What Do Single Women Want – In a Home?
By Christopher Shaw
There is a new trend in today’s real estate market and that trend is Single Woman buyers. In recent years single woman have become a “force to reckon with”. According to recent national studies by National Association of Realtors, Fannie Mae, single women account for the fastest growing segment of home buyers. The reasons for this new trend varies. Today’s women are earning better wages, many are divorced or have simply chosen to postpone marriage and build lives independently. Quite simply many are wise enough to take advantage of the current market which is excellent for buyers. The question is what are these single women looking for in a home?
Studies show that women have a very distinct criteria when it comes to buying a home. They know exactly what they want!
1. Security was high on the list . Women are seeking homes in neighborhoods that they feel safe and secure in.
2. As they say in the real estate industry; location, location, location. If you did not get it the first time location is also very important. Woman typically desired homes in well planned communities in good school districts, close to family and work if possible, shopping and other conveniences.
3. Women, whether they savor the joy of cooking or the art of making reservations. Most tend to desire homes with spacious well equipped updated kitchens. Kitchens that provide lots of cabinets for storage, granite counter tops with five to six feet of workable space complete with appliances.
4. Bathrooms are also important. Women want bathrooms that offer a spa like experience.
5. Lots of closet space was also important along with ample storage space as well. We are a society of consumers, we have a lot of things. We need somewhere to put those things.
6. Financing assistance. Recognizing this trend, lenders are targeting and offering programs specifically designed to assist single women in purchasing homes. There are programs that offer assistance to divorced women, single mothers as well as down payment assistance just to name a few.
8. Although women are no longer afraid of maintenance many women are looking for condos and townhouses which offer lower maintenance like lawn care and landscaping along with amenities such as pools, recreational rooms, and gyms. Due to time constraints and busy lifestyles these living situations simply make things more convenient. I must add that women are also buying single family homes however the purchase of townhouses and condos is increasing with this trend.
9. Studies also state the women are buying homes in the median price range of $139,000 – $162,000. ????????
(note: the price range depends upon the income level of the single women used for the study.)
10. An investment in financial well-being. Single women are planning their financial futures and see owning a home as a part of building wealth. They are looking for homes that they can sell or rent at a later date as they climb the economic ladder.
As single women continue to buy into and change the face of the real estate market, it has become increasingly important that housing professionals continue to expand their marketing efforts toward this growing and powerful demographic.
Article Source:www.ezinearticles.com
Is there anything you would add to the list of must haves? Tell us in the comments!
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Hi Cindy,
Thanks for your comment!
You’re right, if you live in Vancouver those prices seem crazy, however, I did a little research and I found that they are accurate for parts of the US.
According to the website http://www.realestateabc.com/outlook/overall.htm stats from March of 2010 reveal the following prices:
The median home price, the point at which half of all homes are sold for more and half are sold for less, fell in the South and Midwest but rose in the Northeast and West on a monthly basis.
In the Northwest, the median price rose to $245,700 from $245,300 in January, and the new price was up 7.5 percent from February 2009.
The median price in the West rose to $207,900 from $203,400 in February, but the price is down 9.8 percent from the year before.
The Midwest saw a price decline to $128,000 from $130,300, and the new price was down 2.0 percent from one year earlier.
In the South, the median dropped to $139,600 in February from $140,200. The new median is down 4.2 percent in a year-over-year comparison.
Data Source: National Association of Realtors
Wow – a median price range of $139-$162K?? In what area of the US are you describing? Clearly we’re not talking about the Vancouver market here in Canada. You can’t get a decent 1 bedroom in Vancouver for $350K. AND the dollar is at par with the US!