Looking back, what was 2020 — boom or bust? We’re going to look at how Covid-19 affected the mobile home industry. Hindsight is 20/20, so let’s examine the last year and how the pandemic may have left its mark on mobile homes.
At the onset of the pandemic, investors were plagued by many unknowns. Where are we now? Let’s look at how the mobile home industry fared amid the pandemic.
Covid-19 and the mobile home industry
At EZ Homes, this isn’t our first rodeo. Remember the 2008 housing market crash? It was a good time to buy into the stock market, for example. The brave invest and reap the rewards when the market rises up from the ashes.
Mobile homes are no different. EZ Homes continues to buy. Even if homes don’t sell immediately, we believe they’ll sell eventually. We may have to take a little less than usual, but the business goes on.
A crisis is an opportunity for bold investing. This is where we double down.
The 2020 boom
While 2020 proved a challenge for commercial real estate, home buying proved to come with a boom over the summer. Despite job loss for millions of Americans and an economy struggling to survive, millions took to house hunting.
Working from home
With the pandemic came the home office setup. With more people spending time at home, workers found it essential to have a home environment conducive to being home all day, almost every day. In the eyes of individuals and families, the value and importance of a home have increased as a result of the pandemic.
According to a Realtor.com survey, 63% of millennials surveyed intend to buy a home due to being able to work remotely. Forty-nine percent believe COVID pushed them to buy a home sooner rather than later. And 68% percent said the shelter in place orders helped them to save up for a down payment. Forty-five percent count on receiving financial assistance from their family or friends.
Mobile homes offer affordability
There’s much to be gained and little to be given up when it comes to acquiring a mobile home. For a homeowner on a budget, a mobile home offers a bargain in terms of quality and pricing. It comes as no surprise to us that people are still engaged in flipping mobile homes, considering the opportunity for buyers that arose in 2020.
In short, the mobile home industry is still at it.
Looking forward with optimism
There are still many unknowns in the future, but we remain optimistic after seeing time and time again the rewards of bold investing. More change is on the horizon with the effects of a new President and how that President may choose to handle the pandemic, the state of employment, and any changes in real estate or zoning laws, to name a few possibilities.
Despite change, people will continue to buy homes
People will continue to buy homes.
And if your niche is in mobile home vacation rentals, all hope is not lost. Sure, vacations have dropped in popularity due to the pandemic, but there seems to be a continued interest in short term rentals and even hotel rooms for those who must work remotely. These locations can provide a nice way to create quiet and get work done.
Facing the future
Here at EZ Homes, we continue to march forward in optimism. Problems create opportunities for ingenuity and problem-solving. For example, thanks to the pandemic, real estate websites are becoming more streamlined and user-friendly. People are leveraging video conferencing technologies to conduct live showings of homes.
Welcome to the future. It’s not all bad. We hope for and look forward to a better 2021 for all. We won’t say the past year was easy, but we’re always keeping an eye out for a silver lining.
Learn more from EZ Homes
For those who are interested in seeing how mobile homes can be set up for short term rentals, see How To Create A Vibrant & Welcoming Mobile Home Rental. We’ll give you a good glimpse at what it takes to turn a mobile home into a short term rental. In no time at all, you’ll have a beautiful little getaway on your hands — an alluring opportunity for visitors in need of some quiet to work or chill.
There’s a world of opportunity in mobile home investing. Feel free to have a look around our site. Here at EZ Homes, you’ll find a wealth of resources at your fingertips.