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.
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.
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