I Am Woman Hear Me Roar: The Female Homebuyer And Seller Part 1Written by Elaine VonCannon
Imagine this scenario: June Cleaver realizes she is unhappy with her life as a housewife and now that kids are grown decides to get a job at a restaurant. Once she has saved some money of her own she gives Ward old “heave ho” and makes plans to buy her own home. Fifty years ago this type of situation was unheard of. In fact, fifty years ago if June had decided to leave Ward she would have ended up with a bad reputation and probably been turned away by a majority of real estate professionals. Even though women were legally allowed to own property, American culture has taken many years to accept idea of women buying, owning and selling their own homes. In 2005 single, retired, widowed, married and divorced women are all a part of changing face of real estate market.
First Considerations: Safety, Community and Convenience
A practical woman looks for a home that suits all of her needs. Safety and convenience are two of most important considerations. Make a list of most important attributes your new home and neighborhood must have. Be sure to prioritize carefully and honestly. You may want to consider proximity of schools and daycare. You may choose a location close to your job or a university where you plan to further your education. Even location of local grocery stores or drug stores can affect your decision. Many women also choose their neighborhood in search of community and security. As a single woman you may not want to live in a suburban neighborhood where population consists of mostly married couples and their children. It may be more beneficial to purchase in an area that has a demographic more suited to your lifestyle. Condominiums and townhouses are great options for female retirees looking for less maintenance responsibilities or a single woman looking for added safety. Buying a home located above street level with neighbors in close proximity creates stronger security. Currently, single women account for at least a third of all condominium and townhouse sales according to National Association of REALTORS‚ (NAR). When making this type of purchase be sure to research fees and amenities included in your purchase. Know what your responsibilities are and be sure you can fulfill them.
I Am Woman Hear Me Roar: The Female Homebuyer and Seller Part 2Written by Elaine VonCannon
In Part 1 of this series of articles I discussed female home buying trends in US and things women commonly consider when making an important real estate purchase. In Part 2, I would like to continue this discussion from an investment, relocation and selling perspective. Women are now beginning to invest in real estate to improve their portfolios. The purchase of a second home, rental property or rehab project are all ways to build an investment history. In recent years stock market has been unpredictable while real estate has continued to appreciate. Even though real estate market does not grow as fast it is more stable over long term, this appeals to many female investors. Female homebuyers and sellers have begun to recognize that a home can be cornerstone of a personal financial strategy to build wealth and security.
It’s Tool Time Ladies!
Stop in to any Lowe’s or Home Depot and you are sure to find all types of women. Tools, light fixtures, rakes, paint; you name it and women are buying it. One of biggest responsibilities for a homeowner or investor when rehabbing, renovating or upgrading is home maintenance. A 2003 Forrester Research study revealed that almost half of all purchases made at Lowe’s and Home Depot are made by women. Trends suggest women are not afraid to make a home maintenance commitment in order to have a higher return on their investments. In 2004 Sears did a study that reported sixty-nine percent of female homeowners considered themselves somewhat handy with home maintenance projects and seventy percent said they enjoyed doing home repairs. A home is a large asset and women are not afraid to maintain and increase value of this asset. Currently, women can purchase a variety of home repair and renovations books and videos created and tailored just for them.
Climbing The Ladder and Relocation
Across country in cities everywhere women are accepting executive level, professional jobs. Many women are dedicated to advancement of their careers and to do so they move in order to accept higher level positions. It is situations like this that inspire a female homebuyer to become investment savvy. Knowledge, strategy, clearly defined goals and trusted real estate professionals are key to success. Purchasing a home in an area you know will be in demand in future, realistically assessing necessary repair work and careful planning will help you make money rather than lose. Remember, three main reasons a property does not sell are location, price and condition. Consider weaknesses and strengths of a property and make an educated decision.