All the Single Ladies (all the single ladies) . . .
Anecdotally, I’ve noticed over the past few years that my clients have increasingly been single women. It’s probably no surprise to those that know me that I LOVE the girl power! I decided to do a little research to see if my observations had any basis in fact -
Guess what - they do! According to the National Association of Realtors, 18% of all home buyers in 2018 were single women. AND single women are the only demographic group to increase in home buying since 1981. Single women outpace single men in home purchasing by more than double!
So, why are women buying?
A recent client, Alicia Pakusch, explains her decision, “I decided to purchase my own home because I wanted something that I could make my own and build equity from. I lived in multiple apartments and I never felt like I could entirely make it my own. There was always something that I wanted to change or upgrade to fit my interests better.” She hit the nail on the head. Women understand the value of purchasing both in terms of finances and personal taste.
Women are savvy with their money. They are familiar with first time home buyers clubs, they know how to save, and they’re investing!
Get a room of 10 women together and I challenge you to find 3 who have not mastered refinishing furniture or some other home improvement/decor (thanks, HGTV!)
We’ve already established that women are savvy with their funds, so it’s no surprise that they are aware that they can deduct both their mortgage interest AND property taxes
Owning = Equity
As rent prices continue to increase, so many women are realizing that their hard earned cash could be put toward equity in their home (one of the most stable investments) rather than throwing it away to their landlord
No Ageism Here
Women of all age brackets are homeowners: young professionals, single moms, and retirees all can and do purchase homes
30 is the new 40
As the average age of marriage increases, so too does the number of women homeowners - take your time finding the right partner, but know that a partner is not necessary to homeownership!
Closing up that wage gap
While we continue to fight a gender biased wage gap, women are making more money than ever before. That increase in income easily translates to wise investments - real estate!
In the past, there’s been a feeling among most people (women included!) that women can’t maintain a house. That couldn’t be farther from the truth! Between our DIY Queens, helpful YouTube tutorials, and the handy Preferred Professionals that we mail out every year, women are more than capable of maintaining a home. And don’t let anyone tell you otherwise!
Get your ducks in a row
As Alicia says, “My biggest advice to any first time home buyer, especially a young, single female, is to do your research and find a good realtor. Read reviews of realtors online and get recommendations from recent home buying friends. Talk with friends, family, and coworkers about their home buying experience. Take a class on what to look for in a home. Find something with good bones, because let's face it - your style changes as frequently as some ladies change their shoes. Think about where you see yourself in five years from now. Will you still be happy and comfortable in your house if you experience life changes?”
Ladies, if you’re interested in buying, find yourself a real estate agent that you trust. And do it early! Maybe you’re a year or more out from actually wanting to buy - all the better! Meet with one of us so that we can discuss the process. All good agents will be able to connect you with a knowledgeable, personable loan officer who can help to guide you. Assemble your team and start the hunt!