Should I sell my mobile home?
I've had 3 people come into my complex and ask if I wanna sell. Redfin says it's gone up in value by $15000 over the last 5 yrs. My mobile home park says before they even get a for sale sign on the unit then it's taken.
I am thoroughly confused because I thought these things depreciate in value but now that I know it's going up, should I hold onto it and pay it down so that I make a bigger profit?
How do I know it will continue to go up in value? Also how on Earth can a mobile home increase in value when it's inclined towards depreciation?
Apparently I can sell this thing for almost $100,000. Really?! That doesn't sound right. It's in a mobile home park in So California so maybe it's the area but how can a mobile home in a park possibly sell for that much?!
I thought I'd be losing money on this house for sure. I don't get it. Any objective opinions?
- hamel5Lv 74 weeks ago
Unless you own the land, it doesn't make any sense that your mobile home has appreciated. And, as one poster asked , where do you go after the sale?
The Redfin algorithm may not recognize that it's a mobile home. So, get a professional appraisal, but it would seem that if you're happy there - stay put.
- curtisports2Lv 74 weeks ago
Location, location, location. Perhaps that area had become desirable for some reason. That would make the value to a buyer go up. The land under the park may now be a whole lot more valuable to the park owner, while their costs of owning it may not have gone up by the same rate. Their property taxes probably went up, but not by so much that you have seen a significant increase in the lot rent.
The value of the unit itself, were you to haul it off the lot, probably HAS depreciated.
So as to whether you should sell. Where will you live next, and will your monthly cost of replacement be more or less than where you are now? That's what you want to look at.
And don't look at Redfin. Totally unreliable. I have story about that which I won't bore you with but their estimate was off by $60k, which might not sound like a lot to some, but in this case, their estimate was 150% of the market value of the property.
- LILLLv 74 weeks ago
Have the home appraised by a professional.
Online websites such as refin, zillow, trulia are notoriously inaccurate.
- SimplytheFACTSLv 74 weeks ago
redfin is not reliable
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- Anonymous4 weeks ago
I don't know much about the CA market except its overpriced.
If you sell it, where would you live?
Moving out of CA, sure, sell it. Redfin is not very accurate though. You'd probably want a realtor with MOBILE HOME experience to come look at it.
- MarkLv 54 weeks ago
A lot of it has to do with the housing crisis. As more and more people are pushed out of that market - even families with multiple jobs and income - they increasingly look to other options. Mobile homes being one of them. So yes, it's likely you could sell for $100k. The question is, why? If it's a business transaction - and you see it as such, and have somewhere else lined up to go to - another RV or maybe single room in a house or whatever - then go ahead. But if you believe that you like your own space too much, and would find it hard to be in another unit/house/apartment, etc. then there's no point selling just for some money. I'm also assuming that the trailer park is a fairly clean, decent one, rather than a back woods type, junk yard. That other users aren't ex-cons, with drugs and stuff running riot. Bc a relatively clean and tightknit community would be a big part of that $$ value.
- As Mad As BirdsLv 74 weeks ago
I'm in Southern California and my modest 1200sf home is worth about $650K. So the big question is ...if you sell your mobile home, where are you going to live? $100K won't get you more than what you have now.
- LegFuJohnsonLv 74 weeks ago
Objective opinions on whether or not you should sell your home without knowing anything about your current financial situation, or where you'd go if you sold, or anything about you... all I know is you are asking for advice on Yahoo without any providing any detail.
My objective opinion is that you shouldn't sell.
- Anonymous4 weeks ago
No, instead you should blow up your house with a nuke