Denise Creswell, For The Tennessean2:02 p.m. CST February 27, 2016
Think your home is perfect for couples? Or that you as a buyer may be competing with other couples for the perfect home?
Think again. Your competition could very well be a single woman.
New data from the National Association of Realtors suggest that single women will be a growing demographic when it comes to homebuyers in 2016.
Single women buyers have made up a larger share of the housing market than their male counterparts since the early 1990s, buying at nearly twice the rate. These women have a strong desire to feel settled in a community and do not believe that marriage is a prerequisite to homeownership.
According to NAR’s 2015 Profile of Homebuyers and Sellers, single women accounted for 15 percent of all homebuyers, and many believe that number will increase in the next few years. Women buyers had a median age of 50, with 72 percent purchasing detached single-family homes and 90 percent using a real estate agent to guide them through the purchase process.
Here are some reasons why single women are set to take the 2016 real estate market by storm:
Desire to own: Thirty-seven percent of unmarried female homebuyers said the desire to own their own home was their primary reason for purchasing a house. Women are the most likely to make sacrifices, like cutting spending on entertainment or luxury items, to afford purchasing their home. This demonstrates just how high a priority they place on homeownership.
Rising incomes: In large cities across the country, women have seen a significant rise in average income the past few years. Traditionally, single female homebuyers have had to stretch their budget to buy a home. Now, with higher incomes, these unmarried women can enter the housing market without taking on as much of a financial burden.
Availability of housing: According to NAR research, single women typically purchase single-family homes with three bedrooms and two bathrooms. These are the same properties usually targeted by investment buyers. Over the last year, people buying homes strictly as investment properties were not as active in the market. If these investors continue to back away from the market, housing options could become more plentiful for single buyers in 2016.
Single or not, male or female, it’s a great time to be a homebuyer in Middle Tennessee. And today is a great day to connect with a Realtor about buying a home.
Denise Creswell is president of the Greater Nashville Association of Realtors. Contact her at 615-473-1663 or firstname.lastname@example.org.
Author:Jeremy Flax Phone: 615-582-0909 Dated: March 23rd 2016 Views: 506 About Jeremy: ...
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