As a mortgage broker in Hamilton for the past 25 years our market certainly has changed. A nice change has been the presence of single female purchasers. I say this with pride as a father of two girls. The world is changing and thankfully females are becoming equals.
Today’s females represent approximately 20% of the total market. The modern single woman is independent and putting off marriage. They are no longer having men dominate the finances. It was
during the last recession, that the largest group of purchasers was divorced women.
Females also have distinctive characteristics when they purchase homes. They ask a lot more questions
than men during the purchase process. Single female buyers are more likely to have lived with their parents longer. Speaking of parents, females are more likely to accept advice from them. In their decision process of buying they are more likely to purchase an apartment/ condominium or a townhouse/row house. Single female buyers are more likely to buy in the suburbs and purchase existing homes.
Here are some tips I researched for our future purchasers:
1. Do not push your limit. You do not have to spend the highest amount you have been pre-approved for.
2. Consider the future in regards to career, family and happiness. Your life will change.
3. Have a back-up plan.
4. Understand your new home warranty.
5. Follow your heart to make you happy.
6. Compare buying versus renting.
7. Start basic, then up scale.
8. Be prepared for a long term purchase.
9. Budget for your purchase.
10. Meet with a mortgage broker before previewing homes. Know what you can afford.
11. Never be frugal with a home inspection.
12. Negotiate and be prepared to walk away.
13. Protect your assets with life, disability, health care insurance and fire insurance.
Well there you have it! Women are a very specific market. What did I learn? I better start marketing to single family women.