Are the Snowbirds buying mobile homes at Sarasota this year?
Have you turned on the television to see the local news stations ranting and raving about how all homes in the real estate market are flying off the shelves at record prices?
Has your local banker told you that now is the time to refinance your home with all of the “cheap” money available?
With both of these ideas in mind, are mobile homes getting sold as fast as single-family homes, especially in the Sarasota area?
Have you seen Snowbirds flooding down to the Gulf Coast of Florida to buy every single mobile home they can see in sight and are interest rates as low on financing mobile homes as they are with the single-family homes right now?
We need to unpack all of these questions one at a time to get a better idea if mobile homes in Sarasota, Florida are selling, and if they are, how fast are they?
There are many reasons why snowbirds visit Sarasota. The warm weather and beautiful beaches are a major draw, but there are also many cultural and recreational activities to enjoy. Sarasota is home to several art galleries, museums, and live theater performances, and there are plenty of opportunities for golfing, fishing, and boating. Snowbirds can also take advantage of the many shopping and dining options in the area.
As of this recording, we have seen a pretty large drop in Snowbirds who are in the area buying mobile homes.
This could be due to the continued COVID outbreaks all over the country or because mobile homes on leased land are not getting financed like single-family homes do.
You see, mobile homes on leased land in the state of Florida are viewed and taxed as personal property, which is the same way an automobile is taxed. This makes mobile homes more appealing to people who are not from Florida and are tired of paying property taxes.
Mobile home in Sarasota
With that understood, banks will very rarely lend on any mobile home if the land does not come included in the sale.
We need to recognize that financing for mobile homes, unless it is done by the home Seller, is virtually non-existent thus resulting in most homes needing to be purchased with cash.
I believe this is one reason why we are seeing more mobile homes sit on the market for longer periods of time homeowners can obtain financing for single-family homes much easier than they can with mobile homes on leased land.
Seller financing has always been a mainstay in the mobile home space as a way for mobile home Buyers to have a way to get financing for a mobile home when they don’t have the means to make a full cash offer. We have continued to see an uptick in homes being sold with seller financing, especially in age-qualified communities around the Sarasota area.
At this exact moment, we are in negotiations with three separate sales right now, all of which are offering seller financing is a part of the agreement.
I believe another reason why we are seeing less Snowbirds buy mobile homes right now is because many of the homes in the market are just plain overpriced.
Remember what we continue to cover in other videos throughout this channel in that in order for a mobile home to sell, it has to be priced right and marketed correctly.
Pricing your mobile home high when selling is a surefire way to get less attention to your home which could lead to a longer time on the market costing you, the homeowner, more money!
What we continue to see is more and more homes are priced way too high, by either other Brokers in the area or by Sellers looking to sell their homes themselves who just don’t know what the market calls for.
The key thing to remember here is that when looking to buy a mobile home on leased land, there’s plenty of inventory to choose from, but know that financing is going to be a nightmare to obtain.
Don’t be afraid to negotiate, as many Sellers have their homes way overpriced right now and fewer Snowbirds are in the area buying homes!
For sellers, we already discussed it several times here at The Mobile Home Dealer. Overpricing your mobile home way above market value will not only turn buyers away but could also lead to losses rather than profits. Why? Especially when you are not living at your home and trying to sell it, you are paying the lot rent and the days and months are counting without attracting potential buyers. And the sad reality is, it’s just not the buyers who aren’t interested – realtors may find it difficult to sell as well if you ask professional help and are not willing to lower your prices.
For buyers, although there are lots of overpriced mobile homes, there are always cheaper options. If you do have not enough time to look for a suitable home for you, you can always ask for assistance from a professional mobile home dealer like The Mobile Home Dealer.
The Mobile Home Dealer is a licensed mobile home dealer and broker in Sarasota Florida and neighboring areas. We provide professional buy and/or sell assistance to our clients. If you have any questions, please contact us by clicking this link. You may also visit our Facebook Page and send us a message
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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