our business. On the other hand, taking an older home and doing an HGTV type renovation can yield you thousands more. Most seniors like new, fresh, and maintenance free.
Comparable – Compare what other homes in your community are being offered at. Then, find the sweet spot.
Avoid This When Pricing Your Home
Profit - What you want to walk away with does not determine your home’s value. In our experience, people that focus on the profit they want to make, take longer to sell their homes - thus costing them more in monthly holding fees.
Improvements – Unless you have done a full renovation, the money you’ve spent for improvements creates a quicker sale, but not necessarily more money. Say you’ve lived in the home 10 years and had to buy a new AC – that would not add $5000 worth of value because they are supposed to come with a working AC. Be careful of how much you do unless there is a plan.
Other Sources – Friends and neighbors might have insight, but usually aren't experts. Just because Betty’s house down the road sold for $#$#, it doesn't necessarily mean that yours will sell for the same amount. There are many factors to consider when analyzing the market to price your home.
All in all, if you're looking to sell your home, we recommend getting in touch with our experts.
Our experienced agents will ensure you understand the process from start to finish, and ensure your home's value is correctly priced.