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How Much Can I Sell My Mobile Home For?

The two questions I receive most are 1) How much can I sell my mobile home for? which is quickly followed by the second question 2) What options do I have to sell my mobile home? We answered the second question in a blog post called “Ways to Sell Your Mobile Home“. That post explains the top 5 options you have, as a mobile home owner, to sell your mobile home. In that post, I explained there are 5 main ways to sell a mobile home. You can sell your mobile home yourself (For Sale By Owner), sell your mobile home to a park, try to sell to an end buyer through a realtor, sell to an individual investor, or sell directly to Mobile Bye Bye. 

There are pros and cons to every option listed in that blog but as you will see, no matter which option you chose, you should always Get a Free Quote from Mobile Bye Bye even if you don’t decide to sell using that option. This is by far, the quickest way to answer the question, how much can I sell my mobile home for? 

Below, I will list out the three main things to factor in when calculating a real number for how much you can sell your mobile home for. We will dig into these top three factors, Condition, Comps, and Climate (of Current Market) below. So keep reading!

How much can I sell my mobile home for?

Want to know exactly how much you can sell your mobile home for? Get a free quote today!

No two mobile homes are the same. Even brand new mobile homes that are built exactly the same, with the same number of beds and baths and features, will have two very different prices depending on where they are installed. Typically, mobile homes on land will be priced higher than those in a park. And the price of a mobile homes in a park, will change significantly depending on which park it is located it. Even mobile homes within the same exact park will change in price depending on location within the park! So in short, there are a lot of factors the come in to play when determining how much you can sell your mobile home for. Below are the top 3 factors we encourage every mobile home owner to consider when attempting to determine how much they can sell their mobile home for. 

1) Condition

Age / Depreciation

The biggest factor to pricing your mobile home is factoring in the age of your mobile home. This is because mobile homes depreciate every year they are lived in. I’ve even seen mobile homes that were NEVER lived in sell for less. This is why mobile home manufacturers have end of year sale. The demand for last year’s model is just lower than what the demand is for newer homes. This also happens with new cars! 

Sapling, a Personal Finance blog correctly estimates that a new mobile home will depreciate up to 20% from it’s new sale price when being sold as a used mobile home. This means a home bought new for $100,000 will only sell used for $80,000. This can be frustrating for mobile home owners to hear. But think about it, why would a buyer pay $100,000 for a used home when they could go buy the same home brand new for the same price? The answer is they never would. That’s why a used home will always sell less than a new home even if it’s in new condition. 

The home will continue to depreciate 5% each year after that. When trying to determine how much you can sell your mobile home for, we recommend starting with the sale price of your home and subtract 20% + 5%*(# of years old). For example, if you paid $100,000 for a home 5 years ago would likely sell for no more than $100,000 – $40,000 = $60,000 even if it’s in pristine condition. 

Core Components

In our blog post, 5 Things to Do Before Putting Your Mobile Home on the Market, we explain the difference between Core Components and Visible Components. Core Components include big ticket items like Air Conditioner, Heater, Roof, Foundation, Electrical, Plumbing, Septic, etc. If these items need repaired, you have to subtract 100% of the repair cost from the value of your home. Buyers will often quote big ticket items out *before* buying. Therefore, it’s best to subtract the full cost of Core Components that need repaired. Don’t have any repairs on big ticket items? Great! Don’t subtract anything and move to Visible Components.  

Visible Components

Visible Components are items that are not core to the structure and function of your home but are still visible, and therefore very important to an end buyer. Cabinets, for example, are very visible and very important to end buyers. Even if the entire home is in great condition, if visible repairs are needed, an end buyer will expect to pay less. However, you don’t need to subtract the entire cost of these repairs from your purchase price. For example, if a home needs $1000 worth of new paint, it may not need to be subtracted from the purchase price. YOu may be able to only subtract a portion from the sale price. 

Condition of your mobile home is obviously very important. Just as important, is the condition of the mobile home next door to yours or in the same community. We discuss comps below and how that factors into your price. 

2) Comps

Comp is short for comparable homes. This is by far the most used tool by realtors when pricing homes. This works well for stick built homes in neighborhoods. Typically, homes in a neighborhoods are built around the same time and are similar in shape/size and all share the same neighborhood. It’s not a perfect tool but is a great starting point for stick built homes.

However, using comps is a little trickier with mobile homes. The main reason is because mobile home parks typically include homes that span many years, sometimes decades. A new mobile home in a park may sit next to a mobile home that’s 10 years old. This would not be a fair comp to use when comparing prices. 

So it’s important to find a mobile home that has sold and is the same year, condition, location, and situation of your mobile home. Use that as a comparison. 

 

Mobile Homes Located on Land

Mobile Homes attached to land, and sold with land, are by far the most valuable. If your have a mobile home on land, you’re not just selling the mobile home but also selling the land that goes with it. So it’s very important not to compare your mobile home on land to a mobile home in a park. The price of a home on land vs the price of a mobile home in a park with be very different even for the same mobile home. 

However, apples to apples comps are often harder to find with mobile homes on land. You will want to make sure any comp you find is the same size, year, layout, county, school district, and acreage at minimum. 

Mobile Homes Located in a Mobile Home Park

Mobile Homes located in a Mobile Home Park are significantly less than homes on land. But often can be easier to find compos for. Just make sure you find a home that is the same year, condition, and layout. 

Mobile Homes that Need to be Moved

This may be bad news if you have a mobile home that needs to be moved, but Mobile Homes that need to be moved have the lowest value of all situations. This is because of the great amount of work required to move your mobile home. This step along will significantly lower the number of potential buyers. 

3) Climate (of Current Market)

Finally, the climate of the current market will significantly impact the sale of your mobile home and therefore the price. Recessions, interest rates, and market all have positive and negative effects on real estate. This is by far the most challenging step to estimate. But for a rule of thumb, you may consider moving your home price up or down anywhere from 5-15% depending on climate conditions. Are there a lot of homes for sale in your mobile home park but interest rates are low? You may only subtract 5%. Are interest rates high and unemployment is skyrocketing? You may need to subtract 10-15%. Is the economy booming and your city is growing? You may need to add 10% to the value of your home! Speak to someone from Mobile Bye Bye today and we can help estimate this step for you as well. 

For a quick and dirty approach to determining how much you can sell your mobile home for, see our “Practical Steps” section below. 

Practical Steps: How to QUICKLY determine how much I can sell my mobile home for?

Step 1: 

Identify sold comps in the same park, or within 5 miles if your home is on land, that are the exact same size and exact same year. This will be the STARTING price you will use to move to step two. 

Step 2: 

Subtract depreciation based on number of years from the manufacture date based. Subtract 20% + ~5% times # of years old. (ex: subtract ~40% for a 5 year old home)

Step 3: 

Subtract 100% of any core components and only ~25% of any non-core but visible components that need repaired, 

Step 4: 

Finally, factor in climate. A recession, high days on market, high number of properties to sell, and high interest rates, will all make it harder to sell a property. This may bring the price down. However, if the economy is booming, days on market are low, there’s a high demand for homes in your area, and interest rates are low, could cause the price to increase! 

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