There Has Been A Decline In Home Buying But Modular Construction Adapts

The sub-prime mortgage crisis has affected just about every form of housing within the country. Lending is more restrictive, current home inventories are still tremendous, and a large percentage is unable to make their current mortgage payments. And while the modular home industry has felt the effects, the impact has been much less than on the site-built housing industry.

Recent trends at the end of 2009 and thus far in 2010 has seen new customers considering modular homes in greater numbers. The largest group is those that normally spend $200,000 for a home but are looking to maximize their value while keeping the price within their budget. Modular homes boast greater value through better durability, larger square footage and more amenities compared to most equally-priced site-built homes. Given the continued pricing instability of new and existing homes, modular homes give a more stable value.

Fortunately, lending practices for many banks have now loosened enabling easier financing for modular homes that had met resistances previously. This will likely continue for both new and existing modular homes as incentives to banks to make these loans become more accessible to the home-buyer. Because some people are selling their existing homes out of necessity, getting into a new home at a lower price is their eventual goal. For the same amount of money, modular homes offer more than traditional site-built structures.

In addition to modular homes offering a better value solution, modular home manufacturers and retailers are expanding their markets. By being more creative, those in the modular home industry have found new customers who benefit from this technology. Virginian residents are starting to look more and more at modular homes as well. With the tidewater area being a huge construction type area, TC modular has definitely been on the rise of success. Contact us today should you have any questions regarding modular homes or if you'd like to take a look at our custom built homes we have to offer.

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