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Different
Strategies for Single Women |
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It is becoming known that single
women are the fastest-growing home owner demographic.
What is not as known, are the reasons of how and
why. A MortgageNewsDaily.com article entitled,
“Single Women Employ Different Strategies
In Buying and Financing A Home,” explores
the reasons behind single women’s real
estate prowess.
Some of the characteristics that differentiate single
women from single men and married couples are that
“they are older, have lower incomes, and a
higher percentage of minorities in their ranks.”
“All of these are of interest to those
who hope to market homes, mortgages,
and home improvement products to the fastest growing
segment of the home buying market. But what might
be most interesting about single female home buyers
is that they buy different kinds of houses, approach
the process in distinct ways, and even finance them
differently than other buyers.”
An interesting fact about the single women demographic
is that they finance
homes the fewest, 28 percent, out of any other
demographic group. Only 41 percent of single females
were first-time buyers, compared to 48 percent of
single men. “Thus, many probably had equity
from earlier homes and, since nearly two-thirds
reported being previously married, divorce settlements,
life insurance, and other forms of household wealth
no doubt enabled many cash purchases.”
An estimated 70 percent of senior women purchased
homes without mortgage
financing, and the majority who did need a loan
put down more than half the cost as a down payment.
A major factor for single women upon deciding to
purchase a home is its location. Over 43 percent
of single women chose their location based on proximity
to family and friends, compared to 33 percent of
single men and 37 percent of couples. But they also
placed a lower value on the proximity to work and
school. Only 37 percent of single women cited such
proximity as a reason compared to 40 percent for
single men and 48 percent for couples.
"They are also more likely to compromise on
the size and cost of their home in order to get
the attributes most important to them, and less
likely to compromise on location or neighborhood
quality."
“A final note about
female homebuyers; they are much less likely than
their compatriots to take on large scale remodeling
projects. . . . married couples who composed 63
percent of the recent buyers in the study accounted
for 75 percent of the remodeling dollars spent by
all respondents with over $58.2 million spent in
the 2002-2003 time frame. Unmarried men accounted
for $10 million while unmarried women spent a total
of $9.3 million or an average of just under $5,000
per household with a remodeling project during this
period. Where women did remodel, they tended to
favor less expensive projects with 56 percent spending
less than $25,000 and only 11 percent spending more
than $10,000 compared to 47 and 16 percent respectively
for married couples.”
Home
owners can use this information to market their
property accordingly to different demographics. |
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