What’s My Mobile Home Worth?
“Valuation does not come from your local county assessor.” Bold statement from someone you don’t know! There are two factors that a seller must consider when a “Zestimate” is displayed on the famous real estate platorm, Zillow or a mailed letter from local accessors arrives with a dollar amount attached. That consideration is, “Do you own the land?”
Sellers all over the valley in Phoenix, Peoria, Scottsdale, Avondale, Gilbert, Chandler, Apache Junction, Mesa, Scottsdale, Buckeye, El Mirage and other surrounding areas, are not quite sure why they are having difficulties getting similar offers that Zillow and local municipalities are suggesting. Mobile home owners in local mobile home communities are leased land occupants. Their dwelling is all they own and not the ground it sits on. The question is, why are Zestimates unreliable for leased-land mobile home owners? At the end of 2021 Zillow got out of the flipping business after discovering inaccuracies in their ever-so-famous “The Zestimate.” They found it impossible to forecast future prices thus resulting in concern for reliability on their assessed value tool.
Although Zillow does not share their algorithms, we do know that they use local records of home sales for similar size homes, within certain distances. How does that affect a mobile home owner on leased land? Considering the difficulty to determine land ownership or leased land, mobile home owners may be subject to wrongful information on valuation and the result? Misguided optimism!
With local mobile home dealers, their understanding on leased land mobile homes may be what a seller needs in order to escape the trap of their property sitting on the market at the wrong price and for extended periods of time. Additionally local dealers can help with determining the right price for a buyer to purchase.
Az Mobile Home Buyers, now offers a local Buy Back Program, for those who are ready to get out of the market and simplify the selling experience. Call 480-470-5084, to get an accurate appraised value for your mobile home.