A Single Woman’s Guide to Buying a Home

Guest Writer Amy Collett

Image Courtesy Of Pexels

The American dream is changing… and so are the Americans who are chasing it. While many Americans still strive for a two-story home on a quiet, tree-lined street, many don’t. A spouse, two kids, a dog, and a white, picket fence aren’t necessarily part of the dream anymore.
 
Much like other aspects of our country’s history, the home buying market has almost always been dominated by men. But times are changing. According to Bloomberg, single women homebuyers have been outpacing their single male counterparts since the 1980s. Experts aren’t surprised, as more women are becoming top earners in their family units and staying single longer.
 
While women are obviously equally capable of navigating their way through the process, females do have a different set of criteria they’re looking for in the perfect home. Check out the list below from an experienced real estate broker detailing the 11 things single females look for in a new home: 

1. Budget - 3 out of 4 women spend less than $200,000.
2. Rooms - Most prefer 2 bedrooms or more.
3. Age of Property - They are less likely to choose new construction.
4. Location - Most single women buy in the city over suburban areas.
5. Will Compromise - Size and cost are negotiable in favor of other amenities.
6. Will Not Compromise - Location and quality of neighborhood are non-negotiable.
7. Size - Smaller spaces are acceptable.
8. Maintenance - Likely to choose a condo with an HOA over a single-family home.
9. Security - Most want security and/or gated access.
10. Social - Single females want to engage and interact with neighbors.
11. Proximity - Most prefer to be close to stores, shopping, and fitness centers.

 
Keeping these preferences in mind, there are a few things every single, female homebuyer should remember as she searches for her next home, starting with the fact that it’s a seller’s market right now.
 
Literally, that just means there are more buyers than sellers out there. Practically, that means you need to act fast once you find a property that checks all those boxes. There will likely be multiple offers, so you should also be prepared to offer listing price or above to increase your chances of winning the bidding war.
 
You may also want to adjust your budget to allow for some wiggle room. Once you figure out how much home you can afford, look at homes listed 10-20% lower than your top number. You should also look into whether “paying points” on your mortgage is a good idea; by paying points, you can help lower the interest rate on your mortgage (online calculators can help you with the points problem). Then, once you and your agent hit on that dream condo in the perfect neighborhood, you can afford to make an offer the seller can’t refuse.
 
Next, be prepared to spend a little more to move into your new home. You may need to supply earnest money in the form of a deposit to secure a home in a competitive market or allow the homeowners to remain in the home for several months after the sale until they purchase a new home of their own. (That means you’ll be paying for two places to live.) Many homeowners may also choose to sell homes without appliances. This may be a deal breaker for buyers who don’t have the cash to purchase appliances up front. If you do, however, it could open up more properties for you.
 
Finally, be patient, and don’t settle. In the $200,000 and under price range, competition will be particularly fierce. Oftentimes the struggle of looking at home after home, losing a home you loved to a higher bid, or not finding anything you like can lead to buyer frustration. Come to terms with the fact that it may take a while to find the right home at the right price. Wait it out. Even if you do fall victim to the seller’s market, the real estate market is cyclical. Eventually it will be a buyer’s market again, and the American dream will be yours.
 
When you’re ready to start searching for your new home, reach out to award-winning Realtor Jason Gelios.
You can contact Jason directly by calling 586-419-2231 or by clicking here. 

About the writer:
Amy Collett is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand. She is also the author of the upcoming book, You, Exemplified: The Role of Personal Branding in Your Professional Life. When she’s not busy with helping her clients she enjoys coaching her daughter’s soccer team and is training to become a yoga instructor.