Housing Demands Go Up- First Time Homebuyers Look to Manufactured Homes

Thursday, 16 January 2020

Manufactured Home Loans

Buying a house is a huge step to take - and it is not always an easy decision to make! There are a lot of different housing types, housing prices, and housing demands that can impact a future homebuyer's choice. With the changes in the housing market, it adds another level of difficulty when it comes to picking the perfect home. Housing demands are increasing as the market has recovered from its fall, with increased demand, the housing market is favoring the seller. This can be difficult for some homebuyers, but they are taking steps to meet their home owning goals. 

Housing Market Statistics

Since there is a limited amount of inventory of homes to be purchased, prices are accelerating. Not only are housing prices increasing, but interest rates are also rising significantly. On average, the first time homebuyer can expect to pay 12.6% more in one month for a mortgage than purchases made one year ago. Along with these other statistics, it has been shown that homebuyers are staying within the same median price, meaning that first-time homebuyers are sacrificing other things, such as amenities and convenience in order to afford the homes that they want. 

The solution to this for many, instead of compromising on amenities and convenience, is to look into purchasing a manufactured home. Manufactured homes are vastly more affordable than site-built homes. On average, building a manufactured home is half as much per square foot when compared to traditional site-built homes. The cost of buying a manufactured home is, generally, $70,000 and the cost of purchasing a site-built home is, on average, $286,000. 

Affordability

Owning a home is a big step, and for about 56 percent of manufactured homeowners, the ability to comfortably and affordably own their home is a part of why they chose to look into purchasing a manufactured home.  Among those homeowners only 38% actually saw an improvement in their financial income, allowing them to live more comfortably. Lower-income communities have been turning towards manufactured homes as an affordable option for years, and now others are catching on! 

Create a Healthy Home Option

Manufactured homes also solve the problem of the lack of healthy homes. In situations where homeowners are looking to stay within budget but desperately need to get a house, they may purchase a home that is less well-kept than another home, simply because they need to save the money. By looking into manufactured homes instead, it allows homeowners to be far more comfortable and remain safe in a home that is up to regulations - without breaking the bank!

Easier to Finance

When it comes to getting a home loan, there are a wide variety of stipulations. Often, a good amount needs to be deposited, and navigating the difficulties of actually acquiring the home loan can be a long, drawn-out process with a less than favorable outcome. Since manufactured homes are so much less expensive than site-built homes, there are a lot of different financing options that can be used in lieu of the difficulty of getting a mortgage. More than that, when it comes to manufactured home loans, there are specific specialized manufactured home lenders that can offer specified financing options, leaving a larger window of opportunity. 

There isn't a perfect solution to trying to purchase a home - any time spent making such a big decision will be a long process! However, with the option of manufactured homes, purchasing a home can be far easier. Manufactured homes can allow first-time homebuyers to purchase the home that they want, rather than the home that they have to settle for in order to stay within budget. Manufactured homes are also often safer, easier to finance, and easily create the perfect space for first-time homebuyers looking to make their mark in the world. 

 

Tagged under: Home Buyer Information, Home Buyer Tips, Financing Information

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