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That has given rise to a growing demographic of other homeowners: single women.
According to the National Association of Realtors, couples made up 73% of homeowners in 1981.
That rate had fallen to 60% by 2021.
Another recent report from Lending Tree showed that women owned2.7 million more homesthan men in 2022.
It also reflects changing attitudes on marriage, family and autonomy.
Many women are not waiting for the traditional pact, saidVickey Barron, associate real estate broker at Compass.
Over the years, weve assisted many single women in their homebuying journeys.
Some have found immense joy in purchasing, while others have experienced mixed emotions at the closing table.
This diversity of experiences underscores the empowerment of single women in making what is likely their most important purchase.
But while single women buy more homes, theyre paying more for them.
My top piece of advice for single female buyers would be to strengthen your financial situation before applying.
Build your credit score as best you’re free to.
Ask for that raise.
Avoid any large purchases or new loans before or during the mortgage process, Nally said.
But Matt Vernon, head of consumer lending at Bank of America, cautions against that.
Rather than asking, How muchcouldI borrow?
prospective buyers should instead ask, How muchshouldI borrow?
As a general guideline, multiply your monthly income before taxes by 28%.
He suggests using an onlineaffordability calculatorto help crunch the numbers.
Single women may also have unique considerations for location, safety features and amenities.
That could mean scoping your search outside atraditional single-family hometo consider a condo or townhome.
Weve found that some women prefer amenity-rich buildings for convenience and security, said Barron, at Compass.
There is something to walking right downstairs to work out and take a steam shower.
I recommend considering a home with a layout that maximizes safety.
Additionally, consider purchasing a home that offersample storage options.
If you like a lender but their offer is missing something you saw in another offer, communicate this.
In many cases, lenders are eager to earn your business and will be willing to work with you.
Buying a home with these types of bonus features also maximizeslong-term resale value, she said.
If life changes and they need to sell, the value is paramount.
Perhaps tomorrow they will need more space.
Complement your needs today, but plan for the future.
I think its important for anyone purchasing on their own to plan for worst-case scenarios, Beauchamp said.
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