I'm still not convinced! sm

[Peggy]

Yes, it's like the real estate agents say - "The three most important things in a house sale are Location, Location and Location."

Myra, I have also seen site-built housing dropping in price. Here in my subdivision there's a house 5 doors up that's been for sale for almost a year now. It started out at $132,000 and is now at $114,000 with no takers.

In the price-range I'm looking at ($100k), the only thing I'm going to find in this general area is a place that's falling apart - I know, because I've looked. Last spring an agent took me into a house that "needs a little TLC" according to the flyer. They wanted $105,000 for it and the place was a major disaster - roof in bad shape, siding needed replacement, interior walls needed repairs to holes and repainting, carpeting filthy and worn out, counter-tops with burn spots, etc. etc. Besides that, the kitchen and bathrooms were tiny. this is typical of houses in that price range in this area.

For that same money,in a manufactured home I can get more land and a lot more square footage with a floorplan of MY choosing with a huge kitchen, a large master bath, bigger rooms and with everything NEW and covered under a warranty. I just don't think there's any comparison!

The problem here is -- because of the zoning laws that penalize manufactured housing, a double-wide is going to be located farther than I want to drive to work every morning - - - - there's the Location Factor again.

It makes home-buying extremely difficult for those of us looking in the price range I'm in. Fortunately, I'm not under a time constraint (except for the low interest rates right now).

[Patricia]

Hi,

I am a salesperson for a manufactured dealer, I am also a Realtor, so I watch the market closely. I talk to people every day about resale value of manufactured homes. some are sellers and some are new buyers. As a Realtor I can tell you that manufactured homes will appreciate the same as site built all things being equal. Site built homes cost more to build so when sold they will be worth more than a manufactured home. A quality manufactured home, given the same care and maintenance as a site built home will appreciate (or depreciate) the same as a site built home according to the market demand. Our company sold a triplewide Golden West Home placed on 5 acres in the country five years ago. The whole package cost the buyers $125K. They recently sold the home for $185K. I have several examples just like this. I live in a MH also. I paid $114,900 six years ago. My home appraised for $165,000. It is on a 1/2 acre, near the beach with an incredible view. Value is dependent on several factors. Location, maintenance, market demand are just a few.

[Peggy]

Patricia, thank you SO MUCH for your take on the subject. I'll have to show this to my know-it-all-sister who is singing the Depreciation tune. I've told her and told her and told her, but she continues to parrot the Don-t-buy-one-because-they-lose-value line. Coming from a realtor - and a realtor who lives in manufactured housing herself - I don't know how Sis can argue now (but she will!).

Thanks again!