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Resale value of my manufactured home?

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Resale value of my manufactured home?

Postby » Sun Sep 21, 2003 1:30 pm

Hi,
I am inquiring on several things that should be self-explanatory. I owned a well-used 1984 Parkway with real wood cabinets, no shut-off valves,masonite siding, particle board flooring and was in a so-so park. I bought it in ignorance in 1992. I sold it in 1995 for $7500 and it needed repairs and had to be moved. I looked at new ones for two years before I purchased a 1995 Fleetwood Vogue, which is not the cheap version, but the one with island stove, built-in computer desk and kitchen pantry. I did pay to upgrade the house to vinyl and shingle. I paid $28,000 for it new, including set-up, washer and dryer, heat pump, and all upgrades cosmetically and fuctionally available on this home. It still looks like new inside and out, and has been fairly well-built. It shows many flaws in appearance, has had a few water related problems. The seal around kitchen window allowed a stain on my wallboard, same wallboard, vinyl I might add, has stains from the park's hard water back splash. AC leak caused wallboards to stain, but the floor did not warp or soften! It has the cheap novadecking too, whew! Numerous plumbing issues, faucets, water shut off valves going bad, old gray pvc lines I think. I am trying to sell the house now, and am finding it difficult in this economy. I was offered $7000 over the phone by a dealer who said that is all this home is worth. He said it didn't matter that it could stay in the desirable house like park which has lower than typical lot rent for the area. He also said it didn't matter that it had not been smoked in, lived in by pets or kids, or had been maintained in excellent condition. I do not know if I can get even what I got ot for the Parkway. I am moving into a singlewide located in the other side of this park. It is a 1997 Horton,14X80. It appears to be a better quality home. It has the real wood siding under the vinyl and real wood flooring. It has one piece tubs and thermal pane windows. I guess I shouldn't complain about anything as I got it for $12000 with a metal shed, a good size on, satellite system, and front deck- really oversized porch. I am wondering how much I should expect to get for the Fleetwood home, whether I got as good a deal as I hoped on the Horton, and what the future of the singlewide is. I would also be interested in finding out how I can find out about the history of mobile homes, such as old pictures of homes, old floorplans, and old sales literature, I love looking at homes in parks, and am amazed to see people still living in well maintained homes that are thirty plus years old here in North Carolina. Thanks for any information you can provide.
Steve Lancaster
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Vogue

Postby » Sun May 31, 2009 1:51 pm

What is the value of a 1997 vogue fleetwood, 2 bedrooms 1 bath. excellent condition,
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Re: resale values and quality and future of singlewide mh in nc

Postby » Sun May 31, 2009 2:38 pm

The value of any manufactured home depends on too many factors for anyone to give you an off the cuff answer.

Like any other structure the value of an existing manufactured home depends most on location... the same home in an upscale neighborhood will appraise for and find lenders willing to grant higher mortgages than that exact same home in a declining neighborhood.

"For many years, people have assumed that the value of manufactured homes depreciates. This is not so. Studies conducted at two Universities revealed that the determining factor of appreciation in both types of homes was their location. Maintenance also plays a major role. If a home of any kind is built or setup in a bad neighborhood or area it will probably depreciate no matter what. In a good area or neighborhood they will generally appreciate in value depending on the local housing market and economy. In the case of a manufactured home, if it is setup on a permanent foundation ... with good drainage so water does not sit under the home and if one buys from a reputable dealer who uses good setup people, the home will be no different than a site built home. It would appreciate in value at the same rate as a site built home in the same area. The cost of manufactured homes is significantly lower than the cost of site-built homes. This gives them an instant appreciation between what the home actually cost the homebuyer and what its market value is. In some cases, a multi-section manufactured home has sold for more the second time than the first. Properly setup and well taken care of, you are talking about a fantastic investment potential." (Source: http://www.rebelhome.net/myth.html)

You can get a BOOK VALUE REPORT online at www.MobileHome.com/bookvalue

This service will give you a very economical evaluation of your home based on the information you submit. What you will get back is the typical resale value of that year make and size home across the country on dealer lots for the past few months.

This is not a full appraisal . The reports address possibilities that include the manufactured home ONLY. No appraisal, evaluation or consideration of land value, location, or local market conditions are included and those factors could greatly effect the real market value of your manufactured home.

If you need the FULL PICTURE contact an Appraiser who is certified in Manufactured Housing Valuation for a written professional opinion prior to making any decisions that relate to buying selling or financing a previously owned manufactured home.
David Oxhandler
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Re: Resale value of my manufactured home?

Postby » Sat Jun 13, 2009 4:47 pm

I have a 94 Fleetwood, 2bedroom 2 bath,single wide 16 x 74. Although we have never missed a payment, we are upside down on our note. Home value I guess is about $7,000. Our balance is approx $14,000. I need to find a home thats accessible with wide doors for handicap. But I cant sell or get out of this home, to be able to get a handicap home. Do I have any other alternatives ?? Any different avenues to pursue ?? Or am I just stuck like so many others in this economy.
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Re: Resale value of my manufactured home?

Postby » Mon Jun 15, 2009 12:16 am

You are NOT alone. Many good people across the country find that they are "upside down" in their home financially. Don’t think of your home as an investment that gains and looses it is a place to live and be at home. As long as the payments have not become too high for your budget, you are in a better place than many owners of all types homes.

If you need your home to be handicap accessible it is possible to convert your current home. Generally the door ways need to be widened. This can be done in your manufactured home just as well as in any other structure. You may need some additional modifications to your bathroom. If you need handgrips or handicap accessible fixtures you can find them at The Mobile Home Parts Store If you dont find what you need on the web site, friendly & knowledgeable customer service representatives are available to answer your questions or take your special order. Call them at the toll free number you will find at the top of the Parts Store pages

If your looking for a book that covers all facets of manufactured home repair, check out The Manual for Manufactured Home Repair & Upgrade As you would expect from the title, The repair and upgrade techniques described in this manual are specific to manufactured homes.
David Oxhandler
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