Single Women, Not Men, Lead the Way in Home Buying
Posted by Tim Ryan on Tuesday, July 19th, 2011 at 2:15pm.According to the National Association of Realtors, single women have become a significant force in the real estate market. In fact, last year alone, 20 percent of home buyers were single women.
While no one knows for sure why single women seem to be purchasing homes in record numbers, the Joint Center for Housing Studies believes there are three primary reasons. These include a desire to:
- Live closer to family or to an employer
- Enjoy more space
- To find a place to "nest"
This theory seems to be backed by data, as only 12 percent of last year’s home buyers were single men. Due to the increased number of single women who are purchasing homes, real estate agents and builders are taking steps to appeal to this large market. As such, many new home construction projects include features such as extensive security features, low-maintenance yards and gourmet kitchens rather than those features that typically appeal to men.
“When women shop for a home with a man, I always see them deferring to him: his need for a garage, or a work space, or a man cave,” said Northern California realtor Jan Gray in a recent MSNBC article. “When women buy for themselves, they are excited about turning this place into something that reflects them and who they are – they know they could even paint the bathroom pink if they wanted to!”
According to the National Association of Realtors, single women aren’t just purchasing more homes. Rather, real estate agents are finding that women are growing savvier in regard to the home buying experience. Furthermore, it is not just young single women who are purchasing homes, as real estate agents are seeing everything from women who are just getting started on their careers to women who are preparing to retire who are interested in purchasing a home.
Regardless of gender, most experts agree that the historically low interest rates on home mortgage loans make now the ideal time to purchase a home. Still, when purchasing a home, buyers should keep four primary things in mind. These include:
- Location: consider your lifestyle and needs when choosing where to purchase a home
- Condition: consider whether or not you want to invest the time and money into making repairs to an older home when making a home purchase
- Price: the price of the home should not be more than 28 percent of your gross monthly income
- Future Plans: if a family is in your future, it might be best to purchase a home that can grow with you
It is also a good idea to consider whether or not the home would be a good rental property. For young singles who might experience upward mobility within their careers or who might later decide to get married and move away, purchasing a home that could be a good rental unit might be a solid investment in the future.
About The Author - Eric Bramlett is co-owner and broker of One Source Realty and specializes in Steiner Ranch Austin.
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