Single Women are Single-Handedly Changing the Face of Today’s Home Buying Market

Higher education and salary levels are giving single women the power to purchase a home on their own.

There’s a powerful new force that’s changing the face of the home buying process and is reshaping the landscape of the housing industry. Curious?

Well, take our quick two-question quiz to discover the identity and some important insights into this savvy and skilled homebuyer.

1.) Read the homebuyer trends below. Then decide: What category of buyer best fits the profile? a.) Traditional Families   b.) Single Men   c.) Single Women   d.) Active Adults

Generally speaking, this buyer group typically:

…Buys in city over suburban areas.
…Is interested in amenities and features.
…Will not compromise on location or quality of neighborhood.
…Prefers condominiums with homeowner associations over single family homes.
…Prefers 2 or more bedrooms
…Smaller spaces are acceptable.
…Desires security and / or gated access.
…Likes to engage in social interaction with neighbors.
…Wants close proximity to stores, shopping and fitness centers.

If you guessed, c.) Single Women, you’re absolutely correct. Single women represent the fastest growing component of home buyers in the United States at almost 20%. According to the National Association of Realtors, single women were responsible for buying approximately one out of five homes purchased in the country – a total of 1.7 million homes. (By the way, these same ladies outnumbered the single guys who represented only 15% of the buying population.)

One Result of the Mortgage Industry Bailout: Lower Interest Rates

There is one thing for sure that came from the federal government coming to the rescue of Fannie Mae and Freddie Mac -- a bit of much-needed market stability.

According to a story broadcast yesterday on National Public Radio’s Marketplace show, the federal government takeover of mortgage giants, Freddie Mac and Fannie Mae, has resulted in at least one short-term positive — a drop in mortgage rates, making it a lot more attractive to buy a house this week than it has been recently.

Since the announcement late Sunday, the rate on 30-year fixed mortgages dropped a half point on Monday and have been falling ever since. While no one knows for sure what the eventual long-term cost or outcome of the federal government’s decision will be, it seems that the concensus is that the move has given the market some well-sought stability, at least this week.