Congratulations to all the Single Girl Bosses who see the value in Homeownership.
Being raised by a Single Mother and being on the constant move as a child, homeownership was something I always strived for as a child. The stability I saw it bring my friends who grew up in the same home and went to the same school was something I desired as we moved a lot. With each new city, starting over. I believe subconsciously this drove me to work extremely hard in my 20's so I could purchase my first home. I remember at the time, people telling me, "I was too young, I should wait until I got married, how can I afford it on my own, wouldn't it be better with two incomes." I wasn't making a lot a money, at the time I believe it was under $40k and the interest rates were 8.25%... crazy! My Realtor, Frank believed in my goal and helped secure financing and with as little as 3.5%, I bought my first home! I'll never forget that moment and yes I was very anxious but the joy and stability it brought is almost unexplainable.
As this month is Women's History Month I thought it wanted to focus a bit on how we can help Single Women buy their first home! According to the 2020 Profile of Home Buyers and Sellers from the National Association of Realtors, single, female buyers accounted for 19% of the homes purchased in 2020. 19% of first-time home buyers and 17% of repeat home buyers were single women, while 11% of first-time home buyers and 9% of repeat buyers were single men. Go Girls!! The median age of these single, female, first time homebuyers is 33, while the median age of single, female repeat buyers is 59. Single women and men are both more likely to purchase a townhome or condo than a married couple, and single women, more than any other household composition, cited the convenience to friends and family as an influencing factor in their neighborhood choice, at 50 percent.
You may think the majority of single-females purchase homes would be the younger generation, but according to the 2020 Home Buyer and Seller Generational Trends Report, from the National Association of Realtor, a significant 22% of the 65 to 73 years old home-buying population is made up of single women. Among 55- to 64-year-olds and 74- to 94-year-olds, 21% of buyers are single women. Compare that to younger generations, where the percentage of buyers who are single females ranges from 12% to 17%.
Unfortunately, the number of single-females who own homes has gone down. Is that do to affordability, lifestyle and unfortunately in 2020 we are going to have the pandemic as a major factor.
For single homebuyers as a whole, the biggest hurdle they may face is affordability, since they must qualify for a mortgage based on their income alone. That’s become an even bigger challenge in recent years as low inventory levels have priced more single-income shoppers out of the market,
The other potential roadblock is the perception of a large amount of cash is needed for the down payment. But don’t let that stop you from pursuing your dream. There are loan programs as little as 3.5% down as well some programs are available to assist with closing cost, etc. This is where it is really important to work with a Realtor and Lender who work together and understand your financial needs. We offer a zero lender fee program with a $1000 back for qualified clients.
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I have been blessed to have helped many single-buyers purchase their home. As well, sell them which is a topic for a whole other blog. If you are a single-female (ok single males can contact us also, lol) and are thinking about buying a home. Let's chat. Whether you are looking to buy a now or in the future I would love to guide you on the process. Below is a testimonial from one of my single homebuyers, that I had the privilege of helping.
"I've used Kelly twice for my real estate transactions, both as a buyer and a seller. As a buyer, she took the time to walk me through the overwhelming process of being a first time homebuyer. Everything worked well, was on time and she had great follow through. When I sold my house, she was always on top of everything. I was traveling a lot at the time but she was willing to work the hours it took to make the process go smoothly. She was always there and went the extra mile to sell to the right folks. I also know Kelly as a person with great integrity so I would recommend her to anyone looking for an real estate expert. "
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Girl Bosses Have Real Estate Licenses
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