It is that time of year!
The start of a New Year brings hopes and aspirations, goals and plans along with the familiar uncertainty of what exactly will happen in the coming 12 months that make this year up.
As we enter the new year, many people are wondering what the status of mobile homes will be in Florida for 2022. Unfortunately, there is no easy answer to this question. The mobile home market is constantly changing and evolving, making it difficult to predict what will happen in the coming year. However, there are a few things we can look at in order to get an idea of what the mobile home market might look like in Sarasota Florida in 2022.
One of the biggest factors that will affect the mobile home market in Florida is the continuing effects of the COVID-19 pandemic. The pandemic has had a major impact on the economy, and this has trickled down to the housing market as well. Many people have lost their jobs or have seen their incomes decrease, making it difficult to afford a traditional home. Mobile homes offer a more affordable option for many people, and so we expect that demand for them will continue to be high in Florida in 2022.
Another factor to consider is the increasing cost of land. The price of land is always fluctuating, but it has been on the rise in recent years. This makes it more difficult for people to purchase a piece of land on which to put a mobile home. As land prices continue to increase, we expect that fewer people will be able to purchase mobile homes in Florida.
However, there are also some positive factors that could impact the mobile home market in Florida next year. One of these is the increasing
Here, at The Mobile Home Dealer, we would like to help bring industry insight to you from our time selling mobile homes on leased land all throughout the greater Sarasota Florida area in an attempt to educate all of the mobile home Buyers and Sellers in the general area.
Although this is not a guarantee of any sort, as this is merely just our opinion, we feel that that is grounded in facts and data to support our thoughts of what will happen in the Sarasota Florida mobile home market over the next 12 months.
It is no secret what is happening in the single-family real estate market at this current time. With record low-interest rates and supply chain issues continuing to remain prevalent, this has been one of the larger reasons why prices have skyrocketed in this arena.
With raising costs for single-family homes we have seen a growing number of mobile home Buyers come into the mobile home space as they have been pushed out of being able to afford a single-family home at this time.
These new Buyers have begun purchasing many of the higher-priced mobile homes in the area and we do not see this slowing down anytime soon.
We continue to see a larger inventory push in the lower priced homes throughout the area as well as homes that are in need of light fixing up.
With the rise in inventory in these units we feel there will be plenty of opportunities in the coming year for would-be Buyers to purchase a great home at a heavily discounted price so long as they are willing and ready to either do the updates themselves or hire them out to a licensed professional.
We continue to see a rise in mobile home prices, especially for the higher-end units.
The reason we feel there is a price increase for these units is that there are more Buyers coming into the space who are ready to pay this amount because, to them, it is the only affordable housing option as they are unable to afford to pay the asking amounts for single-family homes.
Please note, we only see this in the higher-end homes, not in the middle and lower-priced properties.
If you are looking for a nearly brand new, turn-key mobile home in a 5 Star mobile home park expect to pay top dollar or even higher at this time. These prices, although high for the overall mobile home market, are still lower than those of a comparable single-family home.
If you are looking at Buying a lower-cost property, be prepared to act fast but do not feel like you need to be overpaying in this market.
Lot Rent Increase:
This is one point that we do not see anyone discussing at this time and we feel this is the “secret” to all mobile home sales for 2022.
It is reasonable to say that lot rent will increase by 1-2% per year to match national inflation.
With everything that is going on in the economy currently, mainly, the high levels of inflation we are expecting lot rent to increase quite a bit more than the standard few percentage points.
Most of the mobile home parks in the Sarasota Florida area are senior parks.
Many of these residents are paying their bills from their Social Security income.
With the dramatic rise we expect to see in lot rent increases throughout early 2022, we expect a huge amount of current residents to not be able to afford to keep their homes due to this lot rent surge and, as such, will have to look to sell their mobile home by the end of the year.
As upsetting as this is, we feel that this will be happening in the Summer to Fall months of the year after the lot rents are increased across the board and the snowbird season ends.
If you do not have to buy a Sarasota Florida mobile home right away you may want to hold off until the Spring or Summer as we expect a surge of additional inventory to hit the market. While we are unable to promise anything, we do expect the surge of homes to help bring down the price of the homes due to the extra choices Buyers have.
The state of mobile homes in the Sarasota Florida area is in a unique spot and we feel that if you are looking to buy or sell your current mobile home then this is a great time to do both.
The key, however, is to be realistic about your expectations on both the price you are looking to get for your mobile home and what you expect to see included in your budget.
Having these expectations understood before entering the market will make the mobile home buying and selling process that much more enjoyable.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.
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