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Written by Shelly Paul
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Today, single Women are the hottest buying force in Real Estate representing a powerful trend in the housing market. According to the “National Association of Realtors 2004 Profile of Home Buyers & Sellers”, single Women are the second largest group accounting for 18% of all purchasers, second only to married couples who represent 62%. Interestingly, single Men made up just 8%, and unmarried couples 9%.
With shifting social and economic trends, single Women no longer wait for marriage to invest in Real Estate. With advanced levels of education and superior income levels in meaningful careers, Women are willing to hold off on marriage/children until they establish themselves. In the “2005 Statistics Canada Report”, 48% of Canadian Women wait until after age 30 to begin having children. Women are buying their first home as a residence then build Real Estate into their long term investment strategies, earning equity on their Real Estate investment vs. renting.
Other contributing factors are the death/divorce of partners creating the need for mature singles to down size to smaller bungalows and maintenance free condos. Divorce rates have increased the need for single Moms to start over and single ‘Empty Nester’ Moms are re-evaluating their lifestyle needs after the children move on.
Women are focusing on their needs and wants in their homes based upon how they live in their space. It will be interesting to see how this trend shapes design and architecture for future Real Estate development. Architects will now, more than ever, need to focus on how women live in their space. Desires such as efficiency and convenience in the layout of the kitchen, pantry storage, built in appliances and closet space are some of the most popular concerns among Women. Power Tool companies have already designed tools like smaller electrical sanders to fit in their hands comfortably and lighter power tools that handywomen feel more confident using. Home Depot offers many do-it-yourself seminars that Women are attending, gaining confidence in maintaining their own homes.
Resourceful, independent single females confidently know that they can do anything that they imagine, and they can do it well. Brave and empowered Women of all ages are paving the way for future generations to have confidence in owning their own homes, gaining more than just “A Room of Her Own”, by being the “Queen of Her Castle”.
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