With the continuing rise in real estate prices throughout the Sarasota County Florida area the big question seems to be, should you go ahead and sell your house now or wait to see how much it will go up in value?
The immediate follow up question is then, if you sell your house now and reap the financial benefits of selling at a higher price will you really gain anything financially if you go to buy another home in the same area right afterwards as the profit that you made from your current home sale will be eaten up by the high prices in the same market.
If you decide to not buy another home in the Sarasota area but go and rent for a few years until the market cools down and prices level out you may run into a shortage of rental properties available that has not been seen in the area for years, if ever.
Just last week we had someone come to us and tell us that they were considering selling their home but when they looked at apartments in the area most of them had over a year long waiting list to get in!
With all of this real estate madness going on all around us, what does it all mean if you own a mobile home on leased land within the Sarasota Florida area?
Are Sellers seeing the same rise in prices as traditional real estate?
Mobile homes that are located on leased land within the state of Florida are viewed as and taxed as personal property, not real estate. What this means is that these mobile homes are sold with a title and not a deed to them which makes the transaction the exact same as purchasing a vehicle.
With this understood, there is no reliable way to pull sales comps when you are looking to sell your mobile home if it is located on leased land.
What we have seen throughout this crazy real estate market at The Mobile Home Dealer is that homes in good condition that are priced fairly are selling faster than ever, but not for more money in the traditional sense. What we mean by that is that due to the speed at which homes are being sold then the Sellers are paying less in lot rent which means that these Sellers are keeping more money in their pocket as oppose to “making” more money at the closing table.
If you are looking to sell your mobile home around the Sarasota area we feel now is just as good of a time as any but we stress for each Seller to go in to the market place with reasonable expectations. These expectations should be rooted in the speed at which the home sells and not for what the home sells at. If a Seller enters the market place with these expectations understood then we feel they will be pleasantly surprised at the speed at which their home may sell while keeping more money in their pocket by not paying additional lot rent.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get a better place in life.