Fed Chairman Jerome Powell during the July 27, 2022 meeting.
In consecutive meetings now, The Federal Reserve has raised rates 0.75 to help stave off inflation that has reached 9 percent, the highest in decades.
However, atop its report was a hint toward an increasingly positive outlook on the other economic pressures that historically have pushed inflation.
“Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed stated in a news release.
The Fed’s goal is the guide the economy back down to a standard 2 percent inflationary rate.
“That starts with economic activity… that we need. Of course we’ll be looking at labor market conditions,” Federal Reserve Chairman Jerome Powell said in media and analyst Q&A following the close of the two-day meeting. “Do we see inflationary pressures declining.
“We will make decisions on a meeting-by-meeting basis,” he said.
Powell said a moderate slow-down of the economy is necessary in order to restore price stability that will positively influence long-term hiring and investment. He said the economy is not in a recession, even if recent GDP numbers show a month-to-month decrease. Employment and wages remain strong, for instance, and the latest numbers on orders for durable goods beat expectations of 0.04 percent to achieve 1.9 percent. Those June orders were up 10.9 percent from a year ago, while orders excluding transportation are up 7.2 percent.
“It doesn’t make sense the U.S. economy is in recession right now with these kinds of things happening,” he said.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of their goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and expectations, and financial and international developments.
Brian Wesbury, chief economist with First Trust Financial, had this to say following the Fed increase and news on a 0.9 percent dip in GDP.
“Stagflation, yes, official recession, not yet. We understand that people think (and some feel) that this is a recession, but the first half of the year included payrolls growing 457,000 per month, lower unemployment, and industrial production up at 5.0%+ annual rate,” Wesbury stated in a post to newsletter subscribers. “These things don’t happen during recessions and we would not be surprised if at least one of the first two quarters of the year is later revised positive.”
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.7 percent annual gain in May, down from 20.6 percent in the previous month.
The 10-City Composite annual increase came in at 19 percent, down from 19.6 percent the previous month. The 20-City Composite posted a 20.5 percent year-over-year gain, down from 21.2 percent in the previous month.
“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” S&P DJI Managing Director Craig J. Lazzara said. “Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile historically.
“The market’s strength continues to be broadly based, as all 20 cities recorded double-digit price increases for the 12 months ended in May,” he said. “May’s gains ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them.”
However, at the city level there is evidence of deceleration, Lazzara said. Price gains for May exceeded those for April in only four cities. As recently as February of this year, all 20 cities were accelerating.
Tampa was the fastest growing city for the third consecutive month at +36.1 percent, with Miami second at 34 percent growth. Dallas fought its way into the top three with a gain of 30.8 percent. Prices continued strongest in the South and Southeast, both of which recorded 30.7 percent gains year-over-year.
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data, and research, and home to iconic financial market indicators, such as the S&P 500 and the Dow Jones Industrial Average.
About 22 million people live in manufactured homes in the U.S. Last year the industry supplied more than 105,000 new units, the most in more than 15 years. Photo: Pierpont Fields, Morgantown, W.V.
The U.S. Department of Housing and Urban Development on July 19 posted to the Federal Register another slate of changes for manufactured housing, the most robust update to the HUD Code in decades.
The changes include 88 new and updated standards, bringing the HUD Code in line with more recent manufactured housing industry standards, and further improving the quality and safety of manufactured home construction.
“Manufactured homes are an important element of the nation’s affordable housing supply,” HUD Assistant Secretary for Housing Julia Gordon said. “These proposed updates, when final, will help to expand the availability of safe and affordable homes that align with current design trends and construction methods.”
Proposed changes in the rule will facilitate innovation and greater production of manufactured homes with features that are sought-after by consumers and that are common consumer needs for modern living, HUD stated in a press release on the updates.
When final, the updates contained in the proposed rule will enact a significant number of recommendations made by the federally-mandated Manufactured Housing Consensus Committee.
Further, the updates will eliminate the need for manufacturers to obtain alternative construction approvals for frequently requested features and materials that already meet or exceed HUD standards. The proposed updates are available for public comment for 60 days.
Overview of Proposed Rule Changes for Manufactured Housing
Materials that facilitate modern design approaches and improve quality: Updates to reference standards for materials (wood, steel, piping) and products will align with other building standards, will allow the use of more modern design approaches and installation of alternative materials, and will improve the quality and safety of homes for consumers.
Ridge roof designs: Revising definitions and regulatory language will allow certain specified roof ridge designs (peak cap and peak flip roof assemblies) without a requirement for specific on-site inspections by a HUD-approved agency, except for certain exclusions. This type of roof installation is common throughout the industry and uses technology that is time-tested. This will be beneficial for manufacturers and consumers by incorporating more recent design practices into the regulations and eliminating unnecessary inspections and associated costs.
Multi-unit manufactured homes: Proposed changes to regulatory language address multi-unit dwellings, proposing allowance of up to three units while assuring comprehensive fire safety to multi-unit occupants by adding benchmarks and guidelines that meet Manufactured Housing Construction and Safety standards. This may help to further leverage manufactured housing as a means of addressing affordable housing needs.
Open floor plans, truss designs, and specifications for attics: The updated requirements for exterior door separation and structural design requirements will improve allowances for open floorplans while maintaining fire safety, clarify unclear provisions, and allow the potential for optimization of truss design. In addition, the proposed rule will include more clarity regarding structural design requirements for attics.
Accessibility improvements: Modifications to standards for accessible showers will comply with nationally-recognized disability standards for roll-in showers. This will eliminate the need for HUD alternative construction approval and reduce costs and burdens for manufacturers and consumers.
Modern and energy-saving appliances: Updating and adding new standards will allow for the use of more modern and energy-efficient appliances, including gas-fired tankless water heaters, eliminating the need for HUD alternative construction approvals for the use of such appliances.
Additional process efficiencies that save time and reduce costs: Improved language stipulating prerequisites for the process of obtaining installation licenses will increase flexibility for installers; updates to water system piping testing procedures will decrease on-site testing time; and utilization of appliance QR codes for manuals and information will reduce paperwork and bookkeeping.
In January, HUD published proposed rule changes for manufactured homes, that were given an added grace period before going into effect. Those changes, which took went into effect July 12, address data plates, interior passages, stairways, safety alarms, garages and carports, among other considerations.
What is HUD Code?
The National Manufactured Housing Construction and Safety Standards Act of 1974, often referred to as the HUD Code, authorizes the establishment of federal standards for the design and construction of manufactured homes to assure quality, durability, safety, and affordability. Effective in 1976, HUD established the standards, which has worked to transform manufactured homes in quality, safety, durability, and affordability.
HUD standards may preempt state and local laws that do not conform to the HUD standards. HUD’s Office of Manufactured Housing Programs enforces standards directly or through State Administrative Agencies that have partnered with HUD, monitors inspections of factories and retailer lots, regulates installation standards for the homes, administers a dispute resolution program for defects, establishes and collects a fee for each home built, authorizes a certification label to be placed on each section of a home that meets the HUD standards, and pursues a civil or criminal action for violations of the act.
What Does the Manufactured Housing Consensus Committee Do?
The Manufactured Housing Consensus Committee is a statutory Federal Advisory Committee body charged with providing recommendations to the Secretary of HUD on the adoption, revision, and interpretation of HUD’s Manufactured Home Construction and Safety Standards and related procedural and enforcement regulations. The MHCC was also charged with developing and proposing model installation standards to the Secretary of HUD, so HUD could enact model manufactured home installation standards and implement an installation program for the manufactured housing industry. By regulation, HUD also engages the MHCC in the process of revising the Manufactured Home Model Installation Standards and Installation Program Regulations.
How Manufactured Home Appraisals Provide Insights in a Red-Hot Market
By Mark Johnson
Mark Johnson, Datacomp Appraisal
Even casual observers of the U.S. housing market during the last two years have expressed wonder over the rush of movement in all aspects — from consumer preference changes to the increasing pace of sales activity — and lost on no one is the rapidly increasing cost of homes in most markets.
Housing stock has been low for years, particularly in the mid- and lower segments of the market. Prices were rising steadily before the Pandemic, and with a rush of associated locational and lifestyle changes in combination with near-zero interest rates, material shortages, price increases, inventory constraints and creeping inflation, the top line result is red hot home selling prices increasing by 18 percent across the market as a whole in 2021 according to the S&P CoreLogic Case-Shiller Index.
So, in a sizzling housing market, how is a seller certain to know they’re being fairly compensated for their asset? Likewise, how does a lender move forward confidently knowing their investment in a transaction is sound? How can the seller, buyer, and lender increase the likelihood of a successful transaction rather than facing the potential of a canceled deal?
As a nationwide appraiser of manufactured homes, Datacomp relies on three primary tools to help us more accurately determine a fair manufactured home valuation in a hot market:
1. Using the most recent comparables possible, even giving consideration to pending sales that are under contract. This means taking the extra time to make some additional phone calls to the community office, in-park brokers, and local real estate agents who may know of a recent or pending sale.
2. Factoring in a sale date adjustment to reflect the fact that the market has been appreciating and a comparable sale from even three months ago would most likely sell for more today.
3. Placing the most weight on the most recent comparable sale. If the market is appreciating at a high rate then home values can be changing on a weekly basis. Understanding that fact and placing more weight on the most recent sale helps the appraiser properly reflect the current value of the home.
Understanding Manufactured Home Valuation Methodologies
When it comes to the appraisal of manufactured homes for sale in communities or where land is not part of the transaction (chattel), there are two predominant valuation methodologies in widespread use today. One is the cost-based approach, which essentially takes what manufacturers typically charge retailers for their homes, applies a retail mark-up, and then an increase or decrease to that value over time based on broad appreciation and depreciation trends nationwide. This is also commonly known as a “book value”, after the printed guide books for manufactured housing values originated by organizations such as the National Automobile Dealers Association or Kelley Blue Book®.
The second is the market-based approach for manufactured housing, which is based on the actual sales of comparable homes in the market area surrounding the subject property. This is the same approach used in the valuation of conventional, site-built real estate, including manufactured homes where the land is part of the transaction.
In our 35 years of performing manufactured home appraisals, we have had the opportunity to utilize both valuation methodologies through multiple market cycles, depending on the individual needs of the client and subject property.
While both methodologies have specific advantages and compromises, it has been our experience that an appraisal that market-based approach provides the most consistent, reliable values in volatile markets.
In a rapidly depreciating market experienced by our industry several decades ago, the market-based valuation approach was relied on by lenders to avoid overfinancing homes and limiting their rate and severity of loss. The market-based approach provides the same safeguards today in a rapidly appreciating market where buyers’ enthusiasm and emotion may be outpacing value trends in their market.
Sea Air, Rehoboth Beach, Del.
The Advantages of a Market-Based Approach in Volatile Markets
1. The market-based approach considers the specific qualities of each market in determining value.
All housing markets are not created equal. This is true not only of the region and state, but also for the local housing market. It’s like asking, “How much is a three-bedroom home in a nice neighborhood in Ohio worth?” That’s a very difficult question to answer because there are so many variables. Location is everything, and we know that there can be vast differences in housing values from one housing market to another even within the same state, even with identical homes.
2. The market approach does not reply upon assumptions about manufacturer, model, or series.
Listing activity or title data alone is often insufficient because it does not always contain complete information. Title data, for example, often shows only the manufacturer of the home, making it impossible to determine the model or the series. Guessing at the model and or the series can result in the value being seriously over or understated.
3. The market approach is not subject to broad appreciation/depreciation trends.
The millions of manufactured homes in this country consist of thousands of combinations of year, make, model, features and amenities. Each resides in a distinct market or submarket throughout the country. Additionally, many are located in one of the more than 43,000 land-lease communities nationwide, also with their own combination of attributes and amenities that contribute to the value of that location. Is it reasonable to assume that a broad approximation of depreciation and value trends could responsively and accurately reflect the individual market factors of hundreds of MSAs and CBSAs throughout the country?
4. Market-based values tend to have a more consistent relationship to actual selling prices.
When we compare manufactured home values to actual selling prices that are used in a market-based appraisal, it is apparent that there is a very consistent relationship between the two. This is the relationship we would expect since both value and selling price reflect market value most of the time, even under short-term variability. Historically when Datacomp has compared other valuation methods and market-based comparable appraised values to the actual sales price of the home, we noticed a much tighter correlation between the comparable appraised value and the sales price. Other valuation methodologies tended to produce results that differed from the sale price more erratically and to a larger degree.
5. Market-based values accurately reflect the marketplace.
In the late 1990s, Datacomp considered cost-based manufactured home values to be too high. We felt that the high values afforded lenders little protection against loans on homes that were overpriced. Also, the high and inconsistent values created the potential for over-advancing on refi’s. Today the opposite market dynamics are at work, but the market-based valuation methodology continues to be the best tool for understanding the true value of a home.
How to Ensure You Are Able to Get Reliable Valuations in an Evolving Market
Regardless of the strength of the market-based approach, the ability to obtain reliable values within an acceptable timeframe and at a reasonable cost is based on the availability of comps. Everyone wants a smooth transaction with a minimum of delays and unexpected surprises.
At Datacomp, we are fortunate to have a robust database, valued data relationships, and access to the more than $3 billion in manufactured home transactions that pass through the advertising platform of our corporate sibling, MHVillage. Fresh comps, though, are always appreciated.
Whether the market is moving up or down, the simplest thing you can do to ensure the ability of your appraiser to deliver a fair and efficient valuation is to make sure we have recent comps.
As the market has continued to evolve, market dynamics have placed increased pressure on the comp base to accurately reflect these rapidly changing values. Now, more than ever, it’s important to ensure that all of your sales, including cash sales and in-house financed transactions are reported.
If you are a community or retailer, you can easily submit your most recent sales comps using the MHI Community Attributes System website at MHICAS.org. You’ll find links in the navigation sidebar to report new and pre-owned home sales. They can be reported as individual transactions or by downloading a bulk transaction template.
From time to time, you may also receive a phone call from one of our representatives seeking recent comps for your community or market area. We recognize how busy everyone is, and we appreciate you taking the time to assist us.
That next comp you provide just might help make the difference on one of your future deals.
Mark Johnson is vice president at Datacomp Appraisal Services, a leading national inspection and appraisal company that provides value information to manufactured housing professionals. Datacomp has a national network of about 800 field inspectors and does appraisal and inspection work for thousands of lenders, credit unions, insurance companies, private individuals and others interested parties across the country.
A SECO Planning Committee member speaks with an exhibitor at SECO19 in Atlanta, Ga.
Attendees have until July 31 to register for the Early Bird discount and take advantage of the discounted hotel group rate
The SECO National Conference of Community Owners announced today that registration has opened for SECO22.
This year’s conference, which marks the return to a live, in-person format, will take place at Stone Mountain Park in Atlanta, GA, at the Atlanta Evergreen Marriott Conference Resort from October 3 – 6, 2022.
“SECO has always been about making personal connections and fostering education with small to mid-size community owners and managers,” SECO Co-Founder and organizer Spencer Roane said. “We are thrilled to be back in Atlanta this year to continue the tradition in-person and share industry knowledge among fellow professionals.”
Early-Bird Pricing, Hotel Group Booking Rate Available This Month Only!
SECO22 has also announced the return of its “Early Bird” pricing, available only for attendees who register for the event before July 31.
“Once Early Bird pricing is gone, it’s gone for good,” Roane said. “We urge our attendees to register for the event and book their lodging by July 31 to avoid missing out on the best rates for SECO22.”
Attendees who register this month can take advantage of various Early Bird packages, including a VIP package for just $599 that includes full event access, SECO21 and SECO20 event recordings (a $746 value), and several VIP perks including lounge access and an extra gift.
Additionally, SECO22 discounted room rates for the Atlanta Evergreen Marriott Conference Resort end July 31 as well. Attendees can visit secoconference.com/seco22/venue to book their lodging for SECO22 at the group rate of $163 per night. After July 31, room rates increase.
What’s New at SECO22?
By attending SECO22, you’ll get to tour on-site, display manufactured homes to see the latest developments in industry manufacturing, take part in SECO’s first-ever golf tournament and networking roundtables, attend three receptions for entertainment and networking, experience SECO’s first-ever live band at the event, and attend all-time favorite SECO educational sessions to further your industry knowledge.
This year’s event is expected to draw over 500 industry professionals from all over the country.
Now in its 12th year, SECO has been a landmark conference “for community owners, by community owners,” providing the opportunity to learn, interact, network, and shop the latest manufactured housing offerings.
Sponsorship and exhibiting opportunities for SECO22 are also available. Official sponsors for the 2022 event will be seen by industry personnel from all over the US and Canada who are looking for products and services they need. To learn about sponsorship, exhibiting, and advertising opportunities, fill out the form at secoconference.com/seco22/sponsorship or call (470) 894-6052
For more information on SECO22, visit secoconference.com. SECO22 is an industry conference for manufactured housing professionals and is not open to the general public.
About SECO National Conference of Community Owners
The SECO National Conference of Community Owners was founded 12 years ago by a small group of committed manufactured housing professionals and has been held each year near Atlanta. The gathering is dedicated to building an industry environment and culture that looks to share best practices and help form new ideas. SECO, a tax-exempt 501(c)(3) organization, was created for community owners, by community owners. All proceeds go toward planning and programming for the next year’s national gathering. As a nonprofit 501(c)(3) organization, net proceeds fund projects for veterans and first responders living in manufactured housing communities.
Champion Retail Housing, a subsidiary of Skyline Champion Corporation announced that it has reached an agreement with Alta Cima Corporation to acquire Factory Expo Home Centers and associated assets at a dozen Skyline Champion manufacturing facilities across the United States.
“We are excited to welcome the employees of these retail sales centers to the Skyline Champion family and look forward to the continuing collaboration with the Alta Cima team,” Skyline Champion President and CEO Mark Yost said. “This announcement reflects our commitment to elevate the customer experience directly with consumers, and to accelerate the capabilities that benefit all our channel partners.”
Yost said Alta Cima will provide Skyline Champion with ongoing services and support of the home centers following the sale as a way to ensure the continued seamless experience employees and customers have appreciated throughout the process.
Jim Breen is the owner of Alta Cima Corporation.
“Our experienced team of manufactured housing experts are excited to support Skyline Champion’s ongoing success of providing an enhanced and fully complete customer experience for its homeowners,” Breen said.
Skyline Champion Corporation is the largest publicly held provider of manufactured homes in the U.S., with home building facilities, and existing retail efforts that include the operation of Titan Factory Direct.
The company employs approximately 8,700 people, and has nearly 70 years of homebuilding experience now with 42 manufacturing facilities, existing trucking operations, and now an expanded retail network.
Fairview Manor in Millville, N.J., a UMH Properties community.
Datacomp published July 2022 JLT Market Reports for manufactured home communities in Colorado, Delaware, New Jersey, and Wyoming, which include mobile home rent comps, occupancy, and other vital up-to-date data.
JLT Market Reports provide detailed research and information on manufactured home communities in 186 U.S.housing markets. Reports include the latest rent trends and statistics, marketing programs, and a variety of other useful management insights.
Datacomp’s JLT Market Reports are the nation’s #1 provider of market data for the manufactured housing industry. JLT Market Reports are recognized as the industry standard for manufactured home community market analysis.
July 2022 manufactured housing market data published in JLT Market Reports for Colorado, Delaware, New Jersey, and Wyoming include information on 242 “All ages” and “55+” manufactured home communities.
Altogether, the reports from the four states’ manufactured home communities include data representations for 63,189 homesites.
Regional Trends in Manufactured Housing Community Rent and Occupancy
The West region manufactured home communities show a year-over-year 0.7 percent increase in occupancy and a 7 percent increase in adjusted rents year-over-year.
Northeast region manufactured home communities show a year-over-year 0.4 percent increase and a 4.2 percent increase in adjusted rents year-over-year.
What’s in JLT Market Reports?
Each JLT manufactured home community rent and occupancy report from Datacomp has detailed information about investment-grade communities in the major markets. The detailed information includes:
Number of homesites
Occupancy rates
Average community rents, and increases
Community amenities
Vacant lots
Repossessed and inventory homes, and much more
JLT Market Reports also include management insights that rank communities by number of homesites, occupancy rates, and highest to lowest rents. Established reports show trends in each market with a comparison of July 2022 rents and occupancy rates to July 2021, as well as a historical recap of rents and occupancy from 1996 to present date in most markets.
The July 2022 JLT Market Reports for manufactured home communities in Colorado, Delaware, New Jersey, and Wyoming are available for purchase and immediate download online at the Datacomp JLT Market Report website, or they may be ordered by phone in electronic or printed editions at (800) 588-5426.
Each fully updated report for mobile home communities is a comprehensive look at investment-grade properties within a market, enabling owners and managers, lenders, appraisers, brokers, and other organizations to effectively benchmark those communities and make informed business decisions.
Oceano, California, USA - February 27, 2022. Mobile home park, age-restricted (55+) community in Oceano, California, street view
During my career, I’ve had the pleasure of working with and training over 2,000 housing professionals in our industry. With that experience, I was able to develop traits of the “Best Of The Best.”
Here are some of the characteristics successful housing consultants all seem to have in common:
Empathy
Simply put, empathy is the ability to put yourself in the shoes of your customer.
People buy from people they trust. I specifically recall one consultant telling me how she helps customers solve their problems by showing them how she’s helped past customers with the same issues.
Think about this for a moment. Every customer who visits your manufactured housing community or sales center has a problem. It’s too big, too small, too expensive, they’re getting married, divorced, having more children, etc. Of course, many of them also have credit issues.
So, before trying to sell them a home, focus on building trust, comfort, and relationships. It will make working with your customers that much easier!
By the way, are you working with a reputable credit repair company? Across the nation, the “Best Of The Best” all have firms that work with their customers. It can be time-consuming, but you’ll increase your sales dramatically if you (and your customer) have patience.
Strong Work Ethic
Do you have a systematic program every day when you come to the office? In talking with housing consultants who consistently sell 100+ homes per year, they all have a strategy in place to start their day.
Across the board, here’s what these top professionals do:
1. Arrive at the office a minimum of 45 minutes early to avoid distractions. (many come in an hour or more before opening)
2. Prepare for the day by reviewing all the day’s activities in their CRM including appointments, follow-up, quotes, closings, etc.
3. Respond to all social media and e-mails from the previous evening.
4. Post all new social media pictures and video
Customer Engagement
This is not just spending more time with customers, although the top 10% of housing consultants spend an average of three hours MORE per day prospecting with potential customers (I suggest you reread this).
Also, those top 10% are working with fewer customers! This comes with learning who your real “Hot & Warm” prospects are and focusing on that group.
They’re also using everything they can to differentiate themselves from the competition. This includes handwritten thank you notes, video e-mail, text messaging, etc.
Here’s also something all these top-tier professionals are doing with e-mail. They use what I call the Go51 plan. It’s quite simple. Every e-mail you send should have no more than five sentences and only one topic.
So, if you have a customer that inquires about three homes, send three separate e-mails.
By the way, short video e-mail has an opening rate of 91% while regular emails attract only 17% of your prospects.
So, here’s the bottom line on prospecting and customer engagement. If you’re not spending 40% of your time on this critical area, you’ll never reach your full potential.
The Palm Harbor sales center in Plant City, Fla.
Greeting Your Customer
One of my favorite sayings is, “Don’t become another me-too housing consultant.” When I first visit almost every retail sales center or community, I hear the salesperson saying the same things:
“What are you looking for, a single wide or doublewide?”
“How many bedrooms and baths?”
“How soon are you looking to move?
“Do you have land?”
You’ll notice that every one of these types of questions is called “Closed Probes.” They will bring a response from your customer that is only one word or sentence.
Learn to use “Open Probes” as they will have your prospective homeowner give you a response that is generally two or more sentences in length. It also lets them know you have an interest in helping them.
Earlier I talked about Empathy and Customer Engagement. Yes, it’s true you only have a few seconds for that customer to decide if they like you or not … so take advantage of those few seconds and engage your prospect.
Here’s the open probe that I recommend everyone use, both retail sales centers and communities, when first greeting your customer:
“Hi, I’m Ken Corbin, and welcome to XYZ Homes. So what are you trying to accomplish?”
This will cause them to begin telling you not only why they’re here but what they’re wanting. IMPORTANT: Have a clipboard available and begin writing down everything they say.
Next time we’ll share even more ideas from the “Best Of The Best.”
Registration is now open for this year’s MH FacTOURy Summit, hosted at the RV/MH Hall of Fame, from August 16 – 17, 2022.
The event will coincide with the grand opening of the Hall of Fame’s Manufactured Housing Museum, which has been in development since 2020. The museum’s grand opening will take place one day prior, on August 15.
Hosted in-person for the first time since 2019 due to the COVID pandemic, the MH FacTOURy summit will bring together retailers, community owners, property managers, sales personnel, and other manufactured housing professionals for two days of factory tours and educational seminars.
Attendees will have the chance to tour the region’s leading manufactured home building facilities, meet with factory representatives, see the latest innovations in engineering and construction, and sharpen their sales, marketing and operations skills with informative seminars from industry experts.
“We are excited to host the MH FacTOURy Summit in Elkhart this year,” Ron Breymier, Executive Director of the Indiana Manufactured Housing Association – Recreation Vehicle Indiana Council, said. “By opening the MH FacTOURy Summit immediately following the opening of the Hall of Fame’s Museum, we’re welcoming the industry with open arms to celebrate our past, discuss what’s working in the present, and look towards the future.”
Exhibition and Sponsorship Opportunities Available For This Year’s MH FacTOURy Summit
If you’re a manufactured housing industry professional and would like to increase your company’s exposure and show everything it has to offer, consider signing up to exhibit or sponsor at the event.
Sponsors can take advantage of various brand visibility opportunities throughout the event while boosting their brand visibility among manufactured housing professionals.
For exhibitors, the MH FacTOURy Summit will offer:
Six-foot table-top display in seminar area
A list of Summit registrants and participants
Complimentary attendance for two at the continental breakfast, luncheon and Summit reception
Additional opportunities to sponsor break, lunch, and the Summit reception
Five opportunities to network with attendees
For more information regarding sponsorship and exhibitor opportunities, please contact Sue Bartee at (317) 247-6258 ext. 14 or email info@imharvic.org.
If you’re interested in attending the MH FacTOURy Summit, visit mhfactourysummit.com to register today. This event is an industry conference for manufactured housing professionals and is not open to the general public.
A home for sale at Far Horizons East in Tucson, Ariz.
‘No one expects that bringing about a soft landing will be straightforward’
The phrase “tenuous at best” is one I often lob at my kids when they’re endeavoring in activities that lead to questionable outcomes. Economic conditions in the U.S., and indeed globally, seem to be in that phase right now.
The general easing — that is a reduction in the volume the Fed puts into the bond market — several months ago began the slow-burn fight against inflation, and analysts now anticipate added increases of the benchmark rate to the tune of a half or three quarters each as many as six more times through 2022.
Fed Chairman Jerome Powell said the board will use all of its tools to work toward a soft landing, a difficult-to-achieve mix of levers that can reduce inflation without bringing on a recession.
Cynicism is easy. Powell said Fed officials landed safely in 1965, 1984, and 1994, so there is plenty of information to operate on, but acquiesced in noting “I hasten to add that no one expects that bringing about a soft landing will be straightforward in the current context — very little is straightforward in the current context.”
First Trust Advisors Chief Economist Brian Wesbury, as noted on the MHInsider blog in March, and in a newsletter to subscribers said the more direct route to economic stability would be to raise the rate to 2 percent immediately.
“If you’re a hawk, the attraction is obvious: the Fed is finally on the ball and more likely to get inflation under control. But we also think a dramatic move in policy should appeal to doves. Even the most dovish policymaker at the Fed is forecasting a short-term interest rate of around 2 percent in late 2023 and late 2024,” Wesbury said, citing the Fed’s dot plot released that week. “Getting to 2 percent more quickly might open the door to staying there (or above) for a shorter amount of time.”
Housing Growth Slows, Remains Strong
With inflation, labor shortages, and supply chain disruptions from not only the Russian invasion of Ukraine but also a recently renewed set of lockdowns in China, the biggest problem for builders continues to be getting homes up fast enough. Inventory shortages continue to be the number one factor holding back sales, though activity remains at a strong pace because of Millennials finally entering the housing market in force, as well as the massive internal migration in the U.S. that was originally sparked by the pandemic.
Buyers simply want the change they want, whether it’s downsizing or upsizing, buying the first home, buying a second home, moving to rural areas or out of state, moving because work at home allows for it, moving for more amenable housing markets, or just moving to move.
The surplus of demand paired with a lack of supply pushed up home prices nationwide by nearly 19 percent last year. Estimates of growth in ‘22 range from 2 percent to 14 percent. Tenuous at best.
However, even though the most pessimistic outlook sees less of a rush in ‘22-23, it is still calling for additional growth. While pricing still benefits the seller, the environment is beginning to change with mortgage rates rising consistently so far in 2022, impacting affordability. Homes sales this year should be closer to listing prices than any time in the last 18 months.
More builders are turning to the middle market, where the lack of inventory is the worst and opportunities are growing due to unmet demand. Growth in affordable housing, in particular, is a must, a mandate, a moral obligation, and a near certainty in the marketplace.
The big question is how builders boost their productivity to overcome the hurdles that are holding back additional construction. Manufactured housing holds the key to this question and will help meet the growing demand for housing on the horizon.
More than 1,500 manufactured housing professionals are expected in Las Vegas April 7-9 as the Manufactured Housing Institute’s Congress and Expo returns to the...
With more homes, more exhibitors, and more buzz than ever before, the 2026 Biloxi Show is expanding, and fast.
The Biloxi Manufactured Housing Show &...
