Manufactured Homes Are Ideal For Home Sellers That Are Also Home Buyers
The traditional real estate market is getting more difficult with a lack of inventory for sellers to sell and the reluctance of buyers to buy.
The number of homes listed for sale took a nosedive in January, falling 28.4% compared with a year earlier, according to a recent Realtor.com report. And if that sounds bad, consider that two years ago – in pre-Covid-19 times – the number of new active listings was a whopping 60% higher than it is today.
Most “sellers” are also “buyers”
So why aren’t homes sellers selling, given those that do stand to make a tidy profit today? Nationwide, the median home price has climbed to an eye-watering $375,000, a price hike of 25% from a year earlier.
Nonetheless, the fact that home sellers today can make a killing isn’t persuading many to budge, perhaps because once they sell, the question remains: Where will they live? Most sellers, after all, are also buyers.
In a recent survey, more than 1-4 potential sellers who were choosing not to sell their home in the near term said it was because they couldn’t find a home they wanted in their price range, says Realtor.com Chief Economist Danielle Hale. “With housing costs rising, as home prices and mortgage rates both increase, affordability is more important than ever to households. Data suggests that this may be true for sellers, many of whom will also purchase a new home as it is for home buyers.”
“Having your cake and eating it too”
There is a solution to the quandary of how to benefit from “if I sell my house, where do I live?” Many home sellers/buyers have discovered that a new modern high quality manufactured home is the only form of housing available that will allow a home seller to cash in a windfall of equity from the sale of an existing home and convert a portion of that equity towards homeownership of a home that is “everything a home should be.”
The following are 5 of the surprising (for many) advantages of today’s modern high quality affordable manufactured housing.
- A manufactured home is a sound investment, with a cost up to 50% less per square foot than a comparable site-built home, equal and often superior, in quality of construction, appearance, and amenities.
- Multiple manufactured home financing choices are available, whether a home is placed on private property or within a land lease community. A manufactured home affixed to real estate will qualify for mortgage financing similar to a traditional site-built home.
- Technological advances allow manufactured home/modular home builders to offer a variety of architectural styles and finishes that will allow a manufactured home to blend seamlessly into almost any neighborhood.
- Greater flexibility in the construction process allows for customization to meet a homebuyer’s lifestyle and needs including enhanced energy efficiency such as Energy Star for substantial savings in many aspects of owning and operating a home, and an array of top-quality amenities, decor, fixtures, and appliances.
- Manufactured homes/modular homes can open the door to quality homeownership for millions of families; they can appreciate the value and be an effective long-term affordable solution for families and communities across the country.