Did you know that website demographics indicate that Women in the 55-65 age group are the primary visitors to Real Estate websites in Northern California. Many of those women are single and a growing number of single women are buying a home of their own.
In fact, according to the National Association of Realtors (NAR), almost twice as many single women (about 20%) are buying homes then single men (12%). The reason? Because they can.
Today, women make up more than 50% of the workforce, and even in this challenging economy, women are poised for success.
Recent studies show that 58% of all people earning college degrees are women. Women today are earning significant salaries and it is important for them to build wealth and security through home ownership.
A Sign of the Times:
As recently as the 1970s, it was challenging for a woman to get a mortgage or even a credit card. These days credit companies no longer discriminate against women, and the overall acceptance of women’s equality in the workplace has contributed to a spike in home-buying by single women.
Here are some tips for single women considering home ownership;
- Gather up your financial information and get pre-approved – Call a Century 21 Mortgage Professional before you call a Century 21M&M Realtor. It will make the process of buying a home a lot easier if you know how much home you can qualify for.
- Make a list of home features that you can’t live without—Focus your search on finding a property that will meet your needs today and in the future
- Being fiscally responsible pays off—Cutting spending on luxury and nonessential items helps women (and men) maintain a stable financial history.
- Know that beyond the mortgage, as a home owner you need to be prepared to cover the cost of home maintenance—You’ll need to anticipate new expenses, such as landscaping and garbage removal. Use the mortgage calculator tool on www.century21.com to calculate your monthly payments. Knowing these costs up front will allow you to set a realistic budget for your first year of home ownership.
- Talk to an expert—Combine advice from friends and family with that of a trained professionals.
“Achieving the American dream of homeownership continues to be a worthy goal,” said Rick Davidson, president and CEO, Century 21 Real Estate. “I encourage all potential homebuyers to speak with a qualified real estate professional.”