Real Estate Pro Articles

Bank and Federal Home Listings Problem Gave Way to Mobile Houses

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The mobile housing market has been declining for years, recording its lowest sales figure in 2009, when the foreclosure crisis was peaking and the number of properties under foreclosed bank and federal home listings was rising. However, some mobile property businesses have found a new lease in life despite the ongoing crisis in the housing market.

With Knoxville home foreclosures and distressed property numbers in the whole state maintaining their almost record levels, some mobile home sellers have found another way of reviving interest in mobile houses. One example is Jack McDonald, who decided to rehabilitate used mobile houses and sell them onsite to lower the vacancy rate in his mobile park lots. According to McDonald, he was able to find used mobile houses that are being offered at very low prices and took advantage of the discount rates.

The increased number of properties under Tennessee foreclosure listings, tighter lending standards and the unemployment problem made it difficult for most homebuyers to afford a new home and some of them are looking at mobile houses as an alternative. McDonald has revealed that new mobiles are often sold for at least $40,000, but focusing on refurbished units allowed him to sell these houses for a much cheaper price.

After refurbishing the homes, he then sells the units for prices between $22,000 and $25,000. Even compared with cheap properties under foreclosed bank and federal home listings, the refurbished mobile prices are definitely much lower. McDonald also stated that it only takes around 14 days to renovate a mobile dwelling.

If demand increases, he reveals that he will start fixing more units. Some mobile property businesses believe that the mobile home will make a comeback, particularly now that regular houses often encounter the risk of ending in a foreclosure home listing. As shown by McDonald, this seemed to be the case.

Foreclosed bank and federal home listings are expected to continue growing in Tennessee and in other U.S. regions in 2011. Some mobile home sellers believe that it will be a good time for mobile housing businesses to provide an alternative to homebuyers looking for affordable dwellings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles