With low home prices, interest rates and government tax incentives for the first-time homebuyers, agents are seeing an influx of singles walking through the door. In order to gain a greater insight into this demographic, Coldwell Banker Real Estate conducted a survey of over 1,000 single homeowners in April 2010 on what factors played into their decision to purchase a home.
While conventional wisdom may be that most singles are buying bachelor or bachelorette pads downtown, surprisingly, the survey found that 52 percent of surveyed single homeowners chose suburbia over urban or rural areas.
According to the survey, over half of single homeowners reported that they purchased a home because it was more cost-effective than renting in their area. However, more than just financial analysis contributes to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent) according to the same survey.
Finding good deals is important, but so are modern amenities and outside space.
Sixty-eight percent of homeowners purchase a home that below their price range, rather than the most expensive home they could afford.
Meanwhile, modernized home updates and appliances, having a yard and outside space were rated as the most desirable features in a home over lesser considerations like space for entertaining.
Some may have flown the coop, but others get help from their parents.
Of the 13 percent of single homeowners who own their home jointly with another person, almost half made the purchase with their parents.
Singles hunt for homes that close to their work and their family.
Fifty- five percent have less than a 30-minute commute to their office or work from home and 40 percent live less than 30 minutes or even in the same neighborhood as their parents of extended family. In fact, an additional 12 percent live with t at least one family member.
Single women may be more likely to think of growing their family then single men.
More single women (27 percent) said that the number of bedrooms was the most desirable feature in a home, then did men (18 percent)
Single and ready to bargain hunt.
Singles don’t shy away from foreclosures especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.