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The Changing Face of Home Ownership: How Women Are Changing the Marketplace

For thousands of years humankind has sought to truly understand the relationship between men and women. It has been the inspiration for art, poetry, music and more. Overall women and men have a lot in common, despite their apparent differences. Recently, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to better understand the way men and women feel during the home-buying experience. Coldwell Banker appointed a third-party research firm, International Communications Research (ICR), to explore the perspectives of men and women by asking probing questions like: "How long did it take for you to know that the last home you purchased was right for you?" (1)

"The results were surprising," said Diann Patton, the Coldwell Banker consumer real estate expert, on RISMedia.com. "Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same." (2) Despite the common bonds men and women share, when it comes to purchasing real estate, there are some things that make a woman's perspective unique. Realtor.org reports in the Field Guide to Women Homebuyers, "single female buyers accounted for nearly twice as large a share as single male buyers for both first-time buyers (24 and 12 percent) and repeat buyers (17 and 9 percent)." (3)

Women and Real Estate: Tips for Making the Perfect Home Purchase

1. Work with a real estate agent that is detail oriented.

Oftentimes, women express their needs and wants specifically and are more organized. This clarity can actually make the real estate process simpler and faster if the real estate broker involved is detail oriented and able to present properties in line with a woman's vision of a home.

2. Work with real estate professionals you feel truly listen.

A woman's ability to be more specific about the location and features of the house she wants to buy is only helpful to real estate agents with excellent listening skills. If an agent listens a real estate transaction can be completed more quickly and smoothly. Of course, this principle applies to all homebuyers, but is especially important with women buyers.

3. Make privacy and security a top priority.

Women generally think more about the privacy and security of the property they purchase and the neighborhood where it is located. Single women especially are concerned about this. Your real estate broker should address any questions regarding safety intelligently and honestly and should provide access to data on crime rates in the area.

4. Generate the best return on your real estate investment.

Real estate purchases are done with long and short term goals in mind. In today's market you must have a strategy in place so you get the most for your money. Think carefully about your plans for the next 3 to 5 years and manage your property to strengthen your financial security. You can also plan to make upgrades and changes to your home that will increase the value. An experienced real estate agent can often provide insight into these choices.

5. Make certain your home meets your long term needs.

Homebuyers interested in keeping a home for at least 3 to 5 years will realize the best return on investment in the current real estate market. Be sure your home can suit your needs now and in the future. Do you plan on getting married, having a child or relocating for work? Of course, unexpected surprises always happen but, based on your future goals and vision, buy a home that can evolve with you as life changes.

Women Homebuyers: A Growing Market

Over the last 3 decades women have consistently become a larger part of the real estate market. According to the State of the Nations Housing 2009 report, compiled by the Joint Center for Housing Studies of Harvard University, "social and economic trends have given women a more powerful presence in housing markets. Between 1980 and 2000, the number of households headed by unmarried women increased by almost 10 million." (4) Based on this trend it is clear the buying power of women will continue to increase in the future.

Real Estate Resources:

(1) (2) Real Estate Information Systems http://rismedia.com/2009-08-17/gender-differences-abound-in-the-home-buying-process/

(3) http://www.realtor.org/library/library/fg212 Field Guide to Women Homebuyers (D. Winchester, Information Specialist)

(4) The State of the Nation's Housing: 2009, (Joint Center for Housing Studies at Harvard University, 2009).
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