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Single Home Buyer It appears fewer singles are buying homes. And competing against dual-income bids in a period of low interest rates and a dearth of available homes could spell more tough months ahead for single homebuyers.  In 2001, single women bought 15 percent of homes, while single men purchased 7 percent, according to the National Association of Realtors' survey, " 2002 Profile of Home Buyers and Sellers," which evaluates marketing, demographic, and other characteristics of home buyers and sellers.
In 1999, singles made up 27 percent of the market share. "Single buyers were a smaller component of last year's housing market due to the mild recession," said David Lereah, NAR's chief economist. According to the NAR, 42 percent of all homebuyers are first-timers; 53 percent of single men and 52 percent of single women are new to home buying. The biggest factor for singles and families continues to center around location the neighborhood, price, and proximity to work, school, family, and friends. As economic uncertainty lingers, many single homebuyers' biggest concern is whether they can afford a home, especially when some areas of the country are experiencing soaring home prices, making it a challenge for single and married buyers alike. "There are many first time buyers ready to buy, but with inventory so low many are finding it difficult finding a home," said Rosa Jiminez, a Houston Realtor. "The best advice I can give a buyer in today's market is not to take too much time deciding on making an offer on a home they like. If it looks good and you like it ... go for it. It won't be there tomorrow." And in Sacramento, one of the more affordable areas in California, the outlook continues to look grim for single buyers looking for an "affordable" home. "You can almost forget about getting into a nice home in the great neighborhoods for under $200,000," said Sacramento Realtor Steve Rath. "It's still possible, but a tough task." It's also a sellers' market in parts of the Midwest. "The real estate market continues to be tremendously active," said Marie B. Farnsworth, a St. Louis Realtor. "Homes that are priced at or near market value are selling the first week for full price or more. Many sellers are receiving multiple offers. Home buyers need to keep up with the new listings if they are serious about purchasing a home this summer." As a single homebuyer, what should you do to position yourself? For starters, you'll want to:
Written by: Michele Dawson |
Equal Housing Opportunity