Single Ladies & the Real Estate Market
Each year, the housing market ebbs and flows; trends change, and buyer profiles shift. In 2016, the National Association of Realtors has seen a marked increase in the number of homes purchased by single women. Although the numbers slipped in recent years, as of now, single women represent 17 percent of the market, the highest amount since 2011.
Why are Women Buying?
Lenders are celebrating the return of women into the real estate market. There are several reasons women are buying a house. In many cases, it’s thought of as an investment or security for their future. Other reasons women state for buying a house include being closer to friends and family, attaining more stability with their living situation, and they want something of their own.
What do Women Want?
There are several things women look for in general when buying a house, however, the primary draw is safety and security. Many women look for buildings with a doorman and security features, which often means condos or small, tight-knit housing communities. For those who prefer condos, they are looking at another important aspect they want, and that’s lower maintenance.
Another thing that draws single women is location. Location isn’t about geography so much as it is about convenience. Women are looking for homes that are near friends and family, or services and entertainment. They are interested in places that have character, or complexes that offer gyms and other amenities.
In terms of size, the homes single women seek out reflect their desire for the future. They are looking for spaces to grow into rather than a studio or one bedroom.
Doing Their Homework
When buying a house, women tend to do their research. From developing a wish list to the overall home-buying process, women arm themselves with information. They know what they want and work to find places that fit their needs.
Women and Financing
In the past, women often needed cosigners to get a loan. These days, that is not the case. As women see an increase in income, have better credit scores, and are often open to possibilities that could improve their financial picture in the long run, they have become excellent candidates for lenders. Realtors and lenders are finding that single women buying a house span generations and incomes. The biggest increases in single women buyers have been found in cities like Seattle, Boston, and San Francisco.
Single women are an important part of the housing market, and their thoroughness and ability to pinpoint what they want make them excellent clients for agents. They look for security, connection to loved ones, great investments, and toward the future in their decisions.
If you’re looking at selling or buying a house in the Dallas-Fort Worth area, or want to learn more about the current trends in real estate, contact RE/MAX DFW Associates.