When many people think of buying a home, they picture it as a part of settling down and building a family. There’s a pretty good reason for this; couples and families do make up a significant portion of the home-buying population. But there is a growing trend among buyers that bucks this tradition: Single people have become increasingly likely to shop for a home in recent years.
The Importance of Singles Buying Homes
There are multiple reasons why the increase in singles buying homes is noteworthy. The uptick may be due in part to overall changes in society, with individuals marrying or starting families later in life, after trying to achieve stability. It also speaks to the increased economic power of the Millennial generation, with those in their 20s and 30s able to buy a home of their own even as they’re working on building a career.
Of course, there is one other important thing about more singles buying homes that is easy to overlook. Those looking to sell their home may focus on making their property as appealing as possible to older buyers or those with families, missing out on this growing segment of homebuyers. Realizing that more singles are buying homes allows sellers to market their property to a broader range of buyers, increasing the likelihood of selling a home quickly and without having to compromise substantially on asking price.
Women as Homebuyers
One specific aspect of the increase in single homebuyers that is worth noting is the fact that single women are significantly more likely to buy homes than single men. In fact, as many as 1 in 5 potential buyers is likely to be a single woman according to recent trends. This is around twice as likely as a buyer being a single male. This difference is especially noteworthy when you consider that, on average, women typically earn approximately 80 percent as much as men working in similar roles.
This is another point that sellers should consider when putting their homes on the market. Not only is it increasingly likely that singles will be interested in the property, but when they are, they will probably be women shopping for a home. This shakes up old mindsets that focus on married couples buying with the husband as a negotiator trying to get the best price on the home purchase.
Attracting Single Buyers
Single homebuyers may have different criteria when shopping for a house than couples or families. They may look for smaller properties, homes with large yards for gardening, or other characteristics that might not be as important to couples or families. Location can be viewed differently by single buyers as well; they are less likely to be concerned with school districts and proximity to parks or other family destinations, and more likely to consider proximity to work or attractions that appeal to singles.
Realizing how the priorities differ when it comes to single buyers versus couples and families can affect how you advertise the home you have for sale. Listings in areas that aren’t ideal for families can be targeted toward single buyers instead, focusing on those aspects that a single woman or man might find appealing. Even if you don’t target your sales specifically toward singles, being mindful of the differences can help you to create home listings that have a wider appeal across a range of potential buyers.
Prepping Your Home
If you’re putting your home on the market, it’s crucial to keep single buyers in mind. If you aren’t sure how to do this, you might consider bringing in a decorator or interior design expert that can help you to make your home as appealing as possible to a broader range of potential buyers. Here at Cesi Pagano & Associate, we know this buyer profile well. Whether you are someone that fits into these brackets and is looking to buy or you’re hoping to sell to this demographic, we are here to help! Contact us today for a free consult and we can go over how this might impact you today.