How Does Sarasota Real Estate Craze Affect Mobile Home Sales?

How Does Sarasota Real Estate Craze Affect Mobile Home Sales?

As anyone can tell you, single family homes are flying off the shelves in record numbers here on the Gulf Coast of Florida.

Currently, there is a housing buzz going around this area of the state that I have never seen in all of my years living down in the Sunshine State!

It is very common right now to see homes being sold before the realtor is even putting a sign in the front yard, many of these homes are being sold for more money than what they are actually being appraised for!

With interest rates and inventory low, it is fair to say that this house craze will continue on for several months, if not a few more years.

With this understanding, are mobile homes on leased land throughout the Sarasota area experiencing the same sales climate as single family homes?

Before we dive into that question, let’s do a quick review of what a mobile home on leased land is and what a mobile home on leased land is not.

Mobile homes on leased land, where you own the home and lease out the land that it resides on through a monthly fee called lot rent, are viewed and tax as personal property in the state of Florida, not real estate.

What this means is that the homes are viewed as vehicles and they are actually titled at the Department of Motor Vehicles as they do not carry a deed since the land is not included with the sale, but it does include a title.

Understanding all of this, it is important to realize that traditional mortgages do not usually apply to mobile homes on leased land, as you are technically not owning real estate.

The reason we provide this brief overview is because the interest rates associated with traditional mortgages do not apply here since the home on leased land is usually unable to obtain one.

Financing for mobile homes can be hard to come by if that is needed in your situation.

However, there are ways to obtain financing through private money lenders, Seller financing, or through private loans.

Much of the real estate craze is based on low interest rates, which now we know do not help or hurt the mobile home industry on leased land, simply because they usually do not qualify for them in the first place.

Low inventory is another reason why single family homes are being sold so fast because there is very few homes available.

Currently there exists a slight dip in inventory right now in the Sarasota area for mobile homes on leased land, however there still is plenty to choose from at the current time.

What we have seen is that mobile homes on leased land are selling just as fast as they always have, if the home is priced right and marketed correctly.

What we have not seen, though, is Buyers paying more than what a mobile home is worth as is the case with traditional real estate.

So here is the answer as to are mobile homes on leased land being sold as fast as single family real estate?

The answer, in our opinion is yes, absolutely.

However, one needs to know that it is not realistic to sell your mobile home for more than what it is worth at this time.

A mobile home on leased land that is priced right and marketed correctly will move so fast, it’ll make your head spin!

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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