By Kiesha Joseph
According to a report by the Joint Center for Housing Studies, single women have been scooping up property like never before. This is great news for not only single women, but for the US housing market as a whole.
Many expert realty groups, including the National Association of Realtors, believe single ladies could be the key to reviving the US housing market which is currently in the recovering phase of the housing bubble. The study revealed the following statistics:
a. More than 20 percent of homebuyers are single females.
b. When compared to single men, twice as many single women are buying versus renting.
c. Single females account for one-third of the US growth in homeownership since 1994.
Why are single women purchasing homes?
Single females are buying houses in record-breaking numbers. Many experts are curious to know exactly what’s driving these sales. Here are three key factors:
1. The single women of 2012 are simply tired of renting. They want to take part in the “American Dream” of homeownership and all it has to offer.
2. Many single ladies are looking towards their futures. For some, this means purchasing larger homes to start a family someday soon. For others, it involves owning smaller homes as their kids move out and start their own lives.
3. Single females have gotten tired of long commutes. They’re purchasing homes that are closer to their jobs, schools and families.
Single Women Breath Life Into the Market
Single ladies are a very confident group within the home buying market. These women know what type of home they want, where they want to buy it and the price they’re willing to pay for it. But, this hasn’t always been the case. In 1995, single women only accounted for about 14 percent of the US home buying market. In recent years, though, these strong minded women have surpassed single men in the tr home buying trend.
Some speculate that this is because they have become more confident in themselves. While others believe they’re more confident in the American real estate market itself. Regardless, this group is now a driving force in the current market. Real estate experts will find it beneficial to focus their marketing strategies on this new target audience, as they just may be the key to reviving the US housing market.