Single women are one of the fastest growing home buying segments of the market according to a recent study by the National Association of Realtors, outpacing single men by almost 2 to 1. Women more frequently purchase a condo or townhouse/rowhouse than a single family home and expect to stay in the home 10 years. The single female buyer’s first home is typically smaller than that of a single male's.
The reason single women purchase a home is their desire to own. They have the financial means to purchase and do not need to wait to co-own with Mr. Right. Parity in the workplace has trickled down to the real estate market, giving women the ability to independently satisfy their need for shelter and security.
For home sellers, this growing segment offers an opportunity to market your home with a woman’s needs in mind: the safety of a home and neighborhood are paramount and simple enhancements such as well-lit exteriors help to create a sense of security when arriving home in the dark. New is better than old because it requires less repair and maintenance; and larger closets are a sure way to a capture her attention.
Are you a single woman in the market as a first-time home buyer? What features are important to you in your home search?