As the U.S. residents, particularly the young ones, ditch the McMansion for more minimalistic living, Cavco homes have seen a bit of a resurgence in prevalence. Also known as manufactured homes, 81000 new Cavco homes were shipped out to buyers in 2016, increasing 15% from 2015. In various communities, especially those in the South & Midwest, such as California and San Diego, a new Cavco home represents a vital housing opportunity because of being more reasonable and faster to construct than a standard site-built home. Now, how to handle Cavco homes for sale in California to have more money in your pocket for the future?
Factors that affect the price of Cavco homes when it comes to selling
Data from the Federal Housing Finance Agency (FHFA) suggests that the values of the Cavco homes purchased through federal lenders act similarly to those of houses built on-site. However, several factors definitely affect the sale price, including:
Location:
Some states have a solid manufactured home market. California, for example, as per the Urban Institute, a non-profit research organization established in 1968, has roughly 18% of the U.S. housing market yet only nearly 4% of manufactured homes, on the basis of units shipped. In 2019, the top markets for manufactured homes based on housing units shipped were Texas, Florida, North Carolina, San Diego, California, and South Carolina.
Land:
For the sake of appealing to a more comprehensive selection of buyers, it is best to check whether your home is attached to land since it impacts pricing. This is important because the land commonly appreciates more than structures. The Urban Institute comments, quoting data from the Lincoln Institute of Land Policy from 1995 to 2016, revealed that land had a whole appreciation rate of 204% instead of 87% for structures solely. The nature of land contributes to value when considering Cavco homes for sale in California. For instance, if a Cavco home rests on lakefront property.
Size:
When it comes to purchasing a house, size matters. Similarly, when selling a house, the cost you can expect in return heavily depends on the size of the house. A dual-wide Cavco home provides a more elevated price than a single-wide. Census data has revealed that the expected sale price of a single-wide manufactured home of nearly 1,072 square feet was approximately 53,000 dollars in 2019 when contrasted with a dual-wide manufactured home. Additionally, the bigger houses of about 1,747 square feet got sold for around 104,000 dollars.
Amenities:
A Cavco home can have a higher asking price for amenities it has. These amenities may comprise an attached deck, a screened porch, or a sun room, provided they are in a good state. To arrive at a sensible asking price, don’t look at square footage but what the market says. To serve the purpose, pull five to six comparable registered properties, along with three to five similar sold homes, and adjusts for the area, amenities, and potential repairs before you list your Cavco homes for sale California. By doing this, a seller can get what they can expect in the current market scenario.
Conclusion
Considering your Cavco home for sale? Wait a minute! Did you know a home inspection may not grow as many problems because of the metal volume below the house? But it would be best if you still were sure that the inspector could access the attic, crawl space, plumbing, wiring, and ductwork so that the sale value doesn’t mitigate because of these minor issues. A pre-listing inspection can assist point out red flags that could negatively impact the sale