It’s time for another Sarasota Mobile Home Industry Update!
This is Mark Kaiser with The Mobile Home Dealer, and we are happy to bring you up to speed on what is going on with mobile home sales throughout the Sarasota County area.
Recently, we have seen a shift in the homes that have been selling in the Sarasota area. This does not have to do with the community the home is located in, the size of the home, or what amenities the park offers.
The homes that have been selling recently, are homes that are being sold by motivated sellers who are willing to make a deal.
Now, when we say the deal, this does not just mean bringing the price down.
Now, sellers who are getting their homes sold recently are now more willing to sell their homes partially, if not fully furnished. Selling your home with at least some furniture included will allow the new buyer to immediately begin enjoying their new home without the need or expense of going to the local furniture store to help get them set up.
Sellers are also offering lot rent concessions, where they’re offering to pay two, to sometimes three months’ worth of lot rent in advance, so that the buyer does not have to worry about paying that bill right after moving in.
Buyers are also now looking to close faster than I have ever seen. If the Seller is currently living in the home, then expect the Buyer to want to take possession in 30 days, if not sooner.
If they buy the home, they want the home.
Being able to make a deal in order to sell your Sarasota mobile home fast, doesn’t always mean you as a seller need to drop the price. But it does mean that you now, more than ever, are wanting to be as helpful as you can to the new buyer of your mobile home, in order for the sale to go through quickly.
Many sellers watch their homes sitting for more than six months because they don’t put enough effort to negotiate with prospective buyers. Remember that when a buyer asks many questions about the house, this means that theta re really interested. The problem is, some sellers are not approachable enough to answer the buyers’ questions.
Putting your mobile home for sale requires extra effort and motivation if you don’t want to pay lot rent while your house is waiting for an interested buyer. Motivation means you’ll do everything in your power to attract buyers, negotiate, and even make concessions and other extra things that can attract the buyer.
While the demand for buyers in the mobile home market has decreased throughout the country, it seems that Southwest Florida’s needs still are increasing.
As buyers have been affected both by the increase in mobile housing prices and high-interest rates, the demand for mobile homes has decreased.
A Redfin report that examines the activity and interest in the purchase of mobile housing nationwide analyzed Google searches as a way of measuring how buyers react to the market.
The researchers found that Google searches for the term “mobile homes for sale” fell 35% in general during the week that ended on October 8 compared to the previous year. The searches for “mobile house for sale” were almost at the same time as the figures at the beginning of the pandemic in March 2020, when the mobile housing market and most of the economy stopped.
“The second strong increase in the [interest] rate this year, together with the nerves on inflation and the direction of the economy, is dragging the mobile home sales activity below what it did during the summer and pushing the trust of mobile home buyers towards their historical minimum. “, Redfin’s, Taylor Marr said.
It is different for Southwest Florida. While the demand for buyers has decreased compared to the historical maximums of the boom of last year’s housing, it has not fallen to the levels of when the pandemic first hit.
And it is reflected in Google searches for “houses for sale” in Southwest Florida. When observing the Manatee, Sarasota, Lee, and Collier area, searches for that term decreased approximately 24% during the week ending on October 8, compared to the previous year. It is still 30% percent higher than in March 2020.
Does this mean the demand for mobile homes is still there? Yes. Do people still move here? Yes. But there has been a slowdown of Covid buyers. The haste to move during Covid is over. And the interest rate has probably taken out of the market to 20-30% of people, only from a financial point of view, ”said Mike Pupas, executive director of Keyes Company.
Google searches are just a way of seeing the demand of buyers, with other indicators such as mortgage requests and home tours that also show where the mentality of buyers is regarding the market. In general, the slight decrease in demand in Southwest Florida since last year is more a reflection that the market is returning to normal.
The Mobile Home Dealer are licensed mobile home brokers in Sarasota Florida and the surrounding 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 and we at The Mobile Home Dealer, help buyers and sellers get to a better place in life.