By Julia Reinert, Martin Communications
It has been common knowledge for some time that women tend to be the decision makers when it comes to buying a home. As a whole, the female population is more emotional and, according to Zig Ziglar, “selling is just a transfer of emotions.” Gender roles have stereotypically played out that the male in the relationship concerns himself with the finances and the bottom line (“How much are the monthly payments?” and “What about repairs, taxes and fees?”) while the female is already deciding where birthday parties and holidays will be celebrated in the home. However, times are constantly changing as women no longer feel they have to wait for their fairytale prince and happily ever after before becoming a homeowner. In fact, the single woman buyer made up approximately 20 percent of home sales in 2019 and that number looks to be climbing in 2020.
What was once unheard of is now becoming the new norm as a 2020 report from Lending Tree shows that, in America’s 50 largest cities, single women own over 1.5 million more homes than do single men. Even today, American women earn 79 cents for every dollar made by a man but for a variety of reasons, women are being empowered to “create their own happy ending” and invest in their future whether there is a partner in the picture or not. So what factors are contributing to this paradigm shift? While divorce is one factor (the wife traditionally keeps the home more often during divorce negotiations), it is no longer as significant. When it comes down to it, women are determined to focus on their careers, establishing independence and financial security.
Family is important and still a dream for many; however, the choice for women to wait is more readily available than ever. Other reasons include the rise of women in the US workforce as women currently make up 58 percent of American labor. By the way, we are not just talking about employees. Women-owned businesses are popping up all over the country featuring capable, innovative leaders of all ages, ethnicities and income ranges in their fields and industries. Not only do they want their business to be successful but they also want those tax benefits and deductions which come along with having a mortgage or running their company out of their home office.
So, for all of you single ladies who dream of buying your own home-there is no better time than the present! You have worked hard and deserve to take hold of your financial future, making those dreams a reality.
Also, what does this mean for Sales and Marketing teams as you pour over your strategies and try to be bigger and more relevant than the competition? It means that there is a completely new demographic that you need to get to know. A demographic that is having a significant impact on new home sales and will most likely continue to do so in the future. It is your job to learn what they need, what they want and what is imperative to their lifestyle. It will make all the difference as you try to capture their attention.