Issue Date: July 20, 2005

Single Women Drive Housing Market

By Jody Zink
Licensed Realtor in Ohio & Michigan

Inspired by television’s home makeover shows and retailers’ do-it-yourself clinics, many women these days aren’t waiting for a prince to provide them shelter and security.

Single women make up the fastest growing segment of homebuyers today. According to national studies, it’s nearly 20 percent of the entire market. They’re twice as likely to buy their first home than single men and are the largest group of homebuyers behind married couples.

Realtors are very much aware of this. I certainly am. After all, I’m a single woman, too.

For the last ten years I’d rented housing all through college and then rented where-ever my job took me. It makes great sense to rent when you’re not sure how long you’ll be there. For me, after renting in Toledo for 4 years, I decided I liked our town. What I didn’t like, however, can be described in a short list.

1. I was putting money toward something I would never see a return on
2. I had to ask permission to have a pet. Smokey was no cheap cat.
3. I hated the dreary, flowered wallpaper from the 70’s. Hence my home search began.

For first-timers, usually the greatest concern is, “Can I afford it?” Getting pre-qualified for a mortgage before you begin looking will help answer that question. It also adds strength to your offer. Some agents won’t even work with you unless a known lender has approved you.

Decide what you want. Sometimes this is the hardest part. A knowledgeable real estate agent can help you do this. Having one set up a personal email search on the MLS (Multiple Listing Service) can save you lots of time and gas. Clearly express your needs.

Which areas do you prefer? How many bedrooms and bathrooms will you need? What is your price range? Are school districts important? A basement? Garage? Consider whether you’d like house, condo or villa. Don’t forget to factor in how much you’d pa for homeowner association fees.

The real estate agent you choose can show you any property you’re interested, granted they’re licensed in that state. Many people searching for homes don’t realize this.

While driving around they’ll call an agent whose name is on the sign. Keep in mind that agent represents the seller, not you. They are working with you, not for you. Their job is to represent the seller’s interests. Tell you agent you’re interested in a property and let them do the work for you. Your agent will thank you. (Ah, loyalty!)

When the right home comes along, get ready to pounce.

Be prepared to bid competitively, especially if there are multiple offers. If you’ve finally found you close to perfect home and the market is tight, it might not be a good time to lowball.

Invest the money to have the home professional inspected. It’s the responsible thing to do. Housing inspections are designed to tell you hidden defects that could later lead to hazards or large expenses down the road. Protest yourself. Also consider asking the seller to provide a home warranty. Your agent can take care of this.

Understand there no such thing as the “perfect” home. Determine what you can do without and set priorities. I decided I could do without a front porch and maybe the kitchen was a little small. The dining room chandelier didn’t quite match my décor. But the inspection gave the home an A, and the price was right. It was time to make my move.

For women especially, home ownership can be the first step toward greater independence and self-sufficiency. I’m so proud of my little homestead and I’m confident my investment was smart. Since the purchase, however I decided to ditch the cat. Have no fear, animal lovers. Smokey is living the good life and Grandma and Grandpa’s.

Oh and in case you’re wondering about my walls, I painted some red and others green.

The very best part? The decision was mine.

Jody Zink is a licensed REALTOR in Ohio and Michigan with the Loss Realty Group. Her column appears every other week in the Toledo Free Press. She can be reached at jody@jodyzinkrealtor.com or 419-725-1881.