How much would this home sell for in your market? Its a 2006, 3 bed, 2 bath, 1216 SF.
Just curious.
In my nicest park, probably $140k. Worst park, $80k or so.
40-55 used Sw Ohio. Basic parks. No amenities
65-70 if brand new
Wow, those are high prices.
@westewart are you parks in California? that’s wild.
We’ve been selling them for $40-45k, in a basic park with no amenities. Even to sell at these prices, we need to get a datacomp appraisal selling through 21st Mortgage, or else the NADA valuation is way too low. We recently moved to using PEP, and with them no appraisal is needed, you can just set the price. Which is nice.
My park’s metro is 150k population, $1270 3 bed rent, $940 2 bed rent. For reference.
They’re not selling particularly fast either, but not too bad.
We’re in New England. Rural locations (<50k metros) but supply constrained so still pricey. Starter homes go for $350-400k with 2br rents $1200-1500. Downside is that we could never get to thousands of lots while sticking to our core area, but that’s also not our goal! We add a small park or two per year and that’s enough for us.
We have a few community banks/credit unions that lend on them, ill have to check out PEP too…