Every sale is a data point in the unfolding conversation between buyers and sellers of similar property. Every property is unique, but we try and find the similar qualities between properties that are important to buyers and we look for patterns in the pricing and sales data. So, here is what this property has that is similar to properties sold earlier in the year-
It is a single wide manufactured home more than 20 years old on a perimeter foundation with siding that is compromised, an aging roof, and several of the important home systems that look like they are the end of their service life. The home is located on a very nice piece of property, which has, for the most part, been neglected or is inundated with heavy brush. That description fits several very similar properties so far this year. What is unique about this property, and totally unexpected, is the interior. The owner has upgraded the floor covers, the counters, the vanities, and done a very nice job with paint and staging. The home is move-in ready, and is actually quite comfortable inside! Totally unexpected. You never see this kind of thing. Who does this? Or why? Well, for one thing, this home is a pending sale at $299,000! That’s why. Every one of the other homes, all the junk single wide homes that look as bad inside as they do outside, they sell for $200,000 tops, even if they are on very nice properties. At most, this seller put $12,000 or $15,000 in the interior rehabilitation. Is that enough to entice a buyer to pay a premium over what they would pay to buy this same home before the interior rehabilitation? That is very interesting to me as a professional who looks at homes and prices every day.
Of course, it has taken time- note this property was listed at the beginning of May, went under contract, then fell out, and did not get another offer till the end of August. Here is an interesting question: how do I categorize this home? Is it a “fixer?” If you look at the outside it surely needs a whole lot of work. But then again, look at the inside, it is move-in ready, one of the nicer move-in ready homes I have seen under $300,000. Fixer? Move-in ready? This home really defies conventional categorization. That’s why I go out and look every day.