With the explosive growth of Colorado’s population, there has been a housing crisis for the last few years. There’s been an influx of cash buyers from out-of-state gobbling up any affordable home around Denver.
Most used manufactured homes for sale haven’t been on the market for very long. Though, has the demand for used mobile homes dwindled?
I wish I had all the answers, but I don’t. While we’ve seen the pool of cash buyers slow down, there is no direct correlation as to why. As I write this post, we’re at the very beginning of the the school year. So the one thing that I can attest to is that there are less buyers during this time of the year. The reason being, is that most families don’t want to move their kids during the school year.
So, due to the time of the year that we’re in, there is definitely a dip in buyers who are in the market for purchasing manufactured homes with cash.
If you’re looking to sell your manufactured home, do not worry. This time of the year is very typical.
If you’re reselling your used mobile home, here’s some good news:
While 7 years ago, you could get a used home for next to nothing around Denver, the past few years saw a lot of buyers looking to purchase new manufactured homes. As a result, the parks around Denver and other Colorado markets such as Fort Collins, Boulder began to fill up. More and more new mobile homes have been set, to the point where parks are now fully occupied.
So while there’s more new homes in parks, those newer mobile homes with mortgages are not going to be competing with your older, used mobile home. There’s a few reasons to this, but before I get into that, just know one thing:
Mobile home parks don’t have any room for new homes. Now buyers are looking for affordable mobile homes that are older.
So, why aren’t these newer homes being resold? Well, it’s simple really…..
New mobile homes with mortgages on them are a lot harder to sell. The “seller” isn’t actually the owner and the buyout to their mortgage is very high. So as a home owner to a older mobile home, you’re in luck!
Do Know The Main Challenge with Selling an Older Mobile Home?
Don’t be confused though. Selling an older home will limit some of your buyer’s market. Such being that you cannot get a mortgage on singlewide’s that were manufactured before 2000. So, keep in mind that if you’re looking to get top dollar for your mobile home, you’re going to need patience.
Do you have a mortgage on a home that you’d like to sell?
If you have one of these newer mobile homes with an existing mortgage on it, there’s options for you out there. We’ve helped several sellers with getting out of their mortgages. Let us know if you need to sell your mobile home.