So, after weeks, months, or maybe even years of dreaming, you’re finally ready to take the plunge and purchase your first home as a single woman. Congratulations on this critical first step. You’re on your way to joining millions of women homeowners across the country.
Women are buying homes in greater numbers
Women are increasingly bucking the trend of “spouse before house.” A Bank of America survey found that 65% of single female prospective buyers would rather not wait for marriage to buy a home, and according to the National Association of Realtors, 19% of homebuyers in 2021 were single women.
Each buyer has her own story, but many share the same motivations. Sixty percent of prospective women homebuyers will feel like they’ve “made it” once they buy their own home. Of the single women who currently own, 46% are proud to tell others about their homeownership status.
Women buy homes despite the odds
Women’s pride of ownership is well-founded. A competitive market, an unpredictable economy, personal challenges, or all of the above can make home-buying difficult. But remember, their success proves that you, too, can achieve the dream of homeownership. It’s simply a matter of gaining access to the right information, resources, and partners.
Female buyers also face several unique obstacles due to years of gender-based discrimination and inequity. For example, research has shown single women pay more for their mortgages and have higher denial rates than single men. Understanding and planning for potential hurdles will help ensure a successful home-buying journey.
Knowledge is power for first-time women buyers
Becoming an educated consumer is crucial. Misconceptions such as “renting is cheaper than buying” or “you need a large down payment to get a mortgage” have deterred many in the past. But don’t worry, we’re here to help. In the weeks ahead, we’ll dispel common myths, clarify the process, and share some tips for first-time women buyers. Topics include:
- Choosing your real estate professional
- Financial fundamentals
- Planning a successful home search
- Making an offer
- The homestretch to closing