Manufactured Homes: When is the Best Time to Purchase a New Home?
You are considering the purchase of a new manufactured home, but you have reservations because of the negative banter regarding the state of the economy and its effect on the housing market. Great news! Based on industry research, recent indications suggest that your best opportunity to realize your dream of manufactured home ownership is now!
Currently, the housing market is beginning to improve, primarily as a result of historically low mortgage and inflation rates. On the contrary, the cost of site-built homes is beginning to rise, and will continue to rise as a result of the increasing demand for housing and the lack of new developments.
Though home builders are re-entering the housing market with new projects planned for the future, the current availability of new site-built homes is limited. It all boils down to demand and availability—the most important influences on the rising prices of site-built homes.
Manufactured homes are not subject to the supply and demand price increases that are commonplace with stick-built homes because they are built as ordered for the customer and are available for occupancy within a much shorter time frame. Because of their unique supply availability, manufactured home prices tend to remain stable.
As the housing market continues to improve, the artificially low interest rates will soon begin to increase, resulting in higher mortgage payments for those requiring financing for site-built as well as manufactured homes. The combination of an improving economy and higher interest rates will also result in higher inflation, leading to an increase in cost.
The supply and demand factor impacts pricing for site-built housing rather than manufactured homes, further widening the affordability gap between the two. The possible interest rate increases and the resulting higher inflation rate will affect manufactured home pricing in equal proportion to its counterparts.
The quality of manufactured homes is equal or superior to any other form of residential housing when it comes to design, safety, energy efficiency, and construction materials. They are built to the specifications of the purchaser, offering an array of floor plan choices and square footage sizes.
Customizing floor plans to match your personal desires and family needs is readily available. Decorative options include name brand appliances, countertops, window coverings, carpeting, and fixtures—the options are limitless.
From the moment your home has been customized and ordered, delivery and installation are usually accomplished within a 6-8 week time frame, with immediate occupancy to follow.
A manufactured home will continue to be the most affordable housing option for the foreseeable future. The value and savings may never be greater—now is the opportune time to fulfill your dream of homeownership!
