So you’re in the market to sell your mobile home and trying to see how much you can get for it?
This article will hopefully help examine the prices for mobile homes in Riverside.
“What price can you sell your mobile home for in Riverside?”
Pricing a mobile home can be a little challenging; harder than a single-family residence.
With a regular house, there are free websites that can provide you good estimates like Zillow, Redfin, and Trulia. One can find mobile homes in these websites, however, they are not very accurate and most people in the mobile home business confide in them.
Why is it hard to price a mobile home?
Here are some components to start this article out; factors to help determine what our manufactured house is worth.
Mobile home values are largely dependent on the community 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 consider.
Are you looking to sell the land with it? If so, that requires a whole different piece of writing 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 consideration why mobile homes are a little difficult to value is that they don’t typically increase in value but decrease as they get older. You could have paid $80,000 of a mobile home 10 years ago but it may only be worth $40,000 now.
Few people understand
Another tough task is that very few Realtors know how to value a mobile home.
Tread with skepticism if you go to one.
They may compare your property with a single family house that sold close-by which is a HUGE mistake. He/she may have overpriced your home and that means that it’ll just sit on the market not receiving any serious offers.
So that means that if you ask around, make sure you ask the correct professionals. Your family and friends may have no idea what it’s worth but will provide their opinion anyway.
Let’s just be blunt with ourselves. Almost everybody overvalues their home and undervalue the cost of repairs.
That’s why it’s necessary to open your mind and get a full understanding of the condition of your property. Don’t assume that because you’re living 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 show is to be honest with the damage report of your house so that you accurately value your home. If a home up the street that is exactly the same size, bedroom, and age, sold for $40,000 but yours needs $20,000 dollars worth of work because of water damage. Then your property is worth more like $10,000-$18,000.
Why do I go below the estimated repair cost?
Because most people don’t look at the numbers. They don’t see, “Oh it needs $20,000 worth of repairs so I’ll just subtract $20,000 from the retail value”… Instead, they see, “Oh wow, this house requires 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 factors that can affect price, we should study the most accurate way to determine the value of your home…
Check out 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
- Check with the park manager
- Look on www.mhvillage.com
- Ask a Realtor that specializes in mobile homes to do a comparative market analysis
Don’t just do one of these…. actually do all. This will help you in determining an accurate and reasonable price for your home. And keep in mind all the other factors of age, location, and condition to set that price at a better comparative price.