(NAPS)—Almost twice as many single women (20 percent) are buying homes than single men (12 percent), according to the National Association of Realtors (NAR). The reason? Because they can.
Even in the midst of a challenging economy, women are poised for success. It’s the first time women make up more than 50 percent of the workforce.
Recent research by the U.S. Department of Education’s National Center for Education Statistics showed women earn 58 percent of all college degrees. These members of the workforce are earning significant salaries and want to build their wealth and security through homeownership.
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. Now, modern credit companies don’t discriminate against gender and the overall acceptance of women staking their claim as equals among men in the workplace (both in pay and skill) has contributed to a spike in home-buying among today’s single women. According to Bev Thorne, chief marketing officer for Century 21 Real Estate LLC, these tips will help female home-buyers:
• Make a list of what’s important to you—Focus your search on finding a property that will meet your needs today and in the future. Fifty-one percent of single female homebuyers in 2010 said proximity and convenience to their job was most important in terms of location (NAR Report 2010).
• Frugal habits pay off in the long run—Thirty-five percent of single female homebuyers in 2010 cited cutting spending on luxury and nonessential items as a sacrifice they made toward saving for their home (NAR Report 2010).
• Know what you’ll be paying for—If you’re used to renting and having a landlord cover costs of standard yard and 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 homeownership.
• Talk to an expert—Combine advice from friends and family with that of a trained professional. “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.”
For more information, visit www.century21.com.