IARP explains, even when earning less income, why single women are outpacing single men as homeowners.
A recent Prudential survey showed that the average annual income for women was $52,521 compared with $84,006 for men, a difference of 37 percent. However, according to a recent report by Lending Tree, single women are more likely to own a home than single men despite generally making less money. It was also reported that at the end of 2018, 22 percent of single women-owned homes while single men owned less than 13 percent.
So why are single women out-buying their male counterparts? International Association of Real Estate Professionals (IARP) weighs in on those possible explanations. First, single women are coming to the realization that buying a home vs. renting makes more financial sense. Second, more and more women are becoming fiercely independent and aren’t waiting for marriage or for a man to help them afford a home. And lastly, for older women, it could be an effect of downsizing after losing a spouse or parting ways with one. Whatever the reason or motivation, IARP explains that if agents hope to maintain their success in the industry, they must prepare for a growing market of single women-homebuyers.
IARP points out that if real estate agents want to be extremely successful they should wrap their mind around what it is these female buyers are seeking. A few things to note are that single women are independent; thus, all home-buying decisions—including where to live, how much of a mortgage payment they can afford, how to decorate their house, etc.—will be made by them. Also, single women are interested in buying a home as a means of wealth-building, taking the necessary steps to ensure their financial security in the future. And, for a single woman, size may not be as important as location and affordability. Knowing important insights about these single female-buyers will help you land them as clients. Once you’ve secured your clients remember to ask questions and understand what their motivations and reasons for buying is, as this will ultimately help you close your deals efficiently and effectively.
For more information on the International Association of Real Estate Professionals (IARP), please visit www.iarp.com