July 2, 2015 12:20 pm
In fact, statistics released by Gallup in June show that the percentage of people between the ages of 18 and 29 who are married is decreasing. Taking this one step further, the numbers show that just 16 percent of people in this age bracket were married—the lowest percentage ever. Meanwhile, 64 percent of respondents were single and had never been married or lived with someone.
According to the National Association of REALTORS®’ 2014 industry report, 25 percent of homebuyers were single, with single females coming in at 16 percent and single males at 9 percent. Additionally, millennials purchased 30 percent of all homes sold last year.
These numbers have not been lost on the real estate industry, which is why many real estate professionals stress the importance of marketing listings to single buyers.
Smart singles know that now’s a great time to enter the real estate market, as they can probably get a price that won’t stop them from enjoying their single lifestyle. Many of these buyers may be working on their careers and still envision getting married and having kids at some point in the future. Some may be divorced and looking to start fresh, while others may see purchasing a home as an investment that will pay off down the line.
Naturally, smaller homes with two bedrooms or less are more likely to appeal to this segment. For one, a lower purchase price will give them a mortgage they’re more likely to afford. Not only does less space mean they’ll be spending less on utilities, it also means they’ll need fewer items to furnish the home.
Single buyers are also more attracted to gadgets and security, so be sure to play up neighborhood safety and any technical improvements that have been made within the home. It’s also a good idea to highlight outdoor areas where they can bring their pets or go for a hike.
And since many of these buyers don’t have children, living in an area that doesn’t necessarily have the best school district won’t be as much of a hindrance.
Single buyers must also understand that since only one name will appear on the mortgage, their credit score can’t be overlooked when shopping for and purchasing a home. In fact, mortgage experts recommend that a monthly mortgage for buyers with one income should not exceed 28 percent of a borrower’s pre-tax monthly income.
To learn more about marketing your home to single buyers, contact our office today.
Published with permission from RISMedia.