RISMedia's Real Estate Magazine

SEP 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1017650

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Page 65 of 134

RISMedia's REAL ESTATE September 2018 61 If agents hope to maintain their suc- cess in the industry, they must pre- pare for a growing market of single women homebuyers—a trend that will only increase as more women earn degrees, attain higher-paying jobs and seek properties to buy. Whether your client is a six-figure earning professional, a single moth- er or a divorcee looking to start a new chapter in her life, or all of the above, here are some important fac- tors to consider when helping your clients, courtesy of the 2018 NAW- RB Women in the Housing Ecosys- tem Report. Couples, married or unmarried, normally have more buying power than single homebuyers because they have two sources to pull from that could go toward mortgage pay- ments. According to 2016 NAR data, married couples have the highest in- come of around $99,200, compared to single buyers; however, depen- dence on a primary income is not deterring single women from buying homes. Home-Buying Process for Single Women • Single women are indepen- dent; 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. • Single women are interested in buying a home as a means of wealth-building. They're taking the necessary steps to ensure their financial security in the future, whether or not they have a partner. • As a single woman, size may not be as important as location and affordability. Some women are interested in owning a home to get a pet, so a sizable backyard is a must. • Stringent lending standards make it more difficult for singles applying for loans with one income. Home-Buying Process for Single Mothers • With a limited income, saving money will be difficult because of child-related expenses. Single mothers are also looking for a property they can afford in the long term. • Single mothers will want a safe, supportive community with a low crime rate and reputable educa- tion system. Having nearby infra- structure and basic amenities like shopping centers, hospitals and parks will be preferred. • Working mothers, like other single women, have limited time on their hands; however, single mothers are crunched even more for time, as being a mother is another job in and of itself. • Smart home technology, such as security alarms, intercom sys- tems, carbon monoxide detectors and nightlights, could be espe- cially important and appealing to single mothers. A home is a woman's sanctuary, a place to call her own, and an invalu- able asset that cements one's pro- fessional progress and economic foundation. It would be beneficial for agents to keep this in mind as they assist the needs of women buyers. Your clients will return the favor by referring your services to like-minded friends interested in taking the leap into independent living and property investment. RE Desirée Patno is the CEO and president of Women in the Housing and Real Estate Ecosystem (NAWRB) and Desirée Patno Enterprises, Inc. (DPE), as well as chairwoman of NAWRB's Diversity & Inclusion Leader- ship Council (NDILC). With 30 years of experience in housing, Patno is a champion for women's economic growth and independence. In 2017, Entrepreneur.com named her the Highest-Ranking Woman and 4 th Overall Top Real Estate Influencer to Follow. For more information, please visit www.nawrb.com. How Agents Can Better Serve Single-Women Homebuyers Commentary by Desirée Patno M arried couples might comprise the greatest share of homebuyers, but single women follow close behind, especially retired women over the age of 55, according to the Wall Street Journal. Gone are the days when women had to wait until marriage to buy a home; now, women are feeling more confident in creating their own sanctuary and means of wealth-building through homeownership.

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