By loanDepot Staff Writers
A paradigm shift is swaying the real estate world. Record numbers of single women are becoming homeowners. The change is so dramatic, more than 1-in-5 homebuyers are unmarried women, and twice as many single women are buying homes than single men, according to a report from the Joint Center for Housing Studies at Harvard University.
Single women make up the second most common group of homebuyers, behind married couples. And this number grows when looking at the older set: 20 percent of buyers from ages 51 to 60 and 19 percent at ages 61 to 69 are single females, according to the National Association of Realtors. This includes divorced, widowed and never-married buyers.
Your colleagues at loanDepot’s Retail Lending division want to ensure you have the right tools to expand your business. Contact us today to find the right loan products and learn how to attract single women homebuyers.
Single women taking over homebuying demographics
While millennials seem to take the spotlight in news reports about homeownership, single women are making their own waves. In 2015, single women represented 15 percent of all residential home purchases, while single men represented only 9 percent.
When it comes to buying a home, unmarried women began to outpace unmarried men in the late 1990s. To this day, men have yet to catch up, a phenomenon that has industry experts scratching their heads. “It may be as simple as most guys don’t get serious about housing until they meet the right woman,” Walter Molony, a spokesman for NAR, told the New York Times.
Here are the top three reasons single women want to buy, according to NAR:
- Strong desire to be homeowners.
- Need more or less space.
- Relocating to be close to school, work or family.
Fueling this trend are demographics. A recent Pew Research Center study found that now women are the primary earners in their households.
How to attract single women homebuyers
When working with unmarried women, set aside any preconceived notions. Spend time getting to know them like you would other clients. Never assume anything, including the property type and costs. The idea that single women want low-maintenance, move-in-ready homes is based on outdated gender roles.
There’s plenty of information on the web, like this article from USA Today that provide homebuying tips to single women. As a real estate professional, make sure to share resources that help single women understand how homebuying works, including the home loan process. But never assume a woman needs an oversimplified explanation or calls for hand-holding throughout the homebuying process.
We’ve come a long way since the Fair Housing Act of 1968, when single female homebuyers were virtually nonexistent. Your colleagues at loanDepot’s Retail Lending division are here to help you cultivate your relationships and build trust with single female buyers. For more information, call us today at (877) 431-0100.