All the Single Ladies...

All the single ladies have out ranked the men in home buying. Going all the way back to the 90's the ratio of single ladies to single men buying home has remained constant even though the recession. The demographics show that single ladies are second, married couples are still ranked #1.  

1. More women are single- Between younger generations putting education and career ahead of marriage and a increasing divorce rate, there are more single ladies in the market. They seem to understand the benefit of buying vs. renting. Younger men don't start thinking about real estate until they start settling down, leaving the door open for single ladies who are interested now. 
2. Equal Credit Opportunity Act of 1974- this made credit available to anyone regardless of sex or marital status. Builders are now including single women in their marketing strategy, where in past years families were their target. 
3. Money Talks- without money, you can't buy a home. More women are graduating college and holding more of the white collar jobs then men are. Women's salaries have increased with their increase in education, jobs, and finances.Making it easier for them to purchase a home. 
4. Its all about the kids- It's not unusual for the kids to live with mom, which is one of the main reasons to buy a home.
5. Biology- Females in most species are the ones that build the homes. If you are a single lady or a married one, they make most of the decisions when it comes to the home. They have proven to be more financially savvy then men. 

For ladies that are interested in home buying, like many you may have a mix of eagerness and hesitation, 

so ask yourself a few questions?

• Will i be able to afford the mortgage and other costs on my own?
• Be realistic, what can you afford? Buying a home means big money. 
• Purchase Price + closing costs + homeowners insurance + property taxes plus maintenance and upkeep=$$
  1. Review your budget
  2. Research Monthly Costs (& hidden costs as well)
  3. Consult a Mortgage Lender 
  4. Consider a loan from family
• What kind of space will fit me and my lifestyle?
• It's about what you like, what is important in your life?
• Will I feel safe?
• Investigate the area, not just once, but various different times of day & night. 
• Contact local police department for neighborhood crime statistics
• Review the safety of the property you want. Is there a garage, security system, solid doors & locks?
• Can you improve or add what is not provided
• What if I have to move?
• Buy a home with a resale value
• Be aware of Mortgage Prepayment penalties
• How do I begin? 
• Get informed. Educate yourself 
• talk to others have already gone through the process as a single lady
• Attend courses for First Time Home Buyers
• Visit open houses in your area to get an idea of price range
• Assemble a team of professionals to help, interview to find the right ones!

So ladies keep this in mind when house shopping...Plan, Research, and finally BUY.

For all your mortgage needs, Contact Suzanne Morton