So you’re in the market to sell your mobile home and shopping around to see what price you can get for it?
This article will hopefully help shed some light on prices for mobile homes in Ontario.
“What price can you sell your mobile home for in Ontario?”
Pricing a mobile home can be a little difficult; harder than a single-family residence.
With a regular house, there are free resources that can provide you good estimates like Zillow, Redfin, and Trulia. One can find mobile homes in these websites, however, they are not close to accurate and no one in the mobile home business relies on it.
Why is it difficult to value a mobile home?
Here are some factors to start this article out; factors to help determine what our manufactured house is worth.
Mobile home values are vastly dependent on the park that they are in. (If it’s not in a park and on land, that gets even trickier).
You can have a mobile home park with a home for sale priced at $40,000. And then across the street (at a less desirable park), you’ll have another comparable home priced at $15,000.
And if it’s on land?
There are some variables you have to examine.
Are you trying to sell the land with it? If so, that requires a whole different article on valuing land found here and really what you’re trying to sell is land. The mobile home is just a feature UNLESS your mobile home is on a permanent foundation.
Another reason why mobile homes are a little harder to value is that they don’t usually increase in value but decrease as they age. You could have paid $100,000 of a mobile home 10 years ago but it may only be worth $50,000 now.
Few people understand
Another difficult challenge is that very few Real Estate agents know how to value a mobile home.
Tread lightly if you go to one.
They may compare your home with a single family house that sold nearby which is a TERRIBLE mistake. He/she may have overpriced your home and that means that it’ll just sit not attracting any potential buyers.
So that means that if you ask around, make sure you ask the correct people. Your family and friends may have no idea what it’s worth but provide their opinion anyway.
Let’s be straightforward with ourselves. Most people overvalue their home and undervalue the cost of repairs.
That’s why it’s imperative to open your mind and get a full understanding of the condition of your property. Don’t think that because you’re residing in it that it’s better than the house next door.
It may very well be in outstanding condition, but the point I’m trying to illustrate is to be honest with the damage estimate of your house so that you accurately value your home. If a home down the street that is exactly the same size, bedroom, and age, sold for $40,000 but your’s requires $20,000 dollars worth of work because of water damage. Then your house is worth more like $10,000-$18,000.
Why do I go below the estimated repair amount?
Because most people don’t look at the math. They don’t see, “Oh it needs $20,000 worth of work so I’ll just subtract $20,000 from the retail value”… Instead, they see, “Oh wow, this house needs a lot of repairs and I don’t want to deal with, I think I’ll pass or offer something extremely low.”
Now A Look Into What It’s Worth
Now that we’ve looked at a few elements that can affect price, we should examine the most accurate way to determine the value of your home…
Looking at what “similar” mobile homes sold for in the last year will determine what to set your sales price at.
But how do we do that?
- Ask your neighbors
- Look on Craiglist.com
- Ask your manager
- Look on www.mhvillage.com
- Ask a Realtor that specializes in mobile homes to do a comparative market analysis
And do more than one of these…. actually do all. This will assist you in determining an exact and realistic price for your home. And keep in mind all the other factors of age, location, and condition to set that price at an accurate comparative value.
If you don’t have the time to do all that work because of some kind of stressful hardship (maybe you’re about to be evicted, you can’t keep up with the payments any longer, or don’t want to deal with the hassle) and you’re saying, “I want to sell my Ontario mobile home quickly!”…
… then contact us asap for a fair cash offer!
Just fill in your email and phone number on the right (or below) and we’ll get back to you immediately!