Singles are not afraid to commit—when it comes to real estate that is! According to a recent survey by Coldwell Banker, 2010 saw an upsurge in single homeowners in the United States. According to the survey, current affordability factors are so strong that 68% of single homeowners chose to purchase homes that were below their price range. Of the 13% who purchased a home jointly, 49% partnered with parents.
Many young people are looking to the suburbs for housing, and over 50% of the group surveyed chose suburbia over urban areas. The survey also uncovered the lack of “foreclosure phobia.” Around 38% of men and 29% of single women would consider buying foreclosed property.
Some things that topped the lists of the surveyed group, included features and reasons to buy foreclosed properties:
- Cost effective. 50% of single buyers indicated that purchasing a home was less costly than renting
- More for the Money. High quality space (modernized updates and appliances) and more of it (a nice yard and outside space to entertain) won many buyers over.
- Freedom. The desire for independence was the deciding factor for 35% of those surveyed.
Homebuyer profiles are not what they once were! In today’s market, single homebuyers are a major force. Are you reserving space for them at the closing table?