You know that typical American dream? Great job, awesome family, and a home of your own?
Well turns out that there is a new dream in town.
Millennials are choosing to buy homes on their own at almost double the rate of their parents.
And the women are trouncing the men. Solidly whooping some Real Estate booty.
Single women home buyers are often overlooked within the Real Estate marketplace – and this is a BIG mistake. Here’s some quick numbers, courtesy of the National Association of Realtors:
- Interestingly, single female buyers accounted for nearly twice as large a share as single male buyers for both first-time buyers (23 and 15 percent) and repeat buyers (17 and 9 percent).
- Twenty percent of recent homebuyers were single females, and 10 percent were single males.
- More women (15.5 million) than men (11.8 million) lived alone. Among these, women were more likely than men to own their homes (56% vs. 47%).
- About one-quarter of the nation’s nearly eight million single mothers spend more than half of their incomes on housing, compared with one-tenth of households headed by single fathers.
- Over the time period of 1994-2002, the number of unmarried females owning homes climbed from 13.9 million to 17.5 million.
In light of this info, here are five tips for all the single ladies out there.
1. Know Your Limits Financially
It’s all about the money.
Save up, have a big down payment to get a low interest rate, and only finance for 15 years if you can.
But most importantly, know what you can afford. Keeping enough of a cushion is important so that you aren’t super stressed. Heck, don’t even buy as much house as you want, buy as little as you need. Several women are doing this with the plan to turn their first home into an investment rental property later in life.
Financial control helps you have comfort when living in your new home.
2. Don’t Care About What Other People Think
“She bought her own home? And she’s not married? Crazy cat lady….”
Just because you own your own home doesn’t mean that you are signalling you are ready for life as a monk. I mean, really? What century are we in anyways?
If you can afford it, and you’re tired of your neighbors weekly frat parties, then go for it.
3. Have a Network of Professionals to Help You
This is where we recommend having an agent. Ooh, I can feel the eye roll from here and you saying “I KNEW that was coming!”
But hold on, let me ‘splain.
First, Real Estate is no longer simple. When Doreen started in real estate, the Offer to Purchase was half of a page long, and agents got to practice being a lawyer and filling out the rest of the offer. Now, there are over 11 pages (and growing daily, it’s like a never ending nightmare.) Take home point? Real Estate is complicated, get an agent who can help save you money and heartache.
Second, professional Real Estate agents have a large network, and I guarantee we know of someone who can help you with just about anything. So, they’re a great starting point
Before, during, and after any home buying experience you will need professional help with something, whether it be plumbing, heating and air, or even painting a room.
We don’t want to brag, but we for sure know somebody who can help you!
4. Be Informed
Learn everything you can about, well, everything! Where you want to buy, who you want to help you, property values, loan process, etc.
Like the previous point said, Real Estate is complicated, but the process will be SO much easier if you are an informed buyer.
Check out this one experience:
Douthitt tells how one friend, a mother and capable 20-year IBM executive, struggled when she tried buying a home in 2004 after inheriting money. The woman visited a property for sale and encountered the homeowner, who asked, “Honey, do you think you can afford this?”
Really? Don’t EVER let anyone tell you what you can or cannot do. Or should do.
So are you single and ready to mingle (with your future home? calm down ladies.) We can help!