Posted 1.30.13 @ 9:20
The fastest growing demographic of new home buyers are single women, but why? Being a single woman usually means they’re self-sufficient, childless and have a great deal of income to spend on things like a brand new home. Home buying is also a lot easier when you don’t have a family to appease – you can have a giant loft with a tiny bench seat for your cat. But the problem always comes back to income and how much of a home people can afford.
Why do They Want to Buy a Home?
Everyone wants to build up equity for the future, and just because they’re single women that doesn’t mean they want to wait any longer than anyone else looking to buy a home. If you’re marketing or appealing to single home buyers you’ll want to showcase the property as an investment and a symbol of freedom and success. The better you’re able to articulate that the better the chances are you’ll sell your real estate.
Some want to build up equity, some see buying a first or second home as a milestone. It’s not just young women that are buying home but Boomers selling their empty nests and more – don’t lock into one mindset when selling or showing a property. A buyer is a buyer is a buyer and catering to what they want
Is It in Their Budget to Buy a Home?
Buyers have to not only have the ability to pay their mortgage each month, but have a 20% down payment too. It’s important that properties are in the right range and appealing to the right sort of buyer. A comparative marketing analysis can help figure out just what kind of buyers are buying and which ones will be the better choice. Reaching the right buyers will always be half the battle, and it’s important that you work with a professional where you live to figure out who they are and how to get their attention. No one wants to market to a buyer that can’t afford their property.
What Kinds of Properties are They Looking for?
Everyone’s different. You’re going to find single women homebuyers looking at everything from high rise condos to 3 bedroom traditional detached homes. They almost always go where the jobs are, so that’s the best place to start. Young professionals will want to be near nightlife and work, while older professionals and retired people are going to want to have a place to showcase collections and near all the little amenities they’ve become accustomed to along the way.
Showing and selling to single woman home buyers is no different than any other kind of buyer. Everyone wants to build equity after all, but some buyers may consider homes on the edge of town to save on costs. Either way, they’re a demographic that can no longer be ignored and their buying power keeps growing year after year.