We all know that men and women think differently, but when it comes to buying a home, how do men and women decide? Here’s an interesting article I stumbled upon on AGBeat.com that explains the thought processes among male and female home buyers.
Single women homeowners on the rise
According to Redfin, single women are a growing share of homeowners. Since the mid-1990s, single women have purchased homes at nearly twice the rate as single men. Men are more likely to buy short sales and foreclosures and are more likely to invest, while single women are buying a home they love.
Single women are most likely to look for a home when they are between the ages of 25-34. 21% of single women and 29% of single men looking to buy a home alone were between the ages of 35-44.
Priorities and buying habits
Single women look for a home they love; single men prioritize a good value. While 46% of women buying a home on their own said they rely on their emotions to evaluate a home, only 24% of single men evaluate a home based on emotions.
Single men are more likely to buy a home for investment purposes (7%) or to renovate and flip (2%) compared to single women buying for investment reasons (3%), and 0% planning to renovate and flip their purchased home.
Single women were much less likely to buy a short sale or a foreclosure (13%) than single men (30%) and both genders were equally interested in buying a new home or a conventional sale (60%).
Facing rising prices, single women said they would be more likely than men to step back or to do whatever it takes to secure the home; single men said they are more likely to stay disciplined.
Naturally, it’s no surprise that men take a more analytical train of thought while women are more invested with how they feel about a home. Of course every approach will have its pros and cons, and finding a balance is key to deciding the best home for you and your family.
Enjoy the rest of the week, everyone!