Single women home buyers are exploding…are you tapping into them?

Women have spent decades in a fight for equality with their male counterparts, and it finally seems as though that struggle is bearing some fruit. The salary gap is now at an all-time low, meaning that women no longer need to be reliant on their men in order to pursue education, career or a better lifestyle. In fact, the recent recession hit men far harder than the ladies, with almost twice as many males either laid off or subjected to a salary cut. That shift has sent a tremor through many different industries, with real estate being perhaps the most affected.

There are now more single women than ever before taking the plunge into the house market. Of course it’s not just the job market that has brought this on; divorce rates are rising on an exponential curve, and more and more females are choosing to focus on their own well-being rather than jumping into marriage and family life. A quick look at the stats tells the entire
story, with single women accounting for a third of the growth in real estate ownership in the last 15 years alone. Not only that, single females are now twice as likely to buy a home as men, and recent figures show that 20% of home buyers are now single women.

This is a trend that looks to continue, if not increase, and real estate agents are going to have to adapt if they want to thrive in a sluggish market. A big part of sales, no matter what it is that you are selling, is being able to recognize shifts in the market and adapting accordingly. With that in mind, many real estate agents are already on board and are targeting women by including female friendly features on MLS listings and home feature sheets.

Perhaps the best way to attract the female home buyer business is to understand what the majority of them look for in a home, which saves time and energy driving prospective clients around to homes that simply don’t fit the criteria. While it may seem like a generalization, the data has actually shown that multiple women tend to focus on many of the same things
when it comes to buying; a preference for homes under $200,000 with at least 2 bedrooms, proximity to shopping and other amenities, a gated community, a place in the city rather than the suburbs and a property that has a homeowners association are just some of the major deciding factors.

Female real estate agents are in the perfect position to take advantage of this trend, as they, more than anyone else, understand the needs of other women when it comes to finding the perfect home. This is an opportunity that should not be allowed to pass by, and female real estate agents should strike while the iron is hot! So what are you doing to target this growing market?

-Dr. Tara Revell

 

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