Single Women Buying Real Estate Are a Big Market
It is more of an untapped home buyers' market...single women buying real estate...that needs to be focused on more so by real estate agents. The young
Are a Market
of Strong Home Buyers
professional woman is the biggest segment after married couples home buying now and that is expected to grow. As I have found this year, they need real guidance and many are not the hammer and screwdriver type but are totally willing to learn home improvement!
So what as Realtors can we offer them for home buying tips and guidance:
- Work with a proven mortgage lender. Suggest ones that will communicate well and provide a diversity of programs and affordable closing costs.
- Fully understand the closing costs besides the down payments involved with home buying (appraisal fee, oil adjustments, attorney costs & related closing items). Make sure they have monies for it all.
- Emergency funds for housing repairs for at least 3 months or more after closing in case something befalls them .
- Provide them with true expectations on what it will cost to buy into a neighborhood that they want.
- Ask them how long they will live there. May not be known but if they are thinking of moving because of her job in a couple of years suggest buying down in home price instead of up. If another real estate downturn happens they can weather it better.
- If they want to buy a condo go over early the added costs with monthly condo fees and whether or not they can still qualify to buy one.
- Provide them with a choice of picky home inspectors who really look at a house from top to bottom.
- Communicate doubly, double check they understood and remember items to do in the home buying process (have printed lists for them) and ensure you stay engage with them through the process.
Of course there are more but let us be realistic about them also. If they find the best and a trusted agent to work with, he/she will have their backs. Guide them well and know that these women have great buying power in the home industry today and in the future.
My two cents from a RI real estate agent's perspective. When I was a home buyer I was left hanging out there with little guidance. My memories of that experience stick with me today on all my transactions so I do it better for others.
Women in real estate home buying are a market to be worked with well.