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Cynthia Hash

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Single Women Homebuyers

12-06-09
Cynthia Hash
Single women account for the fastest growing segment of the home-buying population in the U.S. This trend has been on the rise for many years. From 1994 to 2002, the number of unmarried women owning homes climbed from 13.9 million to 17.5 million. By 2004, 18% of all homebuyers were single women. According to the latest NAR profile of homebuyers and sellers, that number has risen to 22%. Factors leading to this increase include the following demographic trends: better education, more women working and seeking financial independence, and young women delaying marriage. Also, women have significantly increased their purchasing power. They own and operate 38% of all businesses in America and make up nearly 40% of all business school graduates. More immediately, historically low interest rates, affordable home prices, ample housing supply and the first-time homebuyer tax credit are fueling the increase of single women homebuyers. Statistically, women do more research and spend a longer period of time searching for a home. They?re also more inclined to make home repairs. Studies show that nearly half of all purchases made in Home Depot and Lowes are made by women. And 94% of women homeowners claimed to have completed a home improvement project by themselves in the last five years. Some home characteristics that experts say appeal to women: a safe community (single women account for a large number of condominium purchases where they find a sense of security), a home office (home-based businesses are very popular among women), maintenance friendly yards, lots of storage, and natural light, particularly in the master suite and bathroom. Statistically, women are also more likely to work with female mortgage brokers, attorneys and real estate professionals. Compliments of: Mike Platt, Loan Officer, Prospect Mortgage, Charlottesville,VA (434) 295-1944.
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Supply and Demand in the Housing Market

02-11-08
Cynthia Hash

We've all seen changes in the housing market lately. If you purchased a house in 2004-05, your equity is growing slower than expected due to buyers' market conditions. In a sellers' market, equity tends to grow at a higher rate of return. In 2003-05, sales prices grew about 10%-16% in the Charlottesville and surrounding areas. It tapered off to about 6% in 2006 and 2% in 2007. This shows a pattern of a housing boom for 2 years, a correction period for 2 years, now it's a more "normal" market.

It's a great time to buy if you plan on staying in your house for at least 5 years. Supply and demand determines market and price. With too much supply, buyers become more choosey or shy away from buying, prices drop, and number of Days on Market (DOM) increases. If not enough supply, demand increases, houses may get multiple offers, and prices increase.

In 2006-07, we saw an increase in supply and a decrease in demand for houses, compared to 2004-05, resulting in a decrease in # of sales and longer DOM. Homes are now averaging 30 days longer DOM than in 2005.

There's so much more I could share, but it may be better to send you a "market snapshot" of your neighborhood to show you how your home compares. If you're interested, contact me. Also, if you or anyone you know may be thinking of buying, selling, or investing in real estate, please let me put my experience to work for you or your friend.

Contact me at hash@kw.com or (434) 531-5351 or visit my website at www.findhomesincharlottesville.com for more information.

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