In the U. S. today, there is a growing segment of the homebuying population that has outpaced any other. Know what that is? It is single women. That’s right. For several years, now, this trend has been on the rise.
For about 15 years the number of unmarried women owning homes has risen dramatically. In fact, the latest NAR profile of homebuyers and sellers now has the figure at twenty-two percent.
There are, of course, several factors that have lead to this increase. Certain demographic trends are responsible. For example, improved education has enabled more women to pursue careers and seek financial independence. As a result many young women have delayed marriage. The increase in purchasing power has not gone unnoticed either.
Women own and operate 38% of all businesses in America and comprise 40% of the business school graduates. Now add to that, interest rates at history-making lows along with home prices that are making their own history. What do you have? It’s a perfect storm.
As if that’s not enough reason, there are others factors, too. The supply of housing is incredibly high and continued government attempts at stimulating the economy further fuel the increase of single women homebuyers.
Women by nature tend to do more research, spending a longer period of time in their home searches. Interestingly, they will more likely make needed home repairs. You might be surprised to know that nearly half of all the purchases made in the “big box” home-improvement stores are made by women. In the last 5 years, ninety-four percent of women who own homes claim to have completed a home improvement project during this period.
So, if you want to tap into this growing market you may wish to consider the following:
· Try condos as women find a sense of security in this type of community
· Deal with homes that lend to a home office
· Aim for low maintenance yards
· Allow for ample storage
· Natural light is important, especially in the master suite
Finally, if you are a female real estate investor you may do better with these buyers/sellers. Women traditionally trust other women a little more. Don’t feel bad, men. They just feel better understood by another woman. Go get ‘em, ladies!