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Why the upswing in number of single buyers?

 

CHICAGO – Sept. 2, 2014 – Seventy-five percent of single homeowners ages 25 to 50 who recently bought property say that homeownership is important to them, according to a Century 21 survey. Single homebuyers made nearly one-third of all real estate purchases in 2013, according to data from the National Association of Realtors® (NAR).

These are the top three reasons: They viewed homeownership as an investment in their financial future; they were tired of paying rent; and they thought it was the right time to purchase a home.

"This survey shows that homeownership is a major life decision for singles, and that it is just as important a part of the American Dream for them as it is for married couples," says Rick Davidson, president and chief executive officer of Century 21 Real Estate LLC.

Buying roadblocks
Nearly two-thirds of single homebuyers surveyed said it wasn't easy to achieve homeownership because the process intimidated them, and they had to make several sacrifices in order to buy a home.

The most intimidating parts of the homebuying process included making an offer and negotiating a price (38 percent); obtaining a mortgage (36 percent); moving (31 percent); closing (30 percent); and searching for and locating a home (25 percent).

Singles also say they had to make several lifestyle sacrifices: 60 percent had to dine out less to purchase a home, and half said they had to cut back on entertainment. Fifty-one percent say they had to spend less on vacations.

Home preferences
What were their most important considerations in buying a home? Single homeowners rated space and square footage (59 percent); the yard (57 percent); and proximity to work or school (47 percent) as the most important criteria in their house hunt, according to the Century 21 survey.

Good cell service and proximity to public transportation also tended to be more important to single homeowners 25 to 35 years old than those 36 to 50 years old.

The younger set was also more likely to say they searched for real estate on their mobile devices.

Source: Century 21

© Copyright 2014 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

Related Topics: Buyer services