Catering to the single homebuyer

While the traditional home buying demographic is predominantly couples, the real estate industry is beginning to take notice of a quickly growing trend: single men and women striking out on their own and buying homes. Married couples, with or without children, continue to make up the majority of homebuyers, but single homebuyers are taking on a rising share – almost 40 percent – of the market.

Sometimes young, often divorced or separated, and occasionally with children, single homebuyers are as diverse in demographics as they are in tastes and requirements.

The National Association of Realtors 2010 Profile of Homebuyers suggests that first-time buyers, who are often single, are making the market stand up and take notice: Half of all buyers are first-timers, and nearly half of these are single: 23 percent women and 15 percent men.
According to a 2006 study by the Joint Center for Housing Studies at Harvard University, more than 20 percent of homebuyers are single women, making them one of the fastest-growing market segments. Their numbers increased by 50 percent between 1998 and 2006. Single men make up about 17 percent of the homebuyer market.

What single homebuyers want

Single females are less likely to purchase newly built or high-priced homes than married couples. They are more likely than married couples and single men to buy condominiums, and less likely to buy single-family detached homes. They prefer two-bedroom homes more than

any other buyer, and the number of bedrooms in a home matters more to women than to men, with 27 percent of women indicating that the number of bedrooms was an important factor, compared to 18 percent of men.

Since a single buyer will be solely responsible for housework and home maintenance, many in this demographic prefer townhouses and condos. Low-maintenance features like vinyl siding and smaller yards appeal to this buying group. Single male and female homebuyers are also likely to appreciate the sense of security of living in close proximity to their neighbors that a townhouse or condo offers.

Since a single buyer will be solely responsible for housework and home maintenance, many in this demographic prefer townhouses and condos. Low-maintenance features like vinyl siding and smaller yards appeal to this buying group. Single male and female homebuyers are also likely to appreciate the sense of security of living in close proximity to their neighbors that a townhouse or condo offers

Single males are significantly more likely to consider purchasing a distressed home: 38 percent would consider buying a foreclosed or short-sale home, compared to only 29 percent of women.
In years past, single male and female homebuyers were more likely to look for their homes in urban areas. In recent years, however, this group has been migrating outward. In an April 2010 survey by Coldwell Banker, 52 percent of single buyers chose to purchase a home in a suburban area, rather than in urban or rural areas. But where these buyers work has a big impact on this statistics: Single buyers tend to look for homes that are relatively close to their workplace, with 55 percent commuting 30 minutes or less.

The single home buyer is more intense about their home search, according to the 2010 Builder/ America Lives survey. They often are very specific about what they want and don’t want, so it is important to take time up front to ask lots of questions in order to help define the parameters of the search. Be aware, as well, that this buyer will typically have a lot of questions about the purchasing process and exactly how much house they can afford. (I will be happy to help with the financing aspect, of course.) They will look to you for guidance in order to get comfortable with taking the steps necessary to buying their home.

While single home buyers have the same concerns as their married peers – the state of the economy and their own job security – this buying group is firmly convinced that it is more prudent to spend their money to own, rather than rent.